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September 09, 2019 | Food & Beverages
Europe Cigarette Market Size was worth USD 218.61 Billion in 2018 and is anticipated to reach USD 363.30 Billion by 2026. Exhibiting a CAGR of 5.76%, the market is projected to gain considerably from the rising prices of cigarette products and changing tax regimes on tobacco products. Fortune Business Insights in a new study, titled “CIGARETTE: EUROPE MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” highlights Europe cigarette market trends and opportunities prevalent over the last couple of years.
The volumetric value of cigarettes is declining at a rapid rate on account of their low consumption. However, the Europe cigarette market value is increasing as the preference for premium cigarettes is evolving among consumers. Changes in taxes on cigarettes and increasing cigarette prices are further aiding to the Europe cigarette market growth.
Europe cigarette market is gaining traction as customers’ preference towards premium cigarette is increasing. Manufactures in Europe are increasing their focus on producing high-quality and flavored cigarettes to increase their customer base. Cigarette production from several manufacturers is increasing and exhibiting a considerable growth rate.
The rising tobacco consumption and its habit-forming nature are factors contributing to the growth of the market in Europe. Other factors driving the market are increasing working population, especially women and hectic lifestyle. This coupled with the high prevalence of workplace stress, is likely to influence the Europe cigarette market. Several manufacturers are planning to produce cigarettes targeting the women population by innovating formulation, flavoring, and packaging.
The demand for premium cigarettes is increasing among consumers in Europe, augmenting the Europe cigarette market size. In addition to this, the rising preference for formulated cigarettes is contributing to the growth of the market. Consumers in this region have shifted their preference from economy to premium cigarettes to experience a varied and innovative taste of smoking. Manufacturers are continuously focussing on high tobacco quality and using organic tobacco for cigarette processing to fulfil specific customer requirements.
Furthermore, manufacturers are using finest form of whole leaf and flue-cured tobacco to make premium tobacco. These leaves are taken from the upper stalk of a plant, offering the best flavor experience to customers. As per the report, premium cigarettes covered a portion of 46.12% of the Europe cigarette market share in 2018. Manufacturers are producing formulated cigarettes on account of rising technological advancements.
These types of cigarettes give luxury taste to customers and are gaining popularity owing to the increasing modernization and strong economic condition in Europe. Spurred by these factors, Europe cigarette market revenue is likely to increase owing to the high purchasing power of consumers to afford premium cigarettes.
Manufacturers Continue to Focus on Product Launches to Stay Ahead of Competition
Europe cigarettes market is highly consolidated. Some of the leading players in the market include Philip Morris International, British American Tobacco p.l.c., Japan Tobacco International AG, Imperial Brands PLC., Bulgartabac Holding, Karelia Tobacco Company Inc., Korea Tobacco & Ginseng Corporation, European Tobacco, Continental Tobacco Group, and Heintz Van Landewyck.
Manufacturers focus on new product launches and produce cigarettes as per gender and age group preferences. This is primarily done to increase customer reach and expand the business. As per research studies, Europeans consume cigarettes and coffee for hours in the morning by skipping breakfast. Considering this, companies produced heated tobacco products which can be a less harmful alternative to smoking. Moreover, several manufacturers are planning to include organic tobacco in the processing, which is likely to have lesser side-effects than normal cigarettes.
Germany to Witness the Highest Demand for Cigarettes
Among European countries, Germany has the highest number of tobacco smokers. The rising customer base in Germany enables growth in the market, augmenting the Europe cigarette market revenue. Inclination towards night lounges and dine-outs is driving the market in Germany. Manufacturers in Germany are heavily investing in the production of premium cigarettes to build a strong customer base.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/europe-cigarette-market-101375
Europe Cigarettes market can be segmented into the following categories:
By Age Group