Tobacco Products Market Growth Opportunities, Key Players, and Threads Analysis
According to the new research study titled "Tobacco Products Market to Forecast 2028 – COVID-19 Impact and Global Analysis – by Product Type, Distribution Channel, and Geography," the tobacco products market is projected to reach US$ 907,665.43 million by 2028 from US$ 782,022.19 million in 2021. It is expected to grow at a CAGR of 2.2% from 2021 to 2028. The rising per capita income, less stringent government regulations, and western culture’s influence in developing countries are driving the tobacco products market growth.
In recent years, there have been increase in the focus for medical tourism across the various countries of different regions. The market for the surgical sutures is expected to rise due to the increase in the number of surgical procedures for various different diseases. In addition with the surgical treatment for the diseases the rise in the number of aesthetic surgeries and joint replacement and others surgeries are increasing. The increase in the surgeries is seen due to the adoption of the advanced equipment and technological products for the surgeries. Moreover, the cost of the surgeries is been reduced and also being shared by the government reimbursement policies, health insurance and more. Therefore, the increase in the number of surgical treatments has increased the sutures demand over the past few years.
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Based on distribution channel, the tobacco products market has been segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held a significant share of the market in 2020, and the online retail segment is projected to register the highest CAGR during the forecast period. E-commerce platforms offer a wide range of products of different brands. The manufacturers of tobacco products prefer selling their products through e-commerce platforms as they are popular among youngsters. Buyers can easily compare among different products and choose the right product for them. Moreover, these channels include the detailed description of products, along with customer reviews, which helps customers in choosing the right product.
Based on geography, the tobacco products market is primarily segmented into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). Asia-Pacific accounted for the largest share of the market. China, Japan, and India are among the key producers of tobacco in the region. Moreover, the presence of leading companies such as ITC Ltd.; Japan Tobacco International; Imperial Brands; and China Tobacco International (HK) Company Limited is also driving the growth of the tobacco products market across the region.
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The major players operating in the of surgical sutures in global market include, B. Braun Melsungen AG, Medtronic, Ethicon USA, LLC, Smith & Nephew, Atramat, Demetech Corporation, Sutures India, Péters Surgical, Teleflex Medical OEM, Serag-Wiessner GmbH & CO. KG among others.
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