An increase in the number of smokers globally over the past few years is driving the growth of the cigarette market. In addition, in response to growing public awareness of the health risks associated with tobacco use, tobacco companies have been producing and marketing next-generation, low-risk tobacco products. According to PRNewswire, the global next-generation tobacco product market size is expected to reach $67.38 billion in 2030, growing at an 11.8% CAGR during the 2022 - 2030 forecast period.
Cigarette manufacturers have developed various substitutes, such as filter-tipped cigarettes, e-cigarettes, menthol cigarettes, low tar cigarettes, and others, keeping in mind strict FDA regulations on nicotine consumption. In addition, other factors, such as an increase in the number of female smokers and a rising preference for flavored cigarettes, will likely keep the industry’s momentum going.
