The global roll-your-own tobacco product market size was valued at USD 7.49 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028. The growing preference for hand‐rolled or handmade cigarettes as they are relatively less expensive compared to factory-made (FM) cigarettes has been driving the demand for roll-your-own (RYO) tobacco products across the world. Handmade cigarettes are generally subject to fewer regulations and less taxation. As a result, these products are gaining popularity among financially stressed young consumers and lower annual income groups.
The producers have been offering a wide range of flavors to appeal to young and new consumers. Therefore, flavored tobacco products are generally considered ‘starter’ products. Mint, bubblegum, watermelon, vanilla, and spice are the popular flavors of the industry. Menthol is the most popular flavor in the smoking tobacco industry. As per the U.S. Food and Drug Administration (FDA), as of 2020, over 19.5 million people in the U.S. smoke menthol cigarettes. However, the increasing restrictions and prohibition on the sale of flavored products in various countries, including the U.S., Canada, Brazil, Turkey, and several European countries, have been hampering the product's adoption rate in the market.
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Key Player Mentioned:
· Imperial Brands
· British American Tobacco
· Japan Tobacco International
· Scandinavian Tobacco Group A/S
· Altria Group, Inc.
· Philip Morris International
· HBI International
Product Segment Analysis:
· RYO Tobacco
· Rolling Paper & Cigarette Tubes
· Injector
· Filter & Paper Tip
Application Segment Analysis:
· Offline
· Online
Regional Segment Analysis:
North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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The financial crisis caused by the COVID-19 pandemic has increased price sensitivity among the low- and middle-income consumer groups. As a result, the price-conscious consumers are shifting toward lower-cost alternatives from their previous choice of tobacco. This shift in demand is resulting in rising demand for roll-your-own tobacco products. Furthermore, according to a study published by University College London (UCL) in 2018, RYO smokers are less likely to quit smoking than factory-made cigarette consumers. The key reason for RYO smokers’ unwillingness to quit is the comparatively lower cost of RYO products as compared to FM cigarettes. Thus, the market is expected to witness healthy growth in the upcoming years.
Product launches are expected to fuel the market growth. For instance, in November 2019, Imperial Tobacco designed a combi-pouch for its economy roll-your-own-tobacco brand Riverstone. The new product comprises 30g of easy-to-roll tobacco, 60 filters, and 60 papers and is available in GBP 11. The launch is designed to attract new consumers to the industry. Such initiatives are expected to boost the adoption rate of the product among consumers.
The study objectives of this report are:
· To research global status, future forecasts, growth opportunities, key markets and key players.
· To present the market development in us, Europe and China.
· To strategically profile the key players and comprehensively analyze their development plan and methods.
Key aspects covered in the report include:
1.The market size and industry growth rate of the global and regional market across various segments
2. The region or the sub-segment that is expected to drive the Roll-Your-Own Tobacco Product market in the forecast period 2021-2028
3. Key companies operating in the global Roll-Your-Own Tobacco Product market and their market share
4. The Factors that are estimated to drive the Roll-Your-Own Tobacco Product Market growth
5. Key opportunities in the Roll-Your-Own Tobacco Product market
6. Key technological advancements and market trends that shape the market
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The global roll-your-own tobacco product market size is expected to reach USD 10.38 billion by 2028 according to a new study by Polaris Market Research.
The report “Roll-Your-Own Tobacco Product Market Share, Size, Trends, Industry Analysis Report, By Product (RYO Tobacco, Rolling Paper & Cigarette Tubes, Injector, Filter & Paper Tip); By Distribution Channel (Offline, Online); By Regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa); Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Manufacturers in the market for roll-your-own tobacco product are offering a broad range of flavored cigarettes to engage with the younger generation.
Get Sample copy: https://www.polarismarketresearch.com/industry-analysis/roll-your-own-tobacco-products-market/request-for-sample Moreover, the ongoing financial crisis caused by the global pandemic COVID-19 has shaken the economy as well as individuals, particularly in middle and low-income groups.
Price-sensitive consumers in the developing economies, due to lack of job and income have shifted towards low-cost alternatives, as their preferred choice.
According to the study done by the University College London (UCL) in 2018, roll your smokers are less likely to quit smoking as compared to factory-based cigarettes.
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