Report : Asia Pacific Raw Tobacco Leaves Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Leaf Type (Virginia, Oriental, and Others) and Application (Smoking Tobacco, Moist and Dry Snuff, and Others)
Virginia is expected to be the fastest growing segment during the forecast period 2021–2028
According to a new market research study on “Asia Pacific Raw Tobacco Leaves Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Leaf Type and Application,” is expected to reach US$ 19,721.66 million by 2028 from US$ 17,695.76 million in 2021. The market is estimated to grow at a CAGR of 1.6% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific raw tobacco leaves market along with the drivers and restraints pertaining to the market growth. Commencement of distinguished premium products, boosting consumption of tobacco products in developing countries, and widening strategic investments are the major factor driving the growth of the Asia Pacific raw tobacco leaves market. However, expanding awareness about harmful effects of tobacco consumption hinder the growth of Asia Pacific raw tobacco leaves market.
The COVID-19 is anticipated to cause a significant economic loss in Asia Pacific. The consequence and impact are likely to worsen with the spread of the virus. The governments of various Asia Pacific countries imposed lockdown in early 2020 to restrict the spread of the virus, which, in turn, negatively impacted the raw tobacco leaves market revenue. The government have asked the non-essential goods manufacturers to delay their production which will adversely affect the global supply of raw tobacco leaves. In several countries, tobacco products are classified as non-essential items, which has led to a diminished supply of raw tobacco leaves and tobacco products across the globe. Also, COVID-19 has been declared a respiratory disease and creates breathing issues owing to which people are avoiding using tobacco products. Tobacco smokers are being advised to quit smoking to lower the risk of getting infected by the virus. So, it can be said that the industry growth rate in the future can be severely affected owing to the ongoing COVID-19 situation.
The Asia Pacific raw tobacco leaves market is segmented on the basis of leaf type, application, and country. Based on leaf type, the market is bifurcated into Virginia, oriental, and others. In 2020, Virginia segment held the largest share in the market, and it is expected to be the fastest growing segment during the forecast period. Based on application, the raw tobacco leaves market is segmented into smoking tobacco, moist and dry snuff, and others. In 2020, smoking tobacco segment held the largest share in the market and moist and dry snuff segment is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into the China, Japan, India, and Rest of APAC. In 2020, the rest of APAC held the largest share in the market whereas India is expected to be the fastest growing country during the forecast period
Universal Corporation; Sopariwala Exports; Alliance One International Inc.; Japan Tobacco International; British American Tobacco plc; Star Agritech International; BBM Bommidala Group; U.S. Tobacco Cooperative Inc.; and Leafcon International are among the leading companies in the Asia Pacific raw tobacco leaves market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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