Report : North America 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 Segment to dominate North America Raw Tobacco Leaves Market during 2020–2028
According to a new market research study on “North America Raw Tobacco Leaves Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Leaf Type and Application,” is expected to reach US$ 1,642.61 million by 2028 from US$ 1,552.26 million in 2021. The market is estimated to grow at a CAGR of 0.8% from 2021 to 2028. The report provides trends prevailing in the North America raw tobacco leaves market along with the drivers and restraints pertaining to the market growth. Scaling consumption of tobacco products in developing countries, up-lifting demand from automotive industry, and launch of distinguished premium products are the major factor driving the growth of the North America raw tobacco leaves market. However, up-raising awareness about harmful effects of tobacco consumption hinder the growth of North America raw tobacco leaves market.
The US has the highest number of confirmed cases of coronavirus, as compared to Canada and Mexico. This is negatively impacting the food and beverages industry in the region as the COVID-19 outbreak negatively affects the supply and distribution chain. The COVID-19 pandemic has created a significant societal and economic disruption and resulted in closures of stores, factories, and offices, and restrictions on manufacturing, distribution, and travel, all of which will adversely impact our business, results of operations, cash flows, and financial position during the continuation of the pandemic. Thus, the non-availability of raw materials and labor, owing to the restrictions on the movement of people, has hindered the production of the raw tobacco leaves.
The North America 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 US, Canada, and Mexico. In 2020, the US held the largest share in the market whereas Mexico 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; U.S. Tobacco Cooperative Inc.; and Leaf Only are among the leading companies in the North America 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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