Report : South 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)
Smoking Tobacco Segment to dominate South America Raw Tobacco Leaves Market during 2020–2028
According to a new market research study on “South 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$ 2,110.94 million by 2028 from US$ 1,862.71 million in 2021. The market is estimated to grow at a CAGR of 1.8% from 2021 to 2028. The report provides trends prevailing in the South America raw tobacco leaves market along with the drivers and restraints pertaining to the market growth. Surging consumption of tobacco products in developing countries, accelerated strategic investments, and preamble of distinguished premium products are the major factor driving the growth of the South America raw tobacco leaves market. However, broadening awareness about harmful effects of tobacco consumption hinder the growth of South America raw tobacco leaves market.
Brazil has the highest number of COVID-19 cases in South America, followed by Argentina, Chile, Peru, and Ecuador among others. Governments of these countries have taken an array of actions to protect their citizens and contain COVID-19 spread. The region is experiencing lower export revenues, both, from the dropping commodity prices and reduction in export volumes, especially due to lowered export performance in China, Europe, and the US. Containment measures in several South and Central America countries have reduced economic activity in the food and beverages industries; however, the sector is likely to rebound once the country manages to control the epidemic.
The South America raw tobacco leaves market is segmented on the basis of leaf type, application, and country. Based on leaf type, the market is categorized 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 Brazil, Argentina, and Rest of South America. In 2020, Rest of South America held the largest share in the market whereas Argentina 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; and BBM Bommidala Group are among the leading companies in the South 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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