The market is grown at a significant rate owing to the growing addition of smoking cigarettes among youth and surging trends of providing new types of tobacco products among manufacturers. Tobacco is a highly addictive drug derived from the leaves of tobacco plants and includes nicotine. Rather than smoking cigarettes, many Chinese people put tobacco leaves in their mouths and suck on them. Tobacco is a global multibillion-dollar corporation with operations all over the world. China is the world’s largest producer and user of tobacco, accounting for around one-third of all tobacco products. Tobacco agriculture, tobacco production, and tobacco trading are the three systems that make up the tobacco industry. The area used for tobacco leaf growth and yields in China’s tobacco agricultural system fluctuated, as did the area used for tobacco leaf growth and yields.
Out of the 1.3 billion smokers worldwide, around 300 million Chinese people use tobacco. Similarly, tobacco is responsible for about 8 million fatalities in China each year. China National Tobacco Corporation (CNTC), a government-owned monopoly that controls nearly all of the country’s cigarette sales, dominates the China tobacco market. China’s tobacco production is expected to reach 2.13 million metric tonnes in 2020.
The cost of smoking in China is 392591 million yuan renminbi. The country has gained the moniker “the smoking dragon” as a result of its rapidly increasing tobacco industry and ongoing smoking-related health crisis. In 2020, the Chinese tobacco business made a profit of 115.63 billion yuan, mainly to the increased demand for water pipes in various pubs and bars as people look for places to buy pipe tobacco, resulting in greater use of the water pipe in various clubs and bars.
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China Tobacco Market Growth Drivers
Growing Addiction Of Cigarette Smoking Among Adults Have Readily Aided The Market Growth
Owing to their reasonable price and the large availability, cigarettes are predominantly utilised by millennials and adults. Moreover, since many adults are addicted to cigarettes and smoke them on a daily basis, cigarette consumption is increasing, increasing in cigarette demand. The need for cigarettes has been fueled by workers’ hectic schedules, tight deadlines, and long office hours. Adults consider cigarettes to be a stress reliever, and they believe that smoking is the only method to solve any problems. As a result of this misconception among adults, cigarette sales skyrocketed. In 2018, China sold about 2.4 trillion cigarettes. China’s tobacco industry produces approximately 2.3 trillion cigarettes per year. Cigarette production in China accounts for 40% of global cigarette output.
Trends Of Creating Novel Tobacco Products Are On The Rise Among Manufacturers Is Set To Drive The Market Growth
Owing to the increasing demand for tobacco, companies are increasing investment in growing new and different types of tobacco products that make appealing among consumers and thus increasing its needs. Demand for smokeless tobacco is increasing as a result of many people’s inability to quit smoking. Gum, powder, vaporizers, and chewable tobacco are all smokeless tobacco products. Electronic cigarettes are becoming increasingly popular as a replacement for traditional cigarettes or as a way to stand apart. As a result of mounting health concerns about traditional tobacco-based cigarettes, the use of e-cigarettes has increased. As a result of these reasons, manufacturers are producing an abundance of items to attract clients, resulting in market growth from 2016 to 2020.
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R&D Investment:
In December 2019, RELX Technology in china announced the launch of Project Sunflower. Project Sunflower consists of adopting ID and facial recognition technologies to ensure that only adults are able to purchase tobacco products in its China stores. As China’s leading e-cigarette brand that has attained over 60 percent market share in China, RELX aims to continue to lead industry standards that protect minors from tobacco products.
The Major Players in this Market Include
The major companies in the China Tobacco market include Hubei China Tobacco Industry Co., Hongta Tobacco Group Co. Ltd., China Tobacco Jiangxi Industrial LLC, Jilin Tobacco Industrial Co. Ltd., Hunan China Tobacco industry Co, Shangai Tobacco Group Co. Ltd., Hongyun Tobacco Group Co. Ltd., Heilongjiang Tobacco Group, Kunming Cigarette Factory and China Tobacco Zhejiang Industrial Co. Ltd. among others.
Over the years, major market players have focused on different types of tobacco products owing to its rising demand in the adult population. The launch of new market companies, adequate funding, and government-aided policies help in the innovation of tobacco products. The continuous developments in the China Tobacco market are the major factors set to drive the China Tobacco Market over the historical period 2016-2020.
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