The latest report by IMARC Group, titled "Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global cigarette market size reached US$ 1,040 Billion in 2021. A cigarette is a cylindrical roll of shredded or grounded tobacco wrapped in thin paper. It is ignited at one end to inhale the smoke through the other end. It contains several chemical additives, flavorings, and nicotine, which is a highly addictive central nervous system (CNS) stimulant that gives instant relaxation. Nowadays, cigarettes are gaining traction among adults across the globe as they are available in different shapes, sizes, colors, flavors, and intensities as per consumer preferences.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cigarette Market Trends:
In recent years, the emergence of online retail and the proliferation of various e-commerce channels have made handicrafts more accessible to consumers. In addition, the escalating demand for handmade decor items in both the residential and commercial sectors represents another major growth-inducing factor. Besides this, the growing travel and tourism industry provides vast opportunities for local artisans and manufacturers to produce commoditized products and sell them to tourists. This, coupled with the introduction of favorable government initiatives to encourage handicrafts production, is positively influencing the market growth. Moreover, manufacturers are introducing modern designs to cater to the tastes and preferences of different consumers. Furthermore, the inflating income levels, the shifting consumer preferences toward ethnic decor items, and the low capital investment required by handicrafts manufacturing units are some of the other factors creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 1,252 Billion by 2027, exhibiting a CAGR of 10.41% during the forecast period (2022-2027).
- Based on the product type, the market has been categorized into woodware, artmetal ware, handprinted textiles and scarves, embroidered and crocheted goods, zari and zari goods, imitation jewelry, sculptures, pottery and glasswares, attars and agarbattis, and others. Amongst these, woodware accounts for the majority of the global market share.
- On the basis of the distribution channel, the majority of the handicrafts are distributed through mass retailers. Other major segments are independent retailers, departmental stores, online stores, specialty stores, and others.
- Based on the end use, the market has been bifurcated into the residential and commercial segments. Currently, the residential sector holds the largest market share.
- Region-wise, North America exhibits a clear dominance in the market. Other major regions include Asia Pacific, Latin America, Europe, and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Ten Thousand Villages, Oriental Handicrafts Pte. Ltd., Asian Handicrafts Pvt. Ltd., Shandong Laizhou Arts and Crafts Imp. & Exp. Co. Ltd., NGOC Dong Ha Nam Co. Ltd., Minhou Minxing Weaving Co. Ltd., Native Crafts and Arts Industries, and Fakih Group of Companies Pvt. Ltd.
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