The global snus market will expand at a 5% CAGR during 2019 – 2029, as projected by a new Fact.MR report. Key players in the snus market are eying profitable opportunities through efforts to expand product portfolios with varied flavors and fragrances, to appeal to a wider consumer demographic.
“Investments in United States are expected to be highly lucrative for established as well as emerging players. Entering United States with flavored snus products can provide a competitive edge for new entrants,” says the Fact.MR report.
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Snus Market: Key Findings
- Flavored snus will account for more than 60% of the global market share, displaying a strong rate of growth.
- Portion snus remains a key contributor, with 1.6X growth projected through 2029.
- Specialty stores will account for major market share, while online retail will display a strong growth rate.
- North America will remain a leading market through 2029, accounting for a fourth of the market share.
Snus Market: Key Driving Factors
- Demand for smokeless tobacco products as an alternative to conventional cigarettes is pushing demand for snus, which supports the rise of market.
- Strict government rules on the environmental effects of smoking are key drivers of market growth.
- High taxation rates imposed on conventional cigarettes is fuelling global demand.
- Easy availability of flavored snus products would generate demand among new users.
Snus Market: Key Restraints
- Potential Snus consumption is harmful to health and can result in cancer and death, which is a key challenge for manufacturers.
- Differences in the production standards of snus in different countries impacts market profitability.
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Manufacturers are bolstering their consumer base through awareness campaigns on the relative safety of snus consumption in comparison to cigarettes. Industry heavyweights are adopting lawful labor practices, to support health and quality assurance. Prominent companies operating in snus market include, but are not limited to, Swedish Match AB, Altria Group Inc., Japan Tobacco Inc., Imperial Brands Plc, GN Tobacco Sweden AB.
About the Report
This 170-page study offers detailed market forecast on the snus market. The key categories covered in the report include product type (portion snus, loose snus, and others), flavor type (standard and flavored), packaging (films and wraps, cans, pouches, and others), and sales channel (specialty stores, online retail, modern trade, and others). This analysis has been tracked on a country-wise level, with a total of 30+ countries across 5 key regions.
Press Release: https://www.factmr.com/media-release/1340/global-snus-market