Roll-Your-Own Tobacco Product Market Size Worth $10.42 Billion By 2028 Grand View Research, Inc.
SAN FRANCISCO, Feb. 23, 2021 /PRNewswire/ -- The global roll-your-own tobacco product market size is expected to reach USD 10.42 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.2% from 2021 to 2028. The rising consumption of products among females and students is fueling market growth over the world. The adoption rate of the product is increasing among the youth in major economies, including the U.S. Moreover, the financial stress caused by the COVID-19 pandemic has encouraged numerous smokers to shift from factory-made cigarettes to hand-rolled cigarettes due to the cost advantage of roll-your-own (RYO) tobacco products.
Key suggestions from the report:
- North America is expected to register the fastest CAGR of 4.7% from 2021 to 2028 owing to the increasing adoption of the product among the young consumers
- By product, the filter and paper tip segment is expected to register the fastest CAGR of 4.7% from 2021 to 2028
- Europe dominated the market by accounting for over 55.0% in 2020. The rate of smoking in the European countries has contributed to the growth of the market in the region
- Offline distribution channel held the largest share of more than 85.0% in 2020
Read 80 page research report with ToC on "Roll-Your-Own Tobacco Product Market Size, Share & Trends Analysis Report By Products (RYO Tobacco, Filter & Paper Tip), By Distribution Channel (Offline, Online), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/roll-your-own-tobacco-products-market
The filter and paper tip segment is expected to register the fastest CAGR of 4.7% from 2021 to 2028. Rapid research and product development of new kinds of filters focusing on removing maximum tar, nicotine, and certain gases are estimated to fuel the segment growth. Furthermore, the introduction of biodegradable or environment-friendly filters is expected to boost the demand for filter and paper tips in the upcoming years.
Europe dominated the market with a revenue share of more than 55.0% in 2020. According to the World Health Organization (WHO), Europe reported the highest prevalence of smoking among adults (28%), with a percentage of the consumption trend observed among adolescents. Cigarettes witnessed the highest consumption among Europeans. The popularity of RYO cigarettes is on the rise among consumers due to the cost-effectiveness of the products and the availability of varied flavors. The consumption of RYO cigarettes in the region is mainly concentrated among men who smoke regularly.