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1、IBISW1-800-330-3772infoIBISW INDUSTRY REPORT C1131-GLGlobal Cigarette & TobaccoManufacturingShawn McGrath | February 2021Global Cigarette & Tobacco ManufacturingFebruary 20212IBISWContentsUkraine Conflict Impact Update.3COVID-19 (Coronavirus) Impact Update.3ABOUT THIS INDUSTRY. 5Industry Definition.
2、5Major Players. 5Main Activities. 5Supply Chain.6INDUSTRY AT A GLANCE.7Executive Summary. 9INDUSTRY PERFORMANCE.10Key External Drivers.10Current Performance.11INDUSTRY OUTLOOK. 14Outlook.14Industry Life Cycle.16PRODUCTS & MARKETS. 17Supply Chain.17Products & Services.17Demand Determinants. 18Major M
3、arkets.19International Trade. 20Business Locations. 21COMPETITIVE LANDSCAPE.23Market Share Concentration. 23Key Success Factors.23Cost Structure Benchmarks. 24Basis of Competition. 25Barriers to Entry. 26Industry Globalization.27MAJOR COMPANIES.29Major Players. 29OPERATING CONDITIONS. 35Capital Inte
4、nsity.35Technology & Systems.36Revenue Volatility.37Regulation & Policy. 37Industry Assistance. 39KEY STATISTICS. 40Industry Data.40Annual Change.40Key Ratios.40ADDITIONAL RESOURCES.41Additional Resources. 41Industry Jargon.41Glossary. 41Global Cigarette & Tobacco ManufacturingFebruary 20213IBISWUkr
5、aine ConflictImpact UpdateIBISWorlds analysts are currently monitoring the economic impacts of the Russian invasion of Ukraine. Here is anupdate of how this industry is likely to be affected. Due to increasing inflation, which is expected to increase further due to the war, consumer spending power i
6、n theUnited States is expected to decrease. Increasing inflation will likely affect the majority of industries in the UnitedStates, from retail and service up to manufacturing. As supply chain issues continue to highlight the risks of relying on foreign sources, demand for domestically madegoods may
7、 increase. While this would benefit US companies, the increase in demand may further push up prices. Overall, disruptions in global supply chains and volatile economic conditions heightened by the war are expected tocause and increase in global food and energy prices. The repercussions of this are e
8、xpected to trickle down toconsumers, limiting consumer spending power. Due to increasing inflation, which is expected to increase further dueto the war, consumer spending power in the United States is expected to decrease. Increasing inflation will likelyaffect the majority of industries in the Unit
9、ed States, from retail and service up to manufacturing.Note: The content in this report will soon be updated to reflect the above trends.COVID-19(Coronavirus)Impact UpdateIBISWorlds analysts constantly monitor the industry impacts of current events in real-time here is an update ofhow this industry
10、is likely to be impacted as a result of the global COVID-19 pandemic: The Global Cigarette and Tobacco Manufacturing industry relies on strong consumer habits for downstreamdemand. As a result, as economic uncertainty rises and consumer spending shrinks, demand will fall, constrainingrevenue growth.
11、 For more detail, please see the Demand Determinants chapter. The industry is expected to experience a small revenue increase of 0.1% in 2020 as a result of the COVID-19(coronavirus) pandemic. For more detail, please see the Current Performance chapter. The industry is expected to experience increas
12、ed competition as the market for industry products falls. For moredetail, please see the Basis of Competition chapter.Note: The content in this report is currently being updated to reflect the trends outlined above.Global Cigarette & Tobacco ManufacturingFebruary 20214IBISWAbout IBISWorldIBISWorld s
13、pecializes in industry research with coverage on thousands of global industries. Our comprehensive data and in-depth analysis helpbusinesses of all types gain quick and actionable insights on industries around the world. Busy professionals can spend less time researchingand preparing for meetings, a
14、nd more time focused on making strategic business decisions that benefit you, your company and your clients. Weoffer research on industries in the US, Canada, Australia, New Zealand, Germany, the UK, Ireland, China and Mexico, as well as industries thatare truly global in nature.Global Cigarette & T
15、obacco ManufacturingFebruary 20215IBISWAbout This IndustryIndustry DefinitionOperators in the Global Cigarette and Tobacco Manufacturing industry manufacture cigarettes, cigars, smoking andchewing tobacco and other tobacco products, such as snuff, electronic cigarettes, vaporizers and bidis.Major Pl
16、ayersChina National Tobacco CorpBritish American TobaccoPhilip Morris InternationalImperial BrandsJapan TobaccoAltria GroupMain ActivitiesThe primary activities of this industry are:Cigarette manufacturingCigar manufacturingSmokeless tobacco manufacturingOther smokable tobacco product manufacturingE
17、lectronic cigarette and vaporizer manufacturingThe major products and services in this industry are:CigarsSmokeless tobacco productsOther smoking productsCigarettesGlobal Cigarette & Tobacco ManufacturingFebruary 20216IBISWSupply ChainSIMILAR INDUSTRIESOther Global Food ProductManufacturingGlobal Pa
18、per & Pulp MillsGlobal Cardboard Box &Container ManufacturingGlobal Pharmaceuticals & MedicineManufacturing RELATED INTERNATIONAL INDUSTRIESCigarette & TobaccoManufacturing in the USTobacco Leaf Processing inChinaCigarette Manufacturing in ChinaCigarette & Tobacco Manufacturingin Canada Global Cigar
19、ette & Tobacco ManufacturingFebruary 20217IBISWIndustry at a GlanceKey Statistics$527.6bnRevenueAnnual Growth201520202.2%Annual Growth202020254.8%Annual Growth20152025 $78.6bnProfit 14.9%Profit Margin 443BusinessesAnnual Growth20152020-0.3%Annual Growth202020250.6%Annual Growth20152025 467kEmploymen
20、tAnnual Growth20152020-0.4%Annual Growth202020253.0%Annual Growth20152025 $18.4bnWagesAnnual Growth201520202.8%Annual Growth202020253.4%Annual Growth20152025Key External Drivers% = 201520 Annual Growth-2.5%World price of tobacco0.4%Global number of people aged 15to 341.5%Global number of adults aged
21、 35to 640.4%Global per capita income Industry StructurePOSITIVE IMPACT Barriers to EntryHigh / IncreasingMIXED IMPACT Life CycleMature Revenue VolatilityMedium Industry AssistanceMedium / Decreasing Technology ChangeMedium Industry GlobalizationMedium / IncreasingNEGATIVE IMPACT Capital IntensityHig
22、h ConcentrationHigh Regulation & PolicyHeavy / Increasing CompetitionHigh / Steady Key TrendsEurope is a major market despite declining consumptionGovernments have increased excise taxes to reducesmoking ratesOperators have expanded operations to relatively untappedmarketsSmoking rates are expected
23、to decline across the worldThe number of operators is projected to grow amid strongoperating conditionsE-cigarette producers will likely contend with tightergovernment regulationsRising consumption in certain emerging markets has helpeddrive revenue and maintain increased profitGlobal Cigarette & To
24、bacco ManufacturingFebruary 20218IBISWProducts & Services Segmentation Major PlayersSWOTSTRENGTHS High Profit vs. Sector Average High Revenue per Employee WEAKNESSES High Customer Class Concentration High Product/Service Concentration High Capital Requirements OPPORTUNITIES High Revenue Growth (2015
25、-2020) High Revenue Growth (2020-2025) High Performance Drivers THREATS Low Outlier GrowthGlobal Cigarette & Tobacco ManufacturingFebruary 20219IBISWExecutive SummaryOperators in the Global Cigarette and Tobacco Manufacturing industry have contended with declining tobaccoconsumption in many develope
26、d countries across the world over the five years to 2020. This has been the mainthreat to the industrys performance as awareness of the effects of tobacco consumption has intensified. Despitelower global volume sales in developed countries, industry operators have been able to maintain revenue growt
27、h bysuccessfully raising prices on tobacco products. Furthermore, rising consumption in certain emerging markets hashelped drive revenue and maintain increased profit. As a result, industry revenue is anticipated to grow anannualized 2.2% to $527.6 billion over the five years to 2020, with revenue i
28、ncreasing 0.1% in 2020 alone as growthhas been depressed by the COVID-19 (coronavirus) pandemic.More developed countries have experienced declines in consumption as major players have curbed mountingregulation and excise taxes by increasing prices and offering innovative smoking products, such as el
29、ectroniccigarettes and heated tobacco. As a result, the United States, Europe and Japan have experienced revenue growth.In emerging markets across Asia, the Middle East and Africa, overall tobacco consumption has increased. Theseareas have become prime revenue streams for major industry operators an
30、d have fueled much of the growth of theindustry over the past five years. However, in an unfavorable environment of declining consumption and increasinggovernment intervention, industry operators have had to endure downward pressure on profit. As a result, theindustry has experienced increasing cons
31、olidation as major players grow their efforts to expand and shore up profit.Acquisitions of smaller players have increased and the global presence of these companies has aided profit over thepast five years.The industry is expected to endure growing government intervention and declining consumption
32、across the worldover the five years to 2025. Consumption in emerging markets is anticipated to slow down, unlike the trend of thepast five years. Developed countries are likely to experience contractions in the industry as price limitationsincrease. However, prices are expected to increase in emergi
33、ng markets where disposable income is growing, whichwhen combined with steep increases in the price of tobacco, will aid revenue. As a result, industry revenue isexpected to grow an annualized 4.8% to $667.4 billion over the five years to 2025.Global Cigarette & Tobacco ManufacturingFebruary 202110I
34、BISWIndustry PerformanceKey ExternalDriversGlobal number of people aged 15 to 34Despite increased worldwide scrutiny over tobacco sales to minors and young adults, people under the age of 35continue to represent the largest pool of potential new smokers, particularly in emerging markets. The global
35、numberof people aged 15 to 34 is expected to rise in 2020, representing a potential opportunity for the industry. Global per capita incomePer capita disposable income determines the purchasing power of consumers. Consequently, increases indisposable income levels can drive demand for tobacco product
36、s and lead to some smokers trading up to premiumtobacco products. Global per capita income is expected to fall in 2020, posing a potential threat to the industry. World price of tobaccoThe majority of industry operators are vertically integrated and grow their own tobacco for producing of tobacco-ba
37、sed products. As a result, an increase in the price of tobacco tends to increase the revenue of industry operatorssince this translates into higher prices. The world price of tobacco is anticipated to grow in 2020. Global number of adults aged 35 to 64Due to legislation banning the use of cigarettes
38、 for underage consumers in many countries, a majority of currenttobacco product users are adults. As the number of adults across the world increases, demand for tobacco productsis more likely to rise, boosting industry revenue growth. The global number of adults aged 35 to 64 is expected toincrease
39、in 2020. Global Cigarette & Tobacco ManufacturingFebruary 202111IBISWCurrentPerformanceOperators in the Global Cigarette and Tobacco Manufacturing industryhave contended with many challenges over the five years to 2020.Greater public awareness of the adverse health effects of smoking tobacco, strict
40、er regulation and increasing taxeshave placed downward pressure on demand for industry goods. While global tobacco consumption is expected toremain high due to growth in emerging markets, smoking rates have declined steadily in key developed markets,such as the United States, Europe, Australia and J
41、apan. Despite lower smoking rates in certain regions, industryoperators have been able to offset lower volume sales by raising prices. In addition, a shift toward premium brandsin emerging countries has helped drive revenue growth and maintain high profit. Consequently, the industry isanticipated to
42、 grow an annualized 2.2% to $527.6 billion over the five years to 2020. This includes revenue growth of0.1% in 2020 alone as the COVID-19 (coronavirus) pandemic has resulted in increased economic uncertainty, whichhas caused reduced consumer spending.DECLINING TOBACCO CONSUMPTIONSmoking rates and de
43、mand for tobacco products varies widely fromregion to region.According to the latest data available from the World Health Organization (WHO), there are more than 1.0 billionsmokers globally, an estimated three-quarters of which live in low- and middle-income countries. Global tobaccoconsumption has
44、declined, but the trend has varied by country. Emerging markets, particularly Africa, the MiddleEast, Southeast Asia and China, have increased their consumption over the past five years. This has been a resultof the increasing presence of major industry players seeking to expand to untapped markets
45、and capture opportunityin an environment of growing population and incomes in these regions. Meanwhile, developed markets in Europe,Asia and North America have lowered their consumption. Global trade value is anticipated to grow an annualized2.7% to $35.2 billion over the five years to 2020 due to h
46、igher levels of imports in Iraq and the United Arab Emirates.Europe is still a major market despite declining consumption. According to the European Commission, nearly one-third of the population in the European Union consists of smokers. However, smoking rates differ among individualcountries. Over
47、all, according to the World Health Organizations (WHO) European Tobacco Control Status Report in2015 (latest data available), Europe continued to have the highest prevalence of tobacco smoking among all theWHO regions. While smoking rates in countries, such as the United Kingdom, have declined subst
48、antially in recentyears, tobacco use among females is growing in the region, particularly in Russia and certain countries in Centraland Eastern Europe.EXCISE TAX, REGULATIONS AND PRICESVarious governments have increased excise taxes to reduce smokingrates while generating tax revenue.Global Cigarett
49、e & Tobacco ManufacturingFebruary 202112IBISWExcise taxes, which vary widely between countries, but generally account for the largest cost industry operatorsendure, have increased over the five years to 2020. Overall, remittance of excise taxes at the manufacturing level isexpected to account for ov
50、er 50.0% of industry revenue in 2020. Raising excise taxes effectively increases the retailprice of tobacco products, which encourages consumers in already highly regulated regions, such as Canada andthe United Kingdom, to trade down to local or discount brands, subsequently constraining profit for