Insights Into the U.S. Tobacco Market: Trends and Consumer Behavior
The U.S. tobacco market size is expected to reach USD 102.7 billion by 2030, registering a CAGR of 3.4%, according to a new report by Grand View Research, Inc. Factors such as stress, anxiety, and boredom resulting from the COVID-19 pandemic imposed restrictions on movement have driven the use of tobacco products and other related substances. Market players are developing new and improved product lines including flavored tobacco products such as clove cigarettes and menthol cigars to cater to changing smoking preferences. Such factors are expected to fuel the growth of the market in the U.S. According to the Centers for Disease Control and Prevention (CDC), U.S., in 2019, some of the largest tobacco companies spent close to USD 8.2 billion on the marketing of cigarettes and smokeless tobacco in the U.S. This amount translates to about USD 22.5 million each day, or nearly USD 1 million every hour, which indicates the continued consumption of ...