COVID-19 Impact on Snus Market Is Expected At A CAGR Of 5.5% 2027
Snus Market Growth & Trends
The global snus market size is expected to reach USD 3.70 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% over the forecast period. Increasing adoption of snus in order to promote less harmful tobacco products is a major factor promoting the market growth.
For instance, in March 2020, TOBACCO harm reduction advocates launched an Asia-wide education and information campaign and urged the World Health Organization (WHO) and the Department of Health (DOH) to promote the use of safer smoke-free alternatives. The Coalition of Asia Pacific Tobacco Harm Reduction Advocates (CAPHRA) aims to curb the smoking epidemic in Asia Pacific and inform smokers about the existence of safer alternatives, including snus.
Growing preference for products has stimulated manufacturers to launch new products. For instance, in July 2019, R.J. Reynolds Vapor Co. launched velo, a tobacco free snus product, which contains nicotine extracted from tobacco plants. The company expects that the product will attract a large set of consumers owing to the convenience, flavor, and enjoyable experience it offers. The product is a part of company’s “modern oral portfolio”.
Similarly, in April 2020, Swedish Match announced its expansion in seven additional U.S. markets with its General Swedish snus. The product is available at convenience stores and tobacco outlets across New York, Los Angeles, Minneapolis, Phoenix, Denver, Nashville, and Ohio. The product is available in two flavors, including Nordic Mint and Classic Blend. These markets experience serious smoking restrictions, and thus is expected to open new avenues for snus products. The product is expected to fulfil consumers’ demand for discrete, satisfying alternatives to traditional smokeless tobacco and cigarettes. Furthermore, in May 2018, NZ Smokeless Tobacco Co. launched NZ SNUS. The company sells the products through its online platform.
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Snus Market Report
Snus Market Report Highlights
- Based on product, the portion segment was valued at USD 2.04 billion in 2019. The new generation product has gained popularity owing to the ease of use it offers to its consumers in contrast to the loose snus as well as other tobacco products
- Europe dominated the market and accounted for more than 40% share of the global revenue in 2019. This is attributed to strong popularity of snus among the consumers of Scandinavian countries including Sweden and Norway
- Middle East and Africa is expected to be the fastest growing market in the years to come owing to improvement in economic indicators in African countries, including Nigeria, Kenya, and Ethiopia.