Despite heavy taxation, health awareness and the financial crisis, the international tobacco market is going from strength-to-strength, new figures show.
According to a recent report by Companies and Markets titled Tobacco: Global Industry Guide, the tobacco market grew by 5.1 per cent in 2008 to reach a value of US$396.9 billion (£264.9 billion).
Furthermore, the industry is expected to reach $484.9 billion (£323.6 million) by 2014, an increase of 22 per cent compared to the 2008 figure.
Findings of the report also highlighted the popularity of cigarettes which accounted for 91 per cent of all tobacco-related sales.
The statistics will be welcome news to those involved in the manufacturing of tobacco goods in the UK who have been slapped with an anticipated tax hike on their products following the 2010 Budget report.
In his annual speech, Chancellor Alistair Darling revealed tobacco duty will increase one per cent above inflation and two per cent in real terms each year until 2014.
The study also showed that despite the smoking ban, which has been enforced in the majority of European Union states, Europe continues to account for 36 per cent of the global market share.
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