Tobacco Growing in the US - Industry Market Research Report
Description
Tobacco Growing in the US
The 2005 deregulation of the Tobacco Growing industry continues to linger over tobacco farmers. The removal of federal production quotas and price supports initiated an exodus that has continued into recent years. Without government support, small and otherwise unprofitable farmers have switched crops, dropping out of the industry entirely. With a consistent and downward annualized trend in the percentage of smokers and with the rise in substitute products such as electronic nicotine delivery systems (ENDS), the industry has been facing declining demand for a significant period. Amid the COVID-19 pandemic, tobacco farmers received some federal assistance as a part of the CARES Act. Industry revenue has fallen an estimated CAGR of 8.8% to an expected $944.0 million in 2023, when revenue is set to decline 5.7%.
Farms in this industry grow tobacco leaf. Tobacco farmers purchase inputs, such as fertilizers, agricultural chemicals, pesticides, plant seeds, plant bulbs and curing fuel, from farm supply and other wholesaling industries. The tobacco leaf is exported or sold to domestic tobacco product manufacturers.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares."
The 2005 deregulation of the Tobacco Growing industry continues to linger over tobacco farmers. The removal of federal production quotas and price supports initiated an exodus that has continued into recent years. Without government support, small and otherwise unprofitable farmers have switched crops, dropping out of the industry entirely. With a consistent and downward annualized trend in the percentage of smokers and with the rise in substitute products such as electronic nicotine delivery systems (ENDS), the industry has been facing declining demand for a significant period. Amid the COVID-19 pandemic, tobacco farmers received some federal assistance as a part of the CARES Act. Industry revenue has fallen an estimated CAGR of 8.8% to an expected $944.0 million in 2023, when revenue is set to decline 5.7%.
Farms in this industry grow tobacco leaf. Tobacco farmers purchase inputs, such as fertilizers, agricultural chemicals, pesticides, plant seeds, plant bulbs and curing fuel, from farm supply and other wholesaling industries. The tobacco leaf is exported or sold to domestic tobacco product manufacturers.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares."
Table of Contents
38 Pages
ABOUT THIS INDUSTRY
Industry Definition
Main Activities
Similar Industries
Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
PRODUCTS & MARKETS
Supply Chain
Products & Services
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Pricing
Currency Rates
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