企业竞争图谱：2024年烟草 头豹词条报告系列

Investment Rating - The tobacco industry is rated as 4 stars [82] Core Insights - The tobacco industry exhibits strong demand rigidity, with consumption levels increasing alongside per capita income [6][23] - China is the largest producer and consumer of tobacco globally, accounting for over 43% of the world's cigarette consumption [7][24] - The industry is characterized by a complete monopoly system in China, which effectively combats illegal trade and enhances the competitiveness of domestic tobacco enterprises [8][25] - The market size of the tobacco industry grew from $616.46 billion in 2019 to $647.65 billion in 2023, with a compound annual growth rate (CAGR) of 1.24%. It is projected to reach $716.28 billion by 2028, with a CAGR of 2.19% [67][68] Industry Definition - The tobacco industry encompasses various forms of processed and unprocessed tobacco, including tobacco leaves, stems, and seeds [20] Industry Classification - The tobacco industry is classified based on the World Health Organization's categories, including smoked and smokeless tobacco products [5] Industry Characteristics - The tobacco industry is characterized by strong demand rigidity, with consumption levels increasing as per capita income rises [6][23] - The complete monopoly system in China provides significant advantages in managing the tobacco market [8][25] Development History - The global tobacco industry can be divided into four stages: dissemination, rapid development, control, and the emergence of new tobacco products [26] Industry Chain Analysis - The tobacco industry chain includes upstream (tobacco cultivation and initial processing), midstream (manufacturing of tobacco products), and downstream (distribution and retail) [57] Market Size - The global tobacco market size (excluding mainland China) is projected to grow from $656.89 billion in 2024 to $716.28 billion by 2028, with a CAGR of 2.19% [67][68] Policy Overview - Various countries have implemented different tobacco management systems influenced by health risks and tax revenue importance, with China maintaining a complete monopoly system [8][50] Competitive Landscape - The tobacco industry is dominated by major players, with the first tier consisting of China National Tobacco Corporation, followed by multinational companies like Imperial Brands and British American Tobacco [89]