• April 18, 2024

RYO Market Expected to Reach $10.42 Billion

 RYO Market Expected to Reach $10.42 Billion

The value of the global roll-your-own tobacco product market will likely reach $10.42 billion by 2028, according to a new report by Grand View Research. It is expected to expand at a compound annual growth rate (CAGR) of 4.2 percent from 2021 to 2028.

According to the study, the rising consumption of products among females and students is fueling growth around the world. The adoption rate of the product is increasing among youth in major economies. Moreover, the financial stress caused by the Covid-19 pandemic has encouraged numerous smokers to shift from factory-made cigarettes to hand-rolled cigarettes due to the cost advantage of roll-your-own (RYO) tobacco products.

North America is expected to register the fastest CAGR of 4.7 percent from 2021 to 2028, owing to the increasing adoption of the product among young adult consumers.

By product, the filter and paper tip segments are expected to register the fastest CAGR of 4.7 percent from 2021 to 2028.

Europe dominated the market by accounting for over 55 percent in 2020. The rate of smoking in European countries has contributed to the growth of the market in the region.

The offline distribution channel held the largest share of more than 85 percent in 2020.