Press Release Description
Growing Popularity of E-Cigarette Anticipated to Shape the Egypt Cigarette Market
Egypt Cigarette Market size is projected to grow at a CAGR of around 2.3% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The prevalence of smoking in Egypt is largely attributed to the cultural and social acceptance of cigarettes. This has resulted in a demand for cigarettes in the country due to their importance in social activities. Additionally, the availability of cigarettes at reduced and more cost-effective prices in the country, in combination with the relatively low cost of production for manufacturers, is likely to contribute to the growth of the Egypt Cigarettes Market in the near future.
Moreover, government initiatives to strengthen the nation's economy are fostering expansion in several industries, including transportation, retail, and communication. In turn, this is increasing the country's inhabitants' disposable income and the rate of urbanization, which would make the country's cigarette market attractive throughout the projection period of 2024–2030.
Thus, the cigarette market in Egypt will be supported in the years to come by both the significant role that cigarettes play in the traditional roots of the nation and the hectic, stressful lifestyle. Nonetheless, the expected decline in Egypt's smoking rate due to rising consumer awareness, government initiatives to reduce the use of these tobacco products, the introduction of e-cigarettes, and other factors would hinder the growth of the market in the forthcoming period, further states the research report, “Egypt Cigarette Market Analysis, 2024.”
Economy Price Band Cigarettes to Boost the Egypt Cigarette Market
Based on price, the Egypt Cigarette Market is divided into economy price band, mid-price band, and premium price band. On account of the low level of disposable income of the Egyptian population, low-cost brand cigarettes have historically dominated the market. According to the World Bank, in 2022, Egypt's Gross National Income (GNI) was USD 4,100 and it formed a part of low-middle-income countries. The majority of the nation's population worked in low-paying, inefficient, and unsatisfactory informal jobs. As a result, most consumers favored inexpensive and low-cost cigarettes.
Furthermore, the ongoing efforts by the government to improve the standard of life for its population would increase the demand for high-priced cigarettes during the anticipated period.
Store Retailing to Create Huge Demand for Cigarettes in Egypt
Store retailing experienced the most development of all during the historical period. The majority of the nation's small to large consumers were catered to by these store-based businesses. Store-based retailers saw a rise in demand due to alluring pricing and proximity to the immediate cigarette demand. Also, the market share of this segment would continue to be supported by the continued development of the retail industry in response to the growing middle class in the forecast period. The demand for brick-and-mortar commerce may decline due to the rising popularity of online shopping and the growing use of mobile and the internet.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Eastern Co SAE, United Tobacco Co., Al Mansour International Distribution Co., International Center for Trade, and others etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across the country, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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