The tobacco industry has witnessed a significant downturn this season, with nearly US$800 million in sales, a sharp decline from the US$894 million recorded the previous year.
This decline is mirrored by the volume of tobacco traded, with at least 230.8 million kilograms sold this year, down from 295 million kilograms last season, indicating a troubling 21.8 percent decrease.
Various factors contribute to this downturn. Firstly, changing consumer preferences towards healthier alternatives and increased anti-tobacco campaigns are influencing buying behavior.
Additionally, regulatory measures and taxation on tobacco products have escalated, leading to higher prices and decreased accessibility for consumers.
The ongoing pandemic has also shifted spending priorities, with many individuals cutting back on non-essential items, including tobacco products.
The cumulative effect of these challenges raises concerns for the industry’s sustainability, prompting stakeholders to rethink strategies and engage in innovative practices to stabilise and rejuvenate the market in the face of evolving consumer trends and regulatory landscapes.
SOURCE : NEWSREPORTZIM.COM
