Bio Fil Inc.’s primary market would consist of cigarette manufacturers and cigarette filter manufacturers. End user of the our biodegradable filter would be cigarette smokers.
Market Analysis
The U.S. Market
According to the Centers for Disease Control Prevention, below is the percentage of adults aged 18 years or older who were current cigarette smokers in the United States in 2015:
- 15.1% of all adults (36.5 million people): 16.7% of males, 13.6% of females
- Nearly 22 of every 100 non-Hispanic American Indians/Alaska Natives (21.9%)
- About 20 of every 100 non-Hispanic multiple race individuals (20.2%)
- Nearly 17 of every 100 non-Hispanic Blacks (16.7%)
- Nearly 17 of every 100 non-Hispanic Whites (16.6%)
- About 10 of every 100 Hispanics (10.1%)
- 7 of every 100 non-Hispanic Asians (7.0%)
Each day, more than 3,200 people younger than 18 years of age smoke their first cigarette and an estimated 2,100 youth and young adults who have been occasional smokers become daily cigarette smokers. During 2015, more than 4 billion cigarettes were sold in the United States.
World Market
Statistic show that revenues of the cigarette industry is over 400 billion annually. Globally, approximate 5.8 trillion cigarettes are produced in 2015. The number of smokers and cigarettes produced keep rising due to population growth. It is expected that by 2025, the number of smoker worldwide will be 1.6 bilion.