Heated Tobacco Products Market is presently worth USD 12.48
billion and is poised to amplify at a CAGR of 32.8%, thereby amassing a valuation
of USD 120.76 billion by end of the assessment timeframe.
The demand for smoke-free products has grown in all regions of
the world. The cost of heat-not-burn cigarettes, cigars, and capsules is
generally lower than that of traditional tobacco products. Heat-not-burn
tobacco products are an affordable substitute for traditional cigarettes in
nations that have increased their tariffs on them. One of the major drivers of
the expansion of the market for heat-not-burn tobacco products is the
cost-effectiveness of these products.
Compared to the offline distribution route, the internet
distribution channel is growing more quickly. The availability of a variety of
heat-not-burn tobacco products from different brands on e-commerce platforms is
one of the main factors contributing to this channel's success. The sale of
e-cigarettes, including heat-not-burn tobacco products, is anticipated to
increase significantly through this channel during the projected period as a
result of the expanding trend of online retailing. Additionally, e-commerce
platforms provide individualised buying assistance and product recommendations
based on the product's design, size, and ability to expel nicotine during
smoking. As a result, consumers are increasingly choosing online stores to buy
goods like heat-not-burn tobacco products.
The market is anticipated to attract investments from
international manufacturers due to the minimal risks and high demand.
Additionally, it is projected that the industry will develop thanks to the
FDA's (U.S. Food and Drug Administration) and similar regulatory agencies in
Europe and Asia's ease of approval. For instance, the FDA granted Philip Morris
International Inc. permission to sell heated tobacco products in the United
States in 2018. The market is expanding as a result of growing cigarette and
tobacco production restrictions in several nations, as well as increased
consumer awareness of the harmful effects of tobacco use. But it's projected
that the growing popularity of e-cigarettes will impede market expansion. Since
these cigarettes don't contain tobacco, they are thought to be less dangerous,
which will increase demand for them.
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Segmentation
Analysis of Global heated tobacco products market:
Based
on product type
Based
on distribution channel
Europe is expected to hold the largest
market share
North
America, Europe, Latin America, Asia Pacific, and Middle East and Africa are
the major regions constituting the geographical landscape of Global heated
tobacco products market. Europe dominates the market with the largest market share
among others.
Key
players:
The
Key players in the Global heated tobacco products market are Philips Morris
International, Japan Tobacco International, and British American Tobacco.
Major
questions answered in this report:
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