The global heated tobacco products market size is expected to reach USD 77.61 billion by 2025. It is anticipated to expand at a CAGR of 52.56% during the forecast period. The growth of the industry is fuelled by the increasing product demand from consumers for low-risk tobacco products, which are said to be less harmful to health. In addition, rising marketing campaigns, combined with easy product approvals by the U.S. Food and Drug Administration (FDA) and similar regulatory bodies from Europe and Asia, are expected to boost the product demand.
The rising bans on cigarettes and manufacturing units across countries, along with awareness of the harmful effects of tobacco use, are driving the market. However, the increasing popularity of e-cigarettes is expected to hinder market development. These cigarettes are perceived to be less harmful because they do not contain tobacco, which is expected to boost their market, and in turn restrict the demand for heated tobacco products to a large extent.
Heated Tobacco Products Market Highlights
• On the basis of product, the stick segment led the global market with a share of 74.23% in 2018, owing to the high usage of heated tobacco products as a premium product. In addition, its high price and increasing demand due to ease of use are expected to drive the growth during the forecast period.
• The leaf product segment is anticipated to register the fastest CAGR of 56% during the forecast period. The increasing demand for loose leaf due to its low and efficient pricing is expected to drive the market development.
• On the basis of distribution, the offline channel segment held the largest market share of about 91.62% of hot tobacco products in 2018, owing to the quick availability and convenience of purchasing products.
• The market was greatly impacted by the COVID-19 pandemic as the majority of countries across the world implemented lockdowns and work stoppage orders. This led to the complete halt of the manufacturing of products in the heated tobacco products industry.
• In January 2020, Philip Morris International Inc. announced a global collaboration agreement with the leading tobacco and nicotine company in South Korea, KT&G, to commercialize KT&G’s smoke-free products outside of the country.
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Heated Tobacco Products Market Segmentation
Grand View Research has segmented the global heated tobacco products market on the basis of product, distribution channel, and region:
Heated Tobacco Product Outlook (Revenue, USD Billion, 2015 – 2025)
Heated Tobacco Products Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
Heated Tobacco Products Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• South Korea
• Rest of the World
List of Key Players of Heated Tobacco Products Market
• British American Tobacco
• Philip Morris International
• Japan Tobacco International
• PAX Labs
• Vapor Tobacco Manufacturing
• Shenzhen Yukan Technology Co., Limited
• Korea Tobacco & Ginseng Corporation
• China National Tobacco Corporation
• Imperial Brands Plc
• Altria Group, Inc.
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Browse More Related Report:
Smokeless Tobacco Products Market: The global smokeless tobacco products market size was valued at USD 13.6 billion in 2018 and is estimated to expand at a CAGR of 7.2% in the forecast period.
Organic Tobacco Market: The global organic tobacco market size was valued at USD 141.8 million in 2018 and is expected to expand at a CAGR of 7.4% during the forecast period.
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