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NEW YORK , Aug. 8, 2022 /PRNewswire/ -- The heat-not-burn tobacco products market is growing at a CAGR of 26.21% and is expected to register an incremental growth of USD 22.22 billion between 2020 and 2025. The report analyses the market size and growth. It also provides accurate predictions on the growth of the market.
The heat-not-burn tobacco products market is segmented by product (devices, capsules, and vaporizers)
The devices segment was the largest product segment in the global heat-not-burn tobacco products market in 2021. The segment is driven by the increasing number of test launches of heat-not-burn tobacco devices in different countries of the world. The market growth in the segment will be significant during the forecast period.
By region, the market will observe substantial growth in APAC during the forecast period. The region has a high concentration of regional and global vendors. In addition, the rising number of consumers in APAC opting for less harmful tobacco products is creating huge growth opportunities for vendors operating in the region.
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The heat-not-burn tobacco products market is expected to witness substantial growth during the forecast period, primarily due to the cost-effectiveness of heat-not-burn tobacco products. Heat-not-burn tobacco devices and capsules are becoming more economical than conventional tobacco products. This is due to the raising of taxes on traditional cigarettes, leading to a considerable increase in their prices. Hence, many smokers are shifting to e-cigarettes, including heat-not-burn tobacco products. These products have emerged as a cost-effective option for price-sensitive consumers, thereby increasing their adoption. All these factors are expected to drive the growth of the heat-not-burn tobacco product market during the forecast period.
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The heat-not-burn tobacco products market is concentrated. Vendors in the market are adopting inorganic growth strategies such as mergers and acquisitions to remain competitive in the market. For instance, in March 2021 , British American Tobacco plc acquired Organigram Inc. to leverage combined expertise in plant-based science and product development. Similarly, in August 2021 , Philip Morris International Inc. acquired OtiTopic to leverage its expertise, scientific know-how, and capabilities in inhalation. In July 2021 , the company acquired Fertin Pharma to become a majority smoke-free business by 2025 and create growth opportunities beyond nicotine. Many such developments are expected to intensify the competition in the market over the forecast period.
Here are some of the products offered by key vendors:
Altria Group Inc.: The company offers Iqos as its key product.
Ballantyne Brands LLC: The company offers HAUS Heat Not Burn Starter Kit as its key product.
British American Tobacco Plc: Key products offered by the company include glo and neo.
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Heat-not-burn Tobacco Products Market Scope
Accelerate at a CAGR of 26.21%
APAC, North America, Europe, and South America
US, Japan, Italy, and China
Leading companies, competitive strategies, consumer engagement scope
Altria Group Inc., Ballantyne Brands LLC, British American Tobacco Plc, Imperial Brands Plc, Japan Tobacco Inc., Korea Tobacco & Ginseng Corp., PAX Labs Inc., Philip Morris International Inc., Shenzhen Yukan Technology Co. Ltd., and Vapor Tobacco Manufacturing LLC
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period.
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