The global 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.
Heated Tobacco Products– Overview
The technology of heated tobacco products, often known as HTPs, is expanding quickly on a global scale. There is still a sizable shift in the way that people use nicotine on a global scale, with both current and past smokers seeking for lower-risk alternatives to combustible cigarettes. Consumers have had access to smokeless nicotine products for a long time, such as snus made from tobacco.
Later, next-generation options like e-cigarettes and contemporary oral nicotine pouches became accessible. To fully realise the harm-reduction potential of HTP, high-quality test data must be presented to regulators and the general public in order to show how the aerosol has fewer harmful and potentially harmful constituents (HPHCs) than combustible cigarettes.
Key market trends- Growth determinants and restraints
The Global heated tobacco products Market is developing at a quicker pace with significant development rates throughout the most recent couple of years and is assessed that the market will fill essentially in the gauge period for example 2022 to 2030.
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It is fuelled by the gradual decline in cigarette sales and the increased interest in items with possibly lower dangers. Heat-Not-Burn (HNB) products with minimal levels of nicotine and other chemicals are expected to significantly increase demand. HNB tobacco products have a long shelf life and don’t emit smoke.
The use of heated tobacco products (HTPs), particularly by young people, is predicted to increase due to the health hazards associated with smoking and chewing tobacco. 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. Because they don’t include tobacco, these cigarettes are thought to be less dangerous, which is expected to increase demand for them and, in turn, somewhat reduce demand for HTPs.
Segmentation Analysis of Global heated tobacco products market
Based on product type
- Stick
- Leaf
- Other
Based on distribution channel
- Online
- Offline
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.
Competitive Landscape
The Key players in the Global heated tobacco products market are Philips Morris International, Japan Tobacco International, and British American Tobacco.
Major development
The Global heated tobacco products market is expected to increase at a significant rate during the figure time period, somewhere in the range of 2022 to 2030. In 2020, the market was developing at a consistent rate and with the increasing reception of systems by key players, the market is supposed to ascend over the projected skyline.
Major questions answered in this report
- What is the growth rate of this Market?
- What are the primary growth determinants of this market?
- Which are the major regions constituting the geographical landscape of this Market?
- Which are the prominent companies operating in this Market?
Key takeaways from the report-
- The Global heated tobacco products market registers a growing CAGR of over 32.8% from 2022 to 2030.
- Europe to lead the market with the highest market share.
- It is fuelled by the gradual decline in cigarette sales and the increased interest in items with possibly lower dangers. Heat-Not-Burn (HNB) products with minimal levels of nicotine and other chemicals are expected to significantly increase demand.
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