The Hot Tobacco by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hot Tobacco, The hot tobacco market size has grown exponentially in recent years. It will grow from $14.52 billion in 2023 to $18.64 billion in 2024 at a compound annual growth rate (CAGR) of 28.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased demand for tobacco products and increased promotion and marketing efforts.
The hot tobacco market size is expected to see exponential growth in the next few years. It will grow to $43.62 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%. The growth in the forecast period can be attributed to rising disposable income and rising new product launches. Major trends in the forecast period include focus on enhancing business operations in the hot tobacco market through new product launches and strengthening business operations in the hot tobacco market through strategic partnerships and collaboration.
The associated health risks with cigarettes and chewing tobacco are expected to propel the growth of the hot tobacco market. Cigarette smoking is associated with a heightened risk of lung cancer, heart disease, and numerous other respiratory and cardiovascular health issues while chewing tobacco increases the risk of oral cancer, gum disease, and various oral health problems. Heated tobacco is perceived as less harmful than traditional cigarettes and chewing tobacco due to its lower combustion levels, reduced toxic chemicals, and decreased secondhand smoke. For instance, in July 2022, according to the Centers for Disease Control and Prevention, a US-based government agency, globally, tobacco consumption leads to over 7 million fatalities annually, while in the United States, cigarette smoking alone is accountable for over 480,000 deaths per year, with an additional 41,000 deaths attributed to exposure to secondhand smoke. Therefore, the associated health risks with cigarettes and chewing tobacco are driving the growth of the hot tobacco market going forward.
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The hot tobacco market covered in this report is segmented –
1) By Product: Hnb Tobacco Devices, Direct/Indirect Heating Hnb Tobacco, Infused/Hybrid Hnb Tobacco Devices, Hnb Tobacco Consumables, Hnb Tobacco Sticks, Hnb Tobacco Capsules, Cartridges
2) By Type: Devices, Capsules, Vaporizers
3) By Distribution Channel: Retail Stores, Online
The launch of new heated tobacco products across the globe is a leading trend driving the growth of the hot tobacco products market. For instance, in August 2021, Japan Tobacco Inc., a Japan-based company operating in the heated tobacco company, introduced Ploom X, its next-generation heated tobacco device. Ploom X is equipped with a new heating technology, HEATFLOW, which focuses on airflow, significantly improving user experience and Bluetooth capabilities that allow users to connect with their smartphones, view the battery level, lock the device, and do a lot more. Therefore, the continuous launch of new hot tobacco products into the market is projected to be a major trend in the market over the coming years.
The hot tobacco market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Philip Morris International
- British American Tobacco
- Japan Tobacco International
- Korean Tobacco & Ginseng (KT&G)
- Imperial Brands
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