NEW YORK, Sept. 21, 2022 /PRNewswire/ — The heat-not-burn tobacco products market is expected to grow by USD 22.22 billionat a CAGR of 26.21% during the forecast period. The cost-effectiveness of heat-not-burn tobacco products, heat-not-burn tobacco products are relatively safer than conventional cigarettes, and a growing number of organized retailing outlets is one of the major factors propelling the market growth.
However, factors such as the rising popularity of smokeless tobacco products, distribution challenges, and increasing promotional activities by vendors will hamper the market growth. Request Free Sample Report.
APAC will account for 41% of market growth. The main markets in APAC for heat-not-burn tobacco products are Japan and China. This region’s market will grow more quickly than other regions’ markets. Over the projection period, cost-effectiveness will assist market expansion in APAC. The report extensively covers heat-not-burn tobacco products market segmentation by product (devices, capsules, and vaporizers) and geography (APAC, North AmericaEurope, South America, and MEA).
The capsules sector will significantly increase its market share of heat-not-burn tobacco products. The second-largest product category on the global market is heat-not-burn tobacco capsules. The market for heat-not-burn tobacco capsules is highly consolidated , with only a few local and international suppliers.
The global market for heat-not-burn tobacco capsules will expand during the projected period as a result of rising organized retailing outlets around the world and increased consumer awareness of the benefits of utilizing heat-not-burn tobacco products. Buy Sample Report.
The market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
- 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.
- Vapor Tobacco Manufacturing LLC
Find additional highlights on the growth strategies adopted by vendors and their product offerings, Download Free Sample Report.
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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Heat-not-burn Tobacco Products Market Scope