Global Heat-Not-Burn Tobacco Products Market: Overview
The global heat-not-burn tobacco products market is being pushed by a steady drop in sale of traditional cigarettes, as well as growing desire for potentially Reduced Risk Products (RRPs). Heat-Not-Burn Tobacco Products make use of radiant and convective heat instead of burning tobacco. As a result, the products contain very little chemicals and nicotine. In addition to that, the mounting restriction and tariffs on cigarettes in many countries, as well as increased understanding about the harmful side effects of tobacco use, are likely to propel the of the global heat-not-burn tobacco products market in the near future. The uptake of heat-not-burn tobacco products is expected to be driven by the health concerns associated with cigarettes and chewing tobacco, especially amongst the young population.
This study from Transparency Market Research (TMR) provides a complete insight of the global heat-not-burn tobacco products market. It provides well-researched data on a variety of market aspects in order to provide useful business input for profit generation.
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Global Heat-Not-Burn Tobacco Products Market: Notable Developments
Ploom TECH+ and four varieties of Ploom TECH+ tobacco capsules, for example, were released in June 2019 by Japan Tobacco Inc. Nearly 57,000 convenience shops and 2,000 tobacco retail stores across Japan began selling the product.
The noted players that are operational in the global heat-not-burn tobacco products market are Shenzhen Yukan Technology Co., Ltd., Altria Group, Inc., Vapor Tobacco Manufacturing LLC., British American Tobacco plc, Philip Morris International Inc., and Japan Tobacco Inc.
Global Heat-Not-Burn Tobacco Products Market: Key Trends
Below-mentioned market trends and opportunities mark the global heat-not-burn tobacco products market:
Increasing Demand to Aid in Quitting Smoking is Expected to Accelerate Growth of the Market
Global manufacturers are likely to invest in the global heat-not-burn tobacco products market because of the low risks and strong demand. In addition to that, regulatory authorities are approving heat-not-burn tobacco products for sale in major regions such as Europe, China, and the US and this factor is expected to boost market growth. For example, Philip Morris International Inc. got FDA permission to sell heat-not-burn tobacco products in the US in 2018.
Heat-not-burn tobacco products emit a nicotine-laced vapor that may be used several times, making them popular among teenagers who do not want to spend a lot of money on multiple purchases. As a result, these items can be utilized for a longer period of time. In addition, technical advancements have resulted in the invention of heat-not-burn tobacco products that create enormous volumes of vapor, which are gaining popularity amongst young smokers. Heat-not-burn tobacco products have assisted many smokers in quitting smoking, giving them a viable alternative to smoking. Individuals are likely to embrace heat-not-burn tobacco products more quickly as a result of these considerations.
The growing popularity of e-cigarettes is projected to limit the use of heat-not-burn tobacco products, thereby hindering the market's growth. Such advantages are likely to increase e-cigarette acceptance while slowing the growth of the heat-not-burn industry. Furthermore, strict controls implemented by local governments in nations such as Germany, the US, and Australia have stifled market expansion.
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Global Heat-Not-Burn Tobacco Products Market: Geographical Analysis
In 2019, Asia Pacific accounted for a large share of the global heat-not-burn tobacco products market, and this trend is projected to continue over the forecast period, from 2021 to 2031. The growth in consumption of IQOS brand Heat-Not-Burn Tobacco Products in countries like Japan and South Korea is likely to drive the global heat-not-burn tobacco products market in the forthcoming years. However, in nations like Australia, tight laws regulating the usage of heat-not-burn goods may stifle regional growth. Additionally, changing lifestyles and growing disposable incomes among consumers in this area are two factors driving market expansion.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.