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.
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.
Below-mentioned market trends and opportunities mark the global heat-not-burn tobacco products 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.
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.
Interested in this report?
Get a FREE Brochure now!
*Get Brochure (PDF) sent to your email within minutes
Complete the form below and we'll get back to you shortly.