A continuous decrease in cigarette sales and the health risks associated with tobacco is expected to drive the demand for the global tobacco heating devices market over the forecast period, 2023-2027.
According to TechSci Research report, “Tobacco Heating Devices Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, the global tobacco heating devices market is anticipated to grow at a steady CAGR in the forecast period, 2023-2027. Heated tobacco products are designed to heat tobacco without producing smoke or burning the tobacco. Heated tobacco products can be classified into different categories, including processed tobacco heated to produce vapor, processed tobacco to be heated in a vaporizer, and devices that produce vapor from other sources, after which the vapor is passed over tobacco sources to flavor the vapor and addition of new carbon tipped devices.
With growing tobacco regulations and the constantly diminishing cigarette markets, tobacco companies are developing next-generation products, including heated tobacco products. The global tobacco heating devices market is driven by the continuous reduction in traditional cigarette sales with growing demand for possibly reduced-risk products. An increase in prohibition and taxes on cigarettes in different countries and the rise in awareness about the adverse effect of tobacco consumption on an individual’s health are further expected to contribute to the global tobacco heating devices market growth in the forecast period.
However, the ill effects of heated tobacco products on the health of an individual and the growing popularity of e-cigarettes may restrain the global tobacco heating devices market growth in the forecast period.
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The global tobacco heating devices market is segmented based on price range, distribution channel, regional distribution, and competitive landscape.
On the basis of the price range, the global tobacco heating devices market is divided into low, medium, and high. Medium price range tobacco heating devices are expected to account for a significant market share over the forecast period, 2023-2027. They are affordable and provide the desired results in a medium price range. There is high demand for different medium-price range tobacco heating devices in the developing economies. Youngsters are actively looking for technologically advanced solutions that can substitute for tobacco, and the availability in this range is expected to fuel the segment demand.
On the basis of distribution channel, the global tobacco heating devices market is divided into offline and online. The offline segment is expected to hold the highest market share over the next five years. Tobacco heating devices are generally available in retail stores, and they provide consumers with a wide variety of options. Offline stores, which are generally located within reach of users, are in high demand as they provide immediate pleasure of immediate satisfaction to users. Also, the provision of separate smoking zones provided by clubs and others positively affects the global market demand.
Major market players operating in the global tobacco heating devices market are:
- British American Tobacco Plc
- Philip Morris International Inc.
- Imperial Brands Plc
- Japan Tobacco Inc.
- KT and G Corp.
- Mysmok Electronic Technology Co. Ltd.
- Shenzhen Yukan Technology Co. Ltd.
- Fog and Frog Technology (Shenzhen) Co. Ltd.
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“The Asia-pacific region is expected to be one of the most lucrative markets for the global tobacco heating devices market over the forecast period, 2023-2027. The high demand for tobacco heating devices from countries like Japan and South Korea drives the market demand. Also, the rise in the expenditure capacity of consumers improved living standards, and rapid urbanization in developing countries support the market growth in the region. The presence of large smoking population and the penetration of online channels even to remote locations of the region is further expected to propel the global tobacco heating devices market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Tobacco Heating Devices Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Price Range (Low, Medium, High), By Distribution Channel (Offline, Online), and By Region”, has evaluated the future growth potential of global tobacco heating devices market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global tobacco heating devices market.