The global heated tobacco products market size is expected to reach USD 77.61
billion by 2025, according to a new report by Grand View Research, Inc. It is
anticipated to expand at a CAGR of 52.56% during the forecast period. The
growth is driven by rising consumer demand for reduced-risk tobacco products as
they are claimed to be less harmful to health. Moreover, rise in marketing
campaigns coupled with easy product approvals by the U.S. Food and Drug
Administration (FDA) and the equivalent governing bodies from Europe and Asia
is anticipated to fuel the product demand.
The market is driven by high growth of
tobacco sector in Asia and North America. Rise in middle class population
coupled with increasing disposable income is projected to drive the demand for
Heated Tobacco Products (HTPs). Rising awareness regarding healthy lifestyle
and availability of healthier alternatives is anticipated to drive the market
growth. Moreover, growing purchasing power of consumers is anticipated to drive
the adoption of both stick and leaf products over the forecast period.
Leading manufacturers operating in U.S.,
Italy, Germany, Croatia, and South Africa among others countries engage in
product launches with increasing focus on specialty and premium HTPs.
Advertising campaigns, rising number of tobacco shops, and marketing strategies
by the FDA itself are anticipated to create growth opportunities for the heated
tobacco products market.
North America is anticipated to rise due to
rising consumer awareness along with growing product launches from the leading
manufacturers. For instance, in April 2019, Philips Morris International
entered into the U.S. market with its iQOS heated tobacco products. Asia
Pacific, on the other hand, is anticipated to witness significant rise in
product demand on account of the ban on E-cigarettes in the key countries.
Rising investments from leading players are anticipated to create growth
opportunities in the regional market during the forecast period.
Manufacturers engage in product launches
and expanding their manufacturing capacity gain greater market share. Key
players including Philips Morris International, Japan Tobacco International,
and British American Tobacco engage in business strategies, such as
acquisitions, mergers, online sales, and capacity expansion.
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https://www.grandviewresearch.com/industry-analysis/heated-tobacco-products-htps-market
https://www.grandviewresearch.com/industry-analysis/heated-tobacco-products-htps-market
Further key findings from the report suggest:
· The stick product segment is projected to
ascend at a CAGR of around 51.0% over the forecast period
· Offline segment held the leading market
share of over 91.0% in 2018
· Asia Pacific held the leading heated tobacco
products (HTPs) market share of around 73.0% and is anticipated to continue its
dominance over the forecast period
· The heated tobacco products market is
highly competitive in nature with the presence of major players including
Philips Morris International, Japan Tobacco International, and British American
Tobacco.
· Manufacturers focus on new product
launches, capacity expansion, and product innovation to estimate existing and
future demand patterns from the upcoming product segments
Grand View Research has segmented the
global heated tobacco products market on the basis of product, distribution
channel, and region:
Heated Tobacco Product Outlook (Revenue,
USD Billion, 2015 - 2025)
·
Stick
·
Leaf
Heated Tobacco Products Distribution
Channel Outlook (Revenue, USD Billion, 2015 - 2025)
·
Online
·
Offline
Heated Tobacco Products Regional Outlook
(Revenue, USD Billion, 2015 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
Italy
o
Russia
·
Asia Pacific
o
Japan
o
South Korea
·
Rest of the World
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
