Global Hot Tobacco Market Size 2024, Forecast To 2033
11 Mar, 2024
The hot tobacco market has experienced exponential growth, surging from $14.52 billion in 2023 to $18.64 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 28.3%. The remarkable expansion in the historic period can be attributed to strong economic growth in emerging markets, increased demand for tobacco products, and intensified promotion and marketing efforts. Looking ahead, the market is poised for exponential growth, projecting to reach $43.62 billion in 2028, with a CAGR of 23.7%. The anticipated growth in the forecast period is driven by factors such as rising disposable income and the introduction of new product launches. Noteworthy trends in the forecast period include a focus on enhancing business operations in the hot tobacco market through new product launches and strengthening business operations through strategic partnerships and collaborations.
Global Hot Tobacco Market Key Driver
The hot tobacco market is poised for growth owing to the associated health risks with traditional cigarettes and chewing tobacco, pushing consumers towards heated tobacco products perceived as less harmful. Cigarette smoking is linked to heightened risks of lung cancer, heart disease, and various respiratory and cardiovascular issues, while chewing tobacco increases the likelihood of oral cancer, gum disease, and other oral health problems. In July 2022, the Centers for Disease Control and Prevention highlighted global tobacco consumption leading to over 7 million annual fatalities, with cigarette smoking alone responsible for over 480,000 deaths in the United States annually, along with an additional 41,000 deaths from exposure to secondhand smoke. The perceived reduced harm of heated tobacco is expected to drive the growth of the hot tobacco market in 2023, 2024, and 2028.
Get A Free Sample Of The Global Hot Tobacco Market ReportGlobal Hot Tobacco Market Segments
The hot tobacco market covered in this report is segmented –
1) By Product: Hnb Tobacco Devices, Direct/Indirect Heating Hnb Tobacco, Infused/Hybrid Hnb Tobacco Devices, Hnb Tobacco Consumables, Hnb Tobacco Sticks, Hnb Tobacco Capsules, Cartridges
2) By Type: Devices, Capsules, Vaporizers
3) By Distribution Channel: Retail Stores, Online
By Geography:The regions covered in the hot tobacco market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Asia-Pacific was the largest region in the hot tobacco market in 2023. North America was the second-largest region in the global hot tobacco market. The regions covered in the hot tobacco market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Hot Tobacco Industry Players
Philip Morris International, British American Tobacco, Japan Tobacco International, Korean Tobacco & Ginseng (KT&G), Imperial Brands, Altria Group Inc, Hongyun Honghe Group, Souza Cruz S.A., ITG Brands LLC, Hongta Tobacco Group, Heintz Van Landewyck, Habanos S. A., Mysmok Electronic Technology, PT Gudang Garam Tbk, China Tobacco International, Liggett Vector Brands LLC, ITC Limited, Reynolds American Inc, Hot Dokha Tobacco, Imperial Tobacco Group Plc, Benson & Hedges Inc, Carreras Limited, Far East Tobacco Inc, Vapor Tobacco Manufacturing, Continental Tobacco Group, Philip Morris USA, Scandinavian Tobacco Group US Holding Inc, Tobacco Rag Processors Inc, Turning Point Brands Inc, Karelia Tobacco Company Inc, Mastermind Tobacco Kenya (MTK), Shenzhen Yukan Technology Co., Ltd.
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Hot Tobacco Market Overview
Hot tobacco is also known as heated tobacco, or heat-not-burn tobacco, or hybrid tobacco. Heated Tobacco Products (HTPs) produce aerosols containing nicotine and other chemicals, which are inhaled by users through the mouth. These use specific tobacco products to be heated at temperatures below combustion levels. Hot tobacco products release flavors with nicotine and allow the user to enjoy tobacco without combustion.
Hot Tobacco Global Market Report 2023 provides data on the global hot tobacco market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The hot tobacco market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.