The hot tobacco products market consists of sales of hot tobacco products and its related services. 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.
Global Hot Tobacco Market Size And Drivers:
The global hot tobacco market is expected grow from $7.53 billion in 2020 to $10.63 billion in 2021 at a compound annual growth rate (CAGR) of 41.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $42.41 billion in 2025 at a CAGR of 41%. The approvals by the government bodies are anticipated to drive the demand for the hot tobacco products market during the period.
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Trends In The Global Hot Tobacco Market
The launch of new heated tobacco products across the globe is a leading trend driving the growth of the hot tobacco products market. For instance, in September 2019, British American Tobacco (BAT), cigarette and tobacco manufacturing company based in London, England, announced the launch of two new heating tobacco products- Glo Nano and Glo Pro in Japan market, under its Glo Bran. Similarly, in October 2019, Altria Group, Inc., engaged in producing and marketing of tobacco, cigarettes and related products, announced the launch of IQOS tobacco device in the USA. IQOS is a device that heats tobacco without burning it in order to give a similar experience to the user as smoking with fewer toxins. Therefore, the continuous launch of new hot tobacco products in the market is projected to be a major trend in the market over the approaching years.
Global Hot Tobacco Market Segments:
The global hot tobacco market is further segmented –
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
By Type: Devices, Capsules, Vaporizers
By Distribution Channel: Retail Stores, Online
By Geography: The global hot tobacco market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa
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Hot Tobacco Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides hot tobacco market overviews, analyzes and forecasts market size and growth for the global hot tobacco market, hot tobacco market share, hot tobacco market players, hot tobacco market segments and geographies, hot tobacco market’s leading competitors’ revenues, profiles and market shares. The hot tobacco market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
