Global Hot Tobacco Products Market To Have Enormous Growth Rate Of 41%

The global hot tobacco products market is expected to decline from $8.0 billion in 2019 to $7.7 billion in 2020 at a rate of about -4%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $21.5 billion in 2023 at an enormous rate of 41.1%. Approvals by the government bodies are anticipated to drive the demand for the market. However, the increasing popularity of e-cigarettes is projected to limit the growth of the hot tobacco market.

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.

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The global hot tobacco products market is further segmented based on type and geography.
By Product: Heat-not-Burn 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 products market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific hot tobacco products market accounts for the largest share in the global hot tobacco products market.

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Trends In The Hot Tobacco Products Market
The launch of new heated tobacco products across the globe is a leading trend driving the growth of the hot tobacco products market.
Hot Tobacco Products Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides hot tobacco products market overviews, analyzes and forecasts hot tobacco products market size and growth for the global hot tobacco products market, hot tobacco products market share, hot tobacco products market players, hot tobacco products market size, hot tobacco products market segments and geographies, hot tobacco products market trends, hot tobacco products market drivers and hot tobacco products market restraints, hot tobacco products market’s leading competitors’ revenues, profiles and market shares. The hot tobacco products market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.