The heat-not-burn tobacco products market is poised to grow by USD 22.22 billionduring 2020-2024, progressing at a CAGR of over 26% during the forecast period. Request free sample pages
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Technavio has announced its latest market research report titled global heat-not-burn tobacco products market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on "Heat-Not-Burn Tobacco Products Market Analysis Report by Product (Devices, Capsules, and Vaporizers), Geographic segmentation (North America, APAC, Europe, South America and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the cost-effectiveness of heat-not-burn tobacco products. In addition, heat-not-burn tobacco products are relatively safer than conventional cigarettes. This factor is further anticipated to boost the growth of the heat-not-burn tobacco products market.
The demand for smoke-free products such as heat-not-burn tobacco devices and capsules is increasing across different geographical regions because they are relatively more economical than conventional tobacco products. The price of traditional cigarettes has increased considerably as many countries have raised the tax on cigarettes. For instance, as of July 1, 2019, the average state tax on cigarettes in the US was USD 1.81 per pack of the retail price. Consequently, the adoption of e-cigarettes, including heat-not-burn tobacco products among price-sensitive millennials and adolescent consumers, in the US is increasing. Thus, the cost-effectiveness of heat-not-burn tobacco products is expected to drive market growth during the forecast period.
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Major Five Heat-Not-Burn Tobacco Products Market Companies:
Altria Group Inc.
Altria Group Inc. operates the business under various segments such as Smokeable products, Smokeless products, Wine, and All other. The company offers key products such as Iqos and other products.
Ballantyne Brands LLC
Ballantyne Brands LLC offers products through the following business units: E Cigs and Vape Mods. The company offers key products including HAUS Heat Not Burn Starter Kit and others.
British American Tobacco Plc
British American Tobacco Plc operates under various business segments, namely US, APME, AMSSA, and ENA. The company offers key products including glo and neo.
Imperial Brands Plc
Imperial Brands Plc offers products through the following business segments: Tobacco and NGP and Distribution. The company offers key products including Pulze and other heat-not-burn tobacco products.
Japan Tobacco Inc.
Japan Tobacco Inc. offers products through the following business segments: International Tobacco, Japanese Domestic Tobacco, Processed food, and Pharmaceutical. The company offers key products including Ploom TECH and Ploom S.
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Heat-Not-Burn Tobacco Products Market Product Outlook (Revenue, USD Billion, 2020-2024)
Heat-Not-Burn Tobacco Products Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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