Press release
Hot Tobacco Market: Global Industry Growth Factors, Trends, Demand Status And Forecast To 2033
Hot Tobacco Market
The Business Research Company offers in-depth market insights through Hot Tobacco Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The hot tobacco market size has grown exponentially in recent years. It will grow from $14.52 billion in 2023 to $18.64 billion in 2024 at a compound annual growth rate (CAGR) of 28.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased demand for tobacco products and increased promotion and marketing efforts.
The hot tobacco market size is expected to see exponential growth in the next few years. It will grow to $43.62 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%. The growth in the forecast period can be attributed to rising disposable income and rising new product launches. Major trends in the forecast period include focus on enhancing business operations in the hot tobacco market through new product launches and strengthening business operations in the hot tobacco market through strategic partnerships and collaboration.
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Market Segmentation:
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
Major Driver - Health Risks Associated With Cigarettes And Chewing Tobacco To Drive Market Growth
The associated health risks with cigarettes and chewing tobacco are expected to propel the growth of the hot tobacco market. Cigarette smoking is associated with a heightened risk of lung cancer, heart disease, and numerous other respiratory and cardiovascular health issues while chewing tobacco increases the risk of oral cancer, gum disease, and various oral health problems. Heated tobacco is perceived as less harmful than traditional cigarettes and chewing tobacco due to its lower combustion levels, reduced toxic chemicals, and decreased secondhand smoke. For instance, in July 2022, according to the Centers for Disease Control and Prevention, a US-based government agency, globally, tobacco consumption leads to over 7 million fatalities annually, while in the United States, cigarette smoking alone is accountable for over 480,000 deaths per year, with an additional 41,000 deaths attributed to exposure to secondhand smoke. Therefore, the associated health risks with cigarettes and chewing tobacco are driving the growth of the hot tobacco market going forward.
Competitive Landscape:
Major companies operating in the hot tobacco market report are 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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Top Trend - Technological Advancements Reshaping The 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 August 2021, Japan Tobacco Inc., a Japan-based company operating in the heated tobacco company, introduced Ploom X, its next-generation heated tobacco device. Ploom X is equipped with a new heating technology, HEATFLOW, which focuses on airflow, significantly improving user experience and Bluetooth capabilities that allow users to connect with their smartphones, view the battery level, lock the device, and do a lot more. Therefore, the continuous launch of new hot tobacco products into the market is projected to be a major trend in the market over the coming years.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hot Tobacco Market Characteristics
3. Hot Tobacco Market Trends And Strategies
4. Hot Tobacco Market - Macro Economic Scenario
5. Hot Tobacco Market Size And Growth
…..
27. Hot Tobacco Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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