Tobacco Heating Devices Market to be Dominated by Asia-pacific region through 2027
A continuous decrease in
cigarette sales and the health risks associated with tobacco is expected to
drive the demand for the global tobacco heating devices market over the
forecast period, 2023-2027.
According to TechSci Research report, “Tobacco Heating Devices Market - Global
Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, the global tobacco heating devices market is
anticipated to grow at a steady CAGR in the forecast period, 2023-2027. Heated
tobacco products are designed to heat tobacco without producing smoke or
burning the tobacco. Heated tobacco products can be classified into different
categories, including processed tobacco heated to produce vapor, processed
tobacco to be heated in a vaporizer, and devices that produce vapor from other
sources, after which the vapor is passed over tobacco sources to flavor the
vapor and addition of new carbon tipped devices.
With growing tobacco
regulations and the constantly diminishing cigarette markets, tobacco companies
are developing next-generation products, including heated tobacco products. The
global tobacco heating devices market is driven by the continuous reduction in
traditional cigarette sales with growing demand for possibly reduced-risk
products. An increase in prohibition and taxes on cigarettes in different
countries and the rise in awareness about the adverse effect of tobacco
consumption on an individual’s health are further expected to contribute to the
global tobacco heating devices market growth in the forecast period.
However, the ill effects
of heated tobacco products on the health of an individual and the growing
popularity of e-cigarettes may restrain the global tobacco heating devices
market growth in the forecast period.
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The global tobacco
heating devices market is segmented based on price range, distribution channel,
regional distribution, and competitive landscape.
On the basis of the
price range, the global tobacco heating devices market is divided into low,
medium, and high. Medium price range tobacco heating devices are expected to
account for a significant market share over the forecast period, 2023-2027.
They are affordable and provide the desired results in a medium price range.
There is high demand for different medium-price range tobacco heating devices
in the developing economies. Youngsters are actively looking for
technologically advanced solutions that can substitute for tobacco, and the
availability in this range is expected to fuel the segment demand.
On the basis of
distribution channel, the global tobacco heating devices market is divided into
offline and online. The offline segment is expected to hold the highest market
share over the next five years. Tobacco heating devices are generally available
in retail stores, and they provide consumers with a wide variety of options.
Offline stores, which are generally located within reach of users, are in high demand
as they provide immediate pleasure of immediate satisfaction to users. Also,
the provision of separate smoking zones provided by clubs and others positively
affects the global market demand.
Major
market players operating in the global tobacco heating devices market are:
- British American Tobacco
Plc
- Philip Morris
International Inc.
- Imperial Brands Plc
- Japan Tobacco Inc.
- KT and G Corp.
- Mysmok Electronic
Technology Co. Ltd.
- Shenzhen Yukan
Technology Co. Ltd.
- Fog and Frog Technology (Shenzhen)
Co. Ltd.
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“The Asia-pacific region is expected to
be one of the most lucrative markets for the global tobacco heating devices
market over the forecast period, 2023-2027. The high demand for tobacco heating
devices from countries like Japan and South Korea drives the market demand.
Also, the rise in the expenditure capacity of consumers improved living
standards, and rapid urbanization in developing countries support the market
growth in the region. The presence of large smoking population and the
penetration of online channels even to remote locations of the region is
further expected to propel the global tobacco heating devices market growth
till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Tobacco Heating Devices
Market - Global Industry Size, Share, Trends, Opportunity and Forecast,
2017-2027 Segmented By Price Range (Low, Medium, High), By Distribution Channel
(Offline, Online), and By Region”, has evaluated the future growth potential of global tobacco
heating devices market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in global tobacco
heating devices market.
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