Heated Tobacco Products Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe
global heated tobacco products market size is expected to
reach USD 77.61 billion by 2025, according to a new report by Grand View
Research, Inc. It is anticipated to expand at a CAGR of 52.56% during the
forecast period. The growth is driven by rising consumer demand for
reduced-risk tobacco products as they are claimed to be less harmful to health.
Moreover, rise in marketing campaigns coupled with easy product approvals by
the U.S. Food and Drug Administration (FDA) and the equivalent governing bodies
from Europe and Asia is anticipated to fuel the product demand.
The market
is driven by high growth of tobacco sector in Asia and North America. Rise in
middle class population coupled with increasing disposable income is projected
to drive the demand for heated tobacco products (HTPs). Rising awareness
regarding healthy lifestyle and availability of healthier alternatives is
anticipated to drive the market growth. Moreover, growing purchasing power of
consumers is anticipated to drive the adoption of both stick and leaf products
over the forecast period.
Leading
manufacturers operating in U.S., Italy, Germany, Croatia, and South Africa
among others countries engage in product launches with increasing focus on
specialty and premium HTPs. Advertising campaigns, rising number of tobacco
shops, and marketing strategies by the FDA itself are anticipated to create
growth opportunities for the heated tobacco products market.
North
America is anticipated to rise due to rising consumer awareness along with
growing product launches from the leading manufacturers. For instance, in April
2019, Philips Morris International entered into the U.S. market with its iQOS
heated tobacco products. Asia Pacific, on the other hand, is anticipated to
witness significant rise in product demand on account of the ban on
E-cigarettes in the key countries. Rising investments from leading players are
anticipated to create growth opportunities in the regional market during the
forecast period.
Manufacturers
engage in product launches and expanding their manufacturing capacity gain
greater market share. Key players including Philips Morris International, Japan
Tobacco International, and British American Tobacco engage in business
strategies, such as acquisitions, mergers, online sales, and capacity
expansion.
Further key
findings from the report suggest:
- The stick
product segment is projected to ascend at a CAGR of around 51.0% over the
forecast period
- Offline segment
held the leading market share of over 91.0% in 2018
- Asia Pacific
held the leading heated tobacco products (HTPs) market share of around
73.0% and is anticipated to continue its dominance over the forecast
period
- The heated
tobacco products market is highly competitive in nature with the presence
of major players including Philips Morris International, Japan Tobacco
International, and British American Tobacco.
- Manufacturers
focus on new product launches, capacity expansion, and product innovation
to estimate existing and future demand patterns from the upcoming product
segments
Access
full research report on global heated tobacco products market:
www.grandviewresearch.com/industry-analysis/heated-tobacco-products-htps-market
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Created on Dec 10th 2019 04:33. Viewed 337 times.