Dublin, May 29, 2023 (GLOBE NEWSWIRE) -- The "Hot Tobacco Global Market Opportunities And Strategies To 2032" report has been added to ResearchAndMarkets.com's offering.
The hot tobacco market reached a value of nearly $12,419.2 million in 2022, having grown at a compound annual growth rate (CAGR) of 20.8% since 2017. The market is expected to grow from $12,419.2 million in 2022 to $37,839.6 million in 2027 at a rate of 25.0%. The market is then expected to grow at a CAGR of 23.0% from 2027 and reach $106,594.4 million in 2032.
Growth in the historic period resulted from strong economic growth in emerging markets, increased demand for tobacco products and increased promotion and marketing efforts. Factors that negatively affected growth in the historic period were covid pandemic and growth in government support to increase awareness about harmful effects of smoking.
Going forward, rising disposable income and rising new product launches will drive the growth. Factors that could hinder the growth of the hot tobacco market in the future includes rise in interest rates, Russia Ukraine war and increasing popularity of e-cigarettes.
The hot tobacco market is segmented by product into HnB tobacco devices, direct/indirect heating HnB tobacco, infused/hybrid HnB tobacco devices, HnB tobacco consumables, HnB tobacco sticks and HnB tobacco capsules and cartridges. The HnB tobacco devices market was the largest segment of the hot tobacco market segmented by product, accounting for 31.7% of the total in 2022. Going forward, the infused/hybrid HnB tobacco devices segment is expected to be the fastest growing segment in the hot tobacco market segmented by product, at a CAGR of 26.3% during 2022-2027.
The hot tobacco market is segmented by type into devices, capsules and vaporizers. The vaporizers market was the largest segment of the hot tobacco market segmented by type, accounting for 45.1% of the total in 2022. Going forward, the devices segment is expected to be the fastest growing segment in the hot tobacco market segmented by type, at a CAGR of 25.8% during 2022-2027.
The hot tobacco market is segmented by distribution channel into retail stores and online. The retail stores market was the largest segment of the hot tobacco market segmented by distribution channel, accounting for 90.9% of the total in 2022. Going forward, the online segment is expected to be the fastest growing segment in the hot tobacco market segmented by distribution channel, at a CAGR of 38.1% during 2022-2027.
Asia Pacific was the largest region in the hot tobacco market, accounting for 35.4% of the total in 2022. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the hot tobacco market will be Western Europe and Middle East where growth will be at CAGRs of 27.2% and 26.1% respectively. These will be followed by Eastern Europe and Asia Pacific where the markets are expected to grow at CAGRs of 26.0% and 25.2% respectively.
The global hot tobacco market is highly concentrated, with a few large players in the market. The top ten competitors in the market made up to 78.62% of the total market in 2021. The market concentration can be attributed to the high barriers to entry, in terms of high costs and the stringent regulations set up by the regulatory authorities.
Philip Morris International was the largest competitor with 54.82% of the market, followed by British American Tobacco with 10.12%, Japan Tobacco International with 8.67%, Korean Tobacco & Ginseng (KT&G) with 3.53%, Imperial Brands with 1.00%, Altria Group Inc with 0.23%, China Tobacco International with 0.13%, Vapor Tobacco Manufacturing with 0.05%, Shenzhen Yukan Technology Co., Ltd. with 0.04% and Mysmok Electronic Technology with 0.03%.
Market-trend-based strategies for the hot tobacco market includes focus on launching new heated tobacco products, focus on artificial intelligence, investments in heated tobacco products, technological advancements and strategic partnerships and collaborations.
Player-adopted strategies in the hot tobacco market includes 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.
To take advantage of the opportunities, the publisher recommends the hot tobacco companies to focus on new product launches, focus on investments in new production facilities, focus on technological advancements, focus on artificial intelligence, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, provide competitively priced offerings, focus on premium pricing, focus on online marketing, target millennials, target local retailers, focus on online consumers.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 303 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $12419.2 Million |
| Forecasted Market Value (USD) by 2031 | $106594.4 Million |
| Compound Annual Growth Rate | 24.0% |
| Regions Covered | Global |
Opportunity Analysis
- The top opportunities in the hot tobacco market segmented by product will arise in the HnB tobacco devices segment, which will gain $8,145.0 million of global annual sales by 2027.
- The top opportunities in the hot tobacco market segmented by type will arise in the vaporizers segment, which will gain $11,227.4 million of global annual sales by 2027.
- The top opportunities in the hot tobacco market segmented by distribution channel will arise in the retail stores segment, which will gain $20,867.0 million of global annual sales by 2027.
- The hot tobacco market size will gain the most in the USA at $5,457.3 million.
A selection of companies mentioned in this report includes
- Philip Morris International
- British American Tobacco
- Japan Tobacco International
- Korean Tobacco & Ginseng (KT&G)
- Imperial Brands
Key Topics Covered:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Hot Tobacco Market Definition And Segmentations
6.4. Market Segmentation By Product
6.4.1. HnB Tobacco Devices
6.4.2. Direct/Indirect Heating HnB Tobacco
6.4.3. Infused/Hybrid HnB Tobacco Devices
6.4.4. HnB Tobacco Consumables
6.4.5. HnB Tobacco Sticks
6.4.6. HnB Tobacco Capsules And Cartridges
6.5. Market Segmentation By Type
6.5.1. Devices
6.5.2. Capsules
6.5.3. Vaporizers
6.6. Market Segmentation By Distribution Channel
6.6.1. Retail Stores
6.6.2. Online
7. Major Market Trends
7.1. Launch Of New Heated Tobacco Products
7.2. Focus On Artificial Intelligence
7.3. Investments In Heated Tobacco Products
7.4. Technological Advancements
7.5. Strategic Partnerships And Collaborations
8. Global Market Size and Growth
8.1. Market Size
8.2. Historic Market Growth, 2017 - 2022, Value ($ Million)
8.2.1. Market Drivers 2017 - 2022
8.2.2. Market Restraints 2017 - 2022
8.3. Forecast Market Growth, 2022 - 2027, 2032F Value ($ Million)
8.3.1. Market Drivers 2022 - 2027
8.3.2. Market Restraints 2022 - 2027
9. Global Hot Tobacco Market Segmentation
9.1. Global Hot Tobacco Market, Segmentation By Product, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.2. Global Hot Tobacco Market, Segmentation By Type, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.3. Global Hot Tobacco Market, Segmentation By Distribution Channel, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10. Hot Tobacco Market, Regional and Country Analysis
10.1. Global Hot Tobacco Market, By Region, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10.2. Global Hot Tobacco Market, By Country, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/o02669
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