Dublin, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The "Global Heated Tobacco Products (HTP) Market 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global Heated Tobacco Products (HTP) market is poised for significant growth, with an expected value of over USD 5 billion by 2023, growing at a CAGR of 11.48%. In terms of volume, the market is projected to reach 5,053.51 tons in 2023.
Market Segmentation
- Product Type: The HTP market is segmented into two product types: Leaf and Stick. The Stick segment holds the largest market share, with Stick HTPs being the fastest-growing segment. Their popularity is attributed to their ease of use and the perception of HTPs as a premium product.
- Distribution Channel: The market is categorized by distribution channels as Online and Offline. The Offline segment currently dominates the market, while the Online segment is the fastest-growing. The growth of online sales is driven by the rise of e-commerce platforms and companies with online channels, offering a wide range of products and designs.
- Geographic Coverage: The market is analyzed across regions, including North America, Europe, Asia Pacific, and the Rest of the World. North America leads the market, particularly in the United States, driven by government initiatives and the promotion of HTPs as premium products. Europe, with Germany as a major market, is growing steadily, and the UK is expected to see the fastest growth. In Asia Pacific, China is the dominant player, supported by a variety of locally released HTP brands and a significant smoking population.
Factors Impacting the Market
Drivers:
- Rising Income: Increased individual income contributes to higher spending on premium products like HTPs.
- Decrease in Cigarette Consumption: As people shift away from traditional cigarettes, there is a growing demand for alternative tobacco products.
- Investment in R&D: Investments in research and development are leading to the development of innovative HTPs.
- Health Awareness: Rising health consciousness prompts consumers to seek less harmful alternatives to traditional smoking.
Challenges:
- Popularity of Alternative Tobacco Products: Competition from other smokeless tobacco products and vape devices poses a challenge to HTPs.
- Lack of Scientific Proof: The market faces skepticism due to a lack of concrete scientific evidence regarding the safety of HTPs.
Trends:
- Digital Advertising: Digital platforms allow HTP companies to educate and promote their products to a wider audience, as advertising restrictions limit traditional avenues.
- Rising Retail E-Commerce: The convenience of online shopping is driving the shift toward online purchases of HTPs.
- Influence of Partying and Pop Culture: HTPs are becoming associated with social gatherings and pop culture, attracting a younger audience.
Impact of COVID-19
The COVID-19 pandemic had a positive impact on the HTP market. With the closure of public places and increased anxiety, people turned to HTPs as a way to relieve stress and anxiety. Hardcore smokers facing difficulties in accessing other addictive substances shifted to HTPs due to their easy availability in stores and online platforms.
Key Players
The market for HTPs is consolidated, with major players including Philip Morris International Inc. (PMI), British American Tobacco P.L.C. (BAT), Altria Group Inc. (Altria), Imperial Brands PLC, Japan Tobacco Inc. (Japan Tobacco International), Korean Tobacco and Ginseng Corp. (KT&G), and Vapor Tobacco Manufacturing LLC (3T Organic). These companies are at the forefront of innovation and market leadership in the HTP industry.
In summary, the HTP market is witnessing substantial growth driven by changing consumer preferences, increased income, and health awareness. Despite challenges from alternative tobacco products and a lack of scientific evidence, the market's future appears promising, with digital advertising and e-commerce playing significant roles in its expansion.
Key Topics Covered
1. Executive Summary
2. Introduction
2.1 Heated Tobacco Products (HTP) : An Overview
2.1.1 Definition of Heated Tobacco Products (HTP)
2.1.2 Types of Heated Tobacco Products (HTP)
2.2 Heated Tobacco Products (HTP) Segmentation: An Overview
2.2.1 Heated Tobacco Products (HTP) Segmentation
3. Global Market Analysis
3.1 Global Heated Tobacco Products Market: An Analysis
3.2 Global Heated Tobacco Products Market: Product Type Analysis
3.3 Global Heated Tobacco Products Market: Distribution Channel Analysis
4. Regional Market Analysis
4.1 North America Heated Tobacco Products Market: An Analysis
4.2 Europe Heated Tobacco Products Market: An Analysis
4.3 Asia Pacific Heated Tobacco Products Market: An Analysis
4.4 Rest of the World Heated Tobacco Products Market: An Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 on Heated Tobacco Products (HTP) Market
5.2 Post COVID-19 Impact on Heated Tobacco Products (HTP) Market
6. Market Dynamics
6.1 Growth Driver
6.1.1 Rising Income of Individuals
6.1.2 Decrease in Consumption for Cigarettes
6.1.3 Increased Investment in Research and Development (R&D)
6.1.4 Rising Health Awareness
6.1.5 Government Initiatives
6.2 Challenges
6.2.1 Rising Popularity of Alternative Tobacco Products
6.2.2 Lack of Scientific Proof
6.2.3 Climate Change
6.2.4 Stringent Regulations
6.3 Market Trends
6.3.1 Rising Retail e-Commerce
6.3.2 Rise in Digital Advertising
6.3.3 Escalating influence of Partying and Pop Culture
7. Competitive Landscape
7.1 Global Heated Tobacco Products Players by Market Share
8. Company Profiles
8.1 British American Tobacco PLC (BAT)
8.2 Japan Tobacco Inc. (Japan Tobacco International)
8.3 Altria Group Inc. (Altria)
8.4 Korean Tobacco and Ginseng Corp. (KT&G)
8.5 Imperial Brands PLC
8.6 Philip Morris International Inc. (PMI)
8.7 Vapor Tobacco Manufacturing LLC (3T Organic)
For more information about this report visit https://www.researchandmarkets.com/r/gdezk3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
