The global heat not burn market is forecasted to reach US$76.82 billion in 2024, growing at a CAGR of 18.51% for the period spanning 2020-2024.
The factors such as increasing working population, rising market share of heat not burn, decreasing cigarette consumption, shift towards next-generation products, mounting-up prices of heat not burn and peer influence on youngsters are expected to drive the market.
However, the growth of the industry would be challenged by nicotine exposure in heat not burn and stringent regulations. Few notable trends include the emergence of flavored heat not burn, technological advancements, increasing switch towards heat not burn, robust growth of vapor devices and high demand for rechargeable vape products in developed nations. In 2020, the outbreak of COVID-19 pandemic has created an unfavorable impact on the market as the healthcare concerns among the population has surged rapidly.
The global heat not burn market is broadly classified into vape (works by vaporising the liquid into a nicotine-containing aerosol for users to inhale) and HNB (heats tobacco for users to inhale) devices. High demand for rechargeable, atomizer and disposable based open, worldwide, has helped vape devices to remain at the leading position in 2019.
The fastest-growing regional market is the U.S. owing to a decrease in smoking population, growth in product launch and rise in vape shops.
Scope of the report:
The report provides a comprehensive analysis of the global heat not burn market, segmented into Vape and HNB.
The competitive landscape of the market, along with the company profiles of leading players (Imperial Brands Plc, British American Tobacco Plc, Japan Tobacco Inc., Altria Group, Inc., Philip Morris International Inc. and Turning Point Brands, Inc.) are also presented in detail.
The major markets (the U.S., Europe, China and Japan) have been analysed.
The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.