Global Hot Tobacco Market Report 2023: Tobacco Products Market Share, Key Trends And Top Segments, By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, March 28, 2023 /PRNewswire/ -- As per The Business Research Company's Hot Tobacco Global Market Report 2023, the global hot tobacco market size will grow from $7.8 billion in 2022 to $8.2 billion in 2023 at a compound annual growth rate (CAGR) of more than 4%. The global hot tobacco market share is the expected to grow from $9.5 billion in 2027 at a CAGR of more than 3%. Going forward, rising disposable income and rising new product launches will drive the hot tobacco market growth.
The global hot tobacco market is segmented -
By Product: HNB Tobacco Devices, Direct/Indirect Heating HnB TobacCo., Infused/Hybrid HnB Tobacco Devices, HnB Tobacco Consumables, HnB Tobacco Sticks, HnB Tobacco Capsules & Cartridges
By Type: Devices, Capsules, Vaporizers
By Distribution Channel: Retail Stores, Online
The top opportunities in the hot tobacco market segmented by product will arise in the HnB tobacco devices segment, by type will arise in the vaporizers segment, by distribution channel will arise in the retail stores segment. The hot tobacco market size will gain the most in the USA at $5.4 billion.
Learn More On The Hot Tobacco Market Report – https://www.thebusinessresearchcompany.com/report/hot-tobacco-global-market-report
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 78.6% of the total market in 2021. Philip Morris International was the largest competitor with 54.8% of the market, followed by British American Tobacco, Japan Tobacco International, Korean Tobacco & Ginseng, Imperial Brands, Altria Group Inc, China Tobacco International, Vapor Tobacco Manufacturing, Shenzhen Yukan Technology Co., Ltd. and Mysmok Electronic Technology.
Major companies operating in the hot tobacco market are developing innovative products by using advanced technologies to strengthen their position in the market. The launch of new heated tobacco products is a key trend gaining popularity in the market. For example, in November 2022, Philip Morris International (PMI), a US-based tobacco company, has launched a more affordable version of the company's leading heated tobacco product BONDS by IQOS to accelerate the achievement of a smoke-free future. It was initially launched in a city pilot in the Philippines providing an opportunity to address consumer-acquisition barriers, including affordability, while providing authentic tobacco-taste satisfaction. Like all the smoke-free products, BONDS by IQOS is intended for adults who would otherwise continue smoking and are looking for better alternatives.
According to hot tobacco market analysis, additional market-trend-based strategies for the hot tobacco companies include focus on artificial intelligence, investments in heated tobacco products, technological advancements and strategic partnerships and collaborations.
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The hot tobacco market report describes and explains the hot tobacco market and covers 2017 to 2022, termed the historic period, and 2022 to 2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
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