Feb 16, 2022, 02:00 ET
JERSEY CITY, N.J., Feb. 16, 2022 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. publishes the release of a market assessment report on "Global Next-Generation Tobacco Product Market – By Trends, Industry Competition Analysis, Company Profiles, Revenue and Forecast Till 2030."
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According to the latest research report, the global next-generation tobacco product market size is valued at US$ 24.83 Billion in 2021, and it is expected to reach US$ 67.38 Billion in 2030, recording a promising CAGR of 11.8% during the forecast period of 2022-2030.
Nicotine is the key active ingredient in tobacco products that hold-ups individuals to tobacco addiction. According to the World Health Organization (WHO), more than 8 million people die from tobacco use every year. As a solution to this, manufacturers of tobacco products have been launching novel products to reduce the risk of tobacco-related diseases. For instance, in May 2019, Philip Morris announced the launch of IQOS. The product has been marketed as an alternative to cigarettes. This electronic device heats paper-wrapped tobacco-filled sticks and, as a result, generates nicotine-containing aerosol..
The increasing investments by major players to develop promising next-generation tobacco products are anticipated to fuel market growth over the forecast period. Furthermore, spreading awareness regarding health hazards associated with tobacco smoking will help to drive tobacco or cigarette addicts toward using next-generation tobacco products.
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Major driving factors of the next-generation tobacco product market are the increasing need for next-generation tobacco products, the high prevalence of tobacco-related diseases, the rising consumption of tobacco products amongst females and students, and growing investments for the development of generation tobacco products. Furthermore, growth in the population, a growing number of health-conscious people, and policies that prohibit smoking in indoor public places and workspaces will enhance the next-generation tobacco product market's growth during the forecast period. However, certain side effects of next-generation tobacco products restrain the market growth. In addition, the COVID-19 pandemic has impacted market growth due to strict lockdown implementations. At the regional level, the Asia-Pacific region is the major revenue holder of this market owing to raising awareness about the Next-Generation tobacco products, increasing government investments in the R&D of tobacco products, increasing rate for quitting tobacco and high demand for e-cigarettes and vapes. On the other hand, North America, followed by the European market is expected to grow faster in the upcoming years considering the increasing prevalence of diseases associated with smoking, increasing demand for next-generation tobacco products, and rising investments in next-generation products.
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Strategies like novel product innovations, partnerships, collaborations, merger, expansions, arranging smoking cessation campaigns, and increasing awareness about the Next-Generation tobacco products are aiding market players in growing their businesses.
The prominent players in the Next-Generation tobacco product industry include:
Adris grupa, Altadis, Altria Group Inc., American electronic cigarette company, Arnold André GmbH & Co. KG, British American Tobacco (BAT), China National Tobacco Corporation, Davidoff, Dharampal Satyapal, DS Group, Eastern Tobacco Company, Fiedler & Lundgren AB, FIN Branding Group LLC., Gajane AB, Global Horizon Ventures Limited (GHVL), G.N. Tobacco Sweden AB, Gotlands Snus AB, Gudang Garam, Hay Island Holding Corporation, Healthier Choices Management Corp (Ruthless Vapor Corp), House of Oliver Twist A/S, Imperial Brands, Indian Tobacco Company (ITC) Limited., International Vapor Group, ITC Limited, J Well France, Japan Tobacco Inc., J.T. International AG, Juul Labs Inc, Korea Tobacco (KT&G), Lorillard Tobacco Company, MAHAK Group, Manikchand Group, MCIG Inc., Mighty, Nerudia, Nicotek Llc., NJOY Inc, P.T. Karyadibya Mahardhika, Pax Labs, Philip Morris International (PMI), Ploom TECH, R.J. Reynolds Vapor Company, Reemtsma Cigarettenfabriken GmbH, Reynolds American Inc., Rothmans, Ruyan, Sarajevo Tobacco Factory, Scandinavian Tobacco Group, Swedish Match AB, Swisher, Taboca AS, Turning Point Brands, Universal Corporation, V2 Tobacco, Vapor Hub International, Inc., VMR Products LLC, and other prominent products.
Key Industry Developments from Leading Players:
- In Oct 2021, the Food and Drug Administration granted electronic cigarette and related items to remain on the market in the United States. R.J. Reynolds Vapor Company received approval for their Vuse Solo electronic nicotine delivery system device and tobacco-flavoured e-liquid pods.
- In July 2021, Philip Morris International Inc. (PMI) has agreed to acquire Fertin Pharma A/S (Fertin Pharma). Fertin's wide portfolio of technologies, expanding business mix, and world-class experience will enhance innovation pipeline and capabilities, enabling PMI to achieve its aim of increasing net revenues from smoke-free products by offering speed and scale in oral administration
- In July 2021, To meet the increased demand for oral and vaping products in the U.S. and E.U. markets, ITC is diversifying its tobacco business by manufacturing and exporting nicotine and nicotine-derivative products. IndiVision, the company's wholly-owned subsidiary, has received the essential regulatory licences to build a facility near Mysuru, Karnataka.
- In July 2020, Altria Group, Inc. announced that the U.S. FDA (Food and Drug Administration) authorized the marketing of the IQOS tobacco heating system product as a modified risk tobacco product with a reduced exposure claim. IQOS is the next-generation inhalable tobacco product to be authorized as a modified risk tobacco product.
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Market Size (Value US$ Bn)-Trend Analyses and Forecasts, 2020 to 2030 based on Device Type
- Other Device Type
Market Size (Value US$ Bn)-Trend Analyses and Forecasts, 2020 to 2030 based on System
- Open Vaping System
- Closed Vaping System
- Semi-Closed System
- Other System
Market Size (Value US$ Bn)-Trend Analyses and Forecasts, 2020 to 2030 based on Product Type
- Tobacco Heating Products
- Vapour Products
- Snus Products
- Other Product Type
Market Size (Value US$ Bn)-Trend Analyses and Forecasts, 2020 to 2030 based on Component
- Vape Mod
- Other Component
Market Size (Value US$ Bn)-Trend Analyses and Forecasts, 2020 to 2030 based on Distribution Channel
- Online Buying
- Retail Stores
- Convenience Store
- Drug Store
- Tobacconist Store
- Specialty E-cigarette Store
- Other Distribution Channel
Market Size (Value US$ Bn)-Trend Analyses and Forecasts , 2020 to 2030 based on Age Group
- 18-30 Age Group
- 31-44 Age Group
- 45-60 Age Group
- 61 & Above Age Group
Market Size (Value US$ Bn)-Trend Analyses and Forecasts, 2020 to 2030 based on Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America Next-Generation tobacco product market revenue (US$ Billion) by Country, 2020 to 2030
- The U.S.
Europe Next-Generation tobacco product market revenue (US$ Billion) by Country, 2020 to 2030
- Rest of Europe
Asia Pacific Next-Generation tobacco product market revenue (US$ Billion) by Country, 2020 to 2030
- South Korea
- Australia & New Zealand
Latin America Next-Generation tobacco product market revenue (US$ Billion) by Country, 2020 to 2030
- Rest of Latin America
The Middle East & Africa Next-Generation tobacco product market revenue (US$ Billion) by Country, 2020 to 2030
- GCC Countries
- South Africa
- Rest of the Middle East & Africa
Why should buy the full report:
- To receive comprehensive market insights into the prospects for the global Next-Generation tobacco product market
- To receive industry overview and future trends of global Next-Generation tobacco product market
- To analyze the Next-Generation tobacco product market drivers and challenges
- To get information on Next-Generation tobacco product market size value (US$ Bn) forecast till 2030
- Major Investments, Mergers & Acquisition in global Next-Generation tobacco product market industry
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