The global heat-not-burn market is projected to generate revenues more than $21 billion by 2023. The market is expected to grow at an impressive CAGR of over 26% during the forecast period.
Arizton’s recent market research report on the heat-not-burn market segments the market by HnB devices (direct and indirect heating devices and infused/hybrid systems), and HnB tobacco vapor product aftermarket (tobacco sticks and tobacco capsules and cartridges).
The heat-not-burn market is divided into two major segments –HnB devices and HnB tobacco vapor product aftermarket.
Heat-not-Burn Tobacco Vapor Market
The growing popularity of HnB tobacco vapor technology over traditional cigarettes or e-cigarettes is driving the growth of the HnB market. The series of successful test marketing in various pilot regions such as Japan, South Korea, and Switzerland is helping vendors identify their market potentials. Various prominent vendors in the market are investing in R&D to study the side-effects of e-cigarettes and focusing on developing HnB tobacco vapor devices.
For instance, Philip Morris has invested over $5 billion in R&D in the past few years to develop smoke-free reduced risk products and prepare alternative products for tobacco. The development of these HnB devices will fuel the development and growth of the overall e-vapor market during the forecast period.
HnB Devices in the heat-not-burn market to grow at an impressive CAGR of over 20% during forecast period
HnB devices heat the tobacco and generate vapors that are inhaled by end-users. Unlike e-cigarettes, which use nicotine-loaded e-liquid, these products use real tobacco to offer authentic tobacco flavor to end-users. The growing popularity of HnB devices in countries such as Japan, South Korea, Germany, and other European countries will boost the market share of these products in the global heat-not-burn market. Some of the most popular HnB devices that are available in the market include iQOS, Ploom TECH, BAT’s Glo, and iFuse. The HnB devices market can be further classified into direct & indirect heating and infused/hybrid systems.
The HnB devices segment dominated the heat-not-burn (HnB) market, occupying more than 77% of the total market share in 2017.
HnB tobacco vapor aftermarket in heat-not-burn market to occupy a larger market share during forecast period
The HnB tobacco vapor aftermarket primarily consists of tobacco sticks, cartridges, and capsules. The vendors in the heat-not-burn market is focusing on expanding their production capacities and launching new factories to maintain an uninterrupted supply of aftermarket HnB tobacco products in the global market. Recently, Philip Morris invested about $320 million in establishing a new factory in eastern Germany (expected to be operation by 2019) for increasing its production of tobacco sticks (HeatSticks). Prominent vendors such as Philip Morris are also submitting Modified Risk Tobacco Product (MRTP) application for its HnB devices with the US FDA to launch their products in the US market. Such initiatives to launch new products in different regional markets will fuel the growth of the HnB market in the global e-vapor market.
Altria Group, British American Tobacco, Imperial Brands, Japan Tobacco International, and Philip Morris International are the leading vendors in the e-vapor and HnB market.
The complete overview of the latest market research report on “Global Vapor Products (e-vapor and heat-not-burn (HnB) devices) Market” by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
Read more information on global fax services in the following articles:
- E-Vapor Market in North America is Projected to Reach $14 Billion by 2023
- E-Vapor and HnB Devices Market Forecast to Reach $43 Billion by 2023
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