The heat-not-burn tobacco products market is poised to grow by USD 22.22 billion during 2020-2024, progressing at a CAGR of over 26% during the forecast period. Request free sample pages.To get more news about Hitaste, you can visit hitaste official website.
Technavio has announced its latest market research report titled global heat-not-burn tobacco products market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on “Heat-Not-Burn Tobacco Products Market Analysis Report by Product (Devices, Capsules, and Vaporizers), Geographic segmentation (North America, APAC, Europe, South America and MEA), and the Segment Forecasts, 2020-2024”.The market is driven by the cost-effectiveness of heat-not-burn tobacco products. In addition, heat-not-burn tobacco products are relatively safer than conventional cigarettes. This factor is further anticipated to boost the growth of the heat-not-burn tobacco products market.
The demand for smoke-free products such as heat-not-burn tobacco devices and capsules is increasing across different geographical regions because they are relatively more economical than conventional tobacco products. The price of traditional cigarettes has increased considerably as many countries have raised the tax on cigarettes. For instance, as of July 1, 2019, the average state tax on cigarettes in the US was USD 1.81 per pack of the retail price. Consequently, the adoption of e-cigarettes, including heat-not-burn tobacco products among price-sensitive millennials and adolescent consumers, in the US is increasing. Thus, the cost-effectiveness of heat-not-burn tobacco products is expected to drive market growth during the forecast period.