Market Research Report
Heat-not-Burn Market Size, Share & Trends Analysis Report By Component (Capsules, Heating Module, Sticks, Vaporizers), By Distribution Channel, By Region, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||943853|
|Published||Content info||154 Pages
Delivery time: 2-3 business days
|Heat-not-Burn Market Size, Share & Trends Analysis Report By Component (Capsules, Heating Module, Sticks, Vaporizers), By Distribution Channel, By Region, And Segment Forecasts, 2020 - 2027|
|Published: June 10, 2020||Content info: 154 Pages||
The global heat-not-burn market size is expected to reach USD 68.3 billion by 2027, registering a CAGR of 32.8% from 2020 to 2027, according to a new report by Grand View Research, Inc. The growth is driven by rising demand for Reduced Risk Products (RRPs) as they are considered less harmful to health. The rise in marketing campaigns coupled with growing approvals by the governing bodies such as U.S. Food and Drug Administration (FDA) and other governing bodies from Asia and Europe is anticipated to fuel the heat-not-burn (HNB) device market growth. The growing advertising campaigns, rising number of tobacco shops, and improved marketing strategies are anticipated to create growth opportunities for the market.
The growing purchasing power of consumers is expected to drive the acceptance of heat-not-burn products over the forecast period as these products are marketed as premium products. Leading manufacturers operating in Italy, Germany, U.S., South Africa, and Croatia are involved in product launches with focus on specialty and premium heat-not-burn products. However, numerous countries, such as Uruguay, and Singapore have banned the distribution and sale of heat-not-burn products, which is hindering the heat not burn devices market growth.
The usage of HNB device is believed as an effective technique to quit smoking, as it is less harmful, toxic, and generates vapor instead of smoke. The acceptance of the device is likely to increase, mainly among individuals willing to quit smoking or willing to smoke just for recreation purposes. Hence, the launch of innovative and new heat-not-burn devices, such as IQOS MESH, and PLOOM Tech is expected to increase the popularity of these devices, which would further propel the growth of the market.