The global Next Generation Tobacco market size was accounted at USD 24.83 Bn in 2021; It is projected to grow at a compound annual growth rate (CAGR) of 11.8% from 2022 to 2030. According to the World Health Organization (WHO), more than 8 million people die from tobacco use every year. Tobacco use can lead to cardiovascular and respiratory diseases, over 20 different types or subtypes of cancer, and many other health conditions. Manufacturers of tobacco products have been launching novel products to reduce the risk of tobacco-related diseases. For instance, in May 2019, Philip Morris launched IQOS. This electronic device heats paper-wrapped tobacco-filled sticks and as a result, generates nicotine-containing aerosol. The product has been launched as an alternative to cigarettes.
Furthermore, spreading awareness regarding health hazards associated with tobacco smoking will help to drive tobacco or cigarette addicts toward using next-generation tobacco products. In addition to this, there are factors that drive the next-generation tobacco product market, such as 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.
The next-generation tobacco product market is segmented into Device Type, System, Product Type, Component, Distribution Channel, Age Group, and Region. Based on the Device Type, the market is segmented into e-Cigarettes, Vaps, Mods, e-Hookahs, Pens, and Other Device Type. The E-cigarettes segment is expected to dominate this market over the forecast period due to the high demand and fast innovations of e-cigarettes. In terms of System, the market comprises Open Vaping System, Closed Vaping System, Semi-Closed System, and Other System. By Product Type, the market is classified into Tobacco Heating Products, Vapour Products, Snus Products, and Other Product Types. The market is divided into Atomizer, Vape Mod, Cartomizer, E-liquid, Battery, and Other Component, based on Component. By Distribution Channel, the market is segmented into Online Buying, Retail Stores, Convenience Store, Drug Store, Newsstand, Tobacconist Store, Specialty E-cigarette Store, and Other Distribution Channel. Next-generation tobacco product market is also segmented on the basis of age group into 18-30 Age Group, 31-44 Age Group, 45-60 Age Group, 61 & Above Age Group. Regionally, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asia-Pacific followed by North America holds the maximum share of this market due to the increased research and development expenditure and growing awareness about next-generation tobacco products.
Some of the key players of next generation tobacco product market are 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), GN 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., JT 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.
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2030 based on System
