The Next Generation Tobacco Product Market Size is valued at 30.06 Billion in 2023 and is predicted to reach 71.61 Billion by the year 2031 at a 11.6% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The growing need for alternative tobacco products due to health concerns is driving the next-generation tobacco product market.
- Increased investment in research and development is leading to the creation of new and improved next-generation tobacco products.
- North America dominated the market and accounted for a global revenue share in 2023.
- Potential health issues related to using these novel products are a key challenge for the next-generation tobacco product market.
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.
Competitive Landscape
Some Of The Key Players In The Next Generation Tobacco Product Market:
- 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,
- 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,
- other prominent products.
Market Segmentation
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.
The Next Generation Tobacco Product Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 30.06 Billion |
|
Revenue Forecast In 2031 |
USD 71.61 Billion |
|
Growth Rate CAGR |
CAGR of 11.4% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Device Type, By System, By Product Type, By Component, By Distribution Channel, By Age Group |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
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. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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