Next Generation Tobacco Product Market Size, Share & Trends Analysis Report By Device Type (e-Cigarettes, Vaps, Mods, e-Hookahs, Pens, Other Device Type), By System, By Product Type, By Component, By Distribution Channel, By Age Group, and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Next Generation Tobacco Product market size was estimated at USD 26.02 billion in 2023 and is projected to reach USD 54.7 billion in 2030 at a CAGR of 11.2% during the forecast period 2023-2030.
According to the esteemed World Health Organization (WHO), it has been brought to light that more than a staggering 8 million individuals meet their demise annually as a direct consequence of tobacco use. The utilization of tobacco has been established to induce and provoke various afflictions, namely cardiovascular and respiratory diseases, on top of a plethora of over 20 various subtypes of cancer, and various other health conditions. In a bid to reduce the risk of tobacco-related diseases, manufacturers of tobacco products have been seeking to introduce novel products into the market. One such product was launched by Philip Morris in May of 2019, which goes by the name of IQOS. This exceptional electronic device has the ability to heat paper-wrapped tobacco-filled sticks and in consequence, generate nicotine-containing aerosol. The awe-inspiring product has been introduced as an alternative to cigarettes.
There are a multitude of factors which are responsible for instigating growth in the next-generation tobacco product market, such as the escalating demand for next-generation tobacco products, the ubiquity of diseases that are linked to the usage of tobacco products, the increasing consumption of tobacco products amongst female individuals and students, and the augmenting investments that are being made towards the advancement of next-generation tobacco products. Additionally, the rise in population, the proliferation of individuals who are health-conscious, and the enactment of policies that prohibit smoking in indoor public places and workspaces shall bolster the growth of the next-generation tobacco product market during the forecast period. Notwithstanding, the market growth is impeded by certain aftereffects of next-generation tobacco products.
The spread of the COVID-19 pandemic resulted in decline of the market, global COVID-19 pandemic has remarkably and significantly influenced the growth of the market in various sectors and industries, primarily due to the implementation of strict and rigorous lockdown measures imposed by governments and regulatory bodies across the world.
The primary driving force behind the demand for the next generation tobacco products market is the high demand that results from increasing consumer disposable income. Additionally, the rapid increase in awareness and shift in consumer perception, alongside their inclination towards less harmful tobacco products, as well as the burgeoning consumer knowledge and rise in product awareness, will provide numerous growth opportunities for the next generation tobacco products market. The next generation tobacco products market is experiencing a surge in demand due to the rapidly increasing number of product launches. Moreover, the easy accessibility of superior-quality products is having a significant impact on the growth of the next generation tobacco products market. The forecast period is expected to witness substantial growth in tobacco product consumption among females and students, as well as a rise in investments in next-generation tobacco products. Furthermore, the high development and commercialization of new generation products such as snus, tobacco heating products, and vapor products are also expected to drive the growth of the next generation tobacco products market during the aforementioned forecast period.
Asia-Pacific to Dominate the Market