Heat-not-Burn Market Size | Forum

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wisepowder Apr 12 '21

Heat-not-Burn Market Size The global heat-not-burn market size was valued at USD 7.3 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 32.8% from 2020 to 2027. The market is driven by the continuous decline in traditional cigarette sales with rising demand for possibly Reduced Risk Products (RRPs). Heat-not-burn devices do not burn tobacco, instead, they implement the use of convective and radiant heat. Thus, the devices have a low presence of nicotine and chemicals. Further, the rising prohibition and taxes on cigarettes across different countries and the growing awareness of the dangerous side-effects of tobacco consumption are driving the growth of this heat-not-burn (HNB) device market. The health risks related with chewing tobacco and cigarettes are estimated to drive the adoption of heat-not-burn devices, particularly among young population.To get more news about HNB, you can visit hitaste.net official website.

The low risks and high demand are expected to urge global manufacturers to invest in the market for heat-not-burn devices. Moreover, heat-not-burn devices are getting approval from regulatory authorities for sale in big markets such as the U.S., China, and Europe, which is anticipated to bode well for market growth. For instance, in 2018, Philip Morris International Inc. received U.S. FDA approval for the sale of heat-not-burn devices in the U.S. Heat-not-burn devices produce a vapor containing nicotine and these can be used multiple times, which is making it popular among youngsters as they do not have to spend much for multiple purchases. As such, the devices can also be used for longer periods of time.

Further, the technological improvements have led to the development of heat-not-burn devices that produce large amounts of vapor, which is seeing increased preference among enthusiasts. Heat-not-burn devices have helped many smokers quit smoking thus, making them an effective substitute for smoking. Such factors are expected to accelerate the adoption of heat-not-burn devices among individuals. The rising adoption of e-cigarettes is expected to restrict the adoption of heat-not-burn devices, thus, hampering the growth of the market. E-cigarettes do not have tobacco and are believed to comprise lesser amounts of toxic substances than in conventional tobacco products.

Such benefits are expected to boost the adoption of e-cigarettes and may deter the growth of the heat not burn market. Furthermore, the stringent regulations imposed by local authorities across countries such as Australia, the U.S., and Germany have restrained market growth. Some countries have banned the sale and distribution of vapor products, which in turn has significantly impacted the sales and has restrained market growth. The rising online sales and marketing promotions by the manufacturers are expected to drive the heat not burn devices market in the forthcoming years. For instance, the campaigning of heat-not-burn devices by Philip Morris International Inc. in South Africa was done through TV programs. The companies promote heat-not-burn devices as a brand and the most popular devices that are available in the market include BAT’s Glo, iQOS, Ploom TECH, and iFuse. Furthermore, the high promotion, advertising, and research and development activities by the companies are also boosting the market growth.