24 April 2019
Visiongain has launched a new packaging report Next-Generation Products in the Tobacco Market Report 2019-2029: Forecasts by Product Type (Tobacco Heating Products, Vapour Products, Snus, and E-cigarettes) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
In recent years, the demand and consumption of next-generation products in the tobacco market has increased at a considerable rate across the globe. This is primarily attributed to changing consumer preferences towards less harmful tobacco products over cigarette across the globe. Additionally, increasing investments in next-generation tobacco products by key players over the globe is expected to boost the growth of the global next-generation products in the tobacco market at a significant rate during the forecast period between 2019 and 2029. For instance, British American Tobacco have invested approximately US$2.5 billion in the development and commercialisation of new generation products such as tobacco heating products, snus, and vapour products.
The next-generation products in the tobacco market are estimated to be valued at US$32.8bn in 2019 and the market is expected to record fairly moderate growth rates over the next ten years. This is primarily attributed to an increase in the number of launches of new next-generation products across the globe owing to the changing perception of end-users towards e-vapour and e-cigarettes. For instance, Philip Morris International Inc. a leading market player in next-generation products has launched its first next-generation vapour products Heat-not-Burn (HnB) device. In addition, iQOS a heated tobacco product was launched in Japan in 2016 by Philip Morris International Inc. which became an immediate sensation. In contrast, stringent government regulations associated with the tobacco and advertising is a major factor expected to restrain the growth of the global next-generation products in the tobacco market over the forecast period, especially in developing countries during the forecast period between 2019 and 2029.
The Visiongain report analyst commented "An increase in awareness and a change in consumer perception, coupled with their shift towards less harmful tobacco products are major factors driving the growth of the global next-generation products in the tobacco market, especially in developing countries. Growing investments in next-generation products by the world’s leading key players in tobacco industry such as British American Tobacco and Imperial Tobacco, owing to harm reduction strategies is one among the major factors expected to propel the growth of the target market during the forecast period."
Leading companies profiled in the report who are British American Tobacco, Imperial Brands PLC, Japan Tobacco Inc., JUUL Labs, Inc., KT&G Corporation, Philip Morris International, Reynolds American Inc., Swedish Match AB, Turning Point Brands, and Universal Corporation.
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