The heat-not-burn tobacco products market is poised to grow by USD 22.22 billion during 2020-2024, progressing at a CAGR of over 26% during the forecast period.To get more news about Hitaste, you can visit hitaste official website.
The market is driven by the cost-effectiveness of heat-not-burn tobacco products. In addition, heat-not-burn tobacco products are relatively safer than conventional cigarettes. This factor is further anticipated to boost the growth of the heat-not-burn tobacco products market.
The demand for smoke-free products such as heat-not-burn tobacco devices and capsules is increasing across different geographical regions because they are relatively more economical than conventional tobacco products. The price of traditional cigarettes has increased considerably as many countries have raised the tax on cigarettes. For instance, as of July 1, 2019, the average state tax on cigarettes in the US was USD 1.81 per pack of the retail price. Consequently, the adoption of e-cigarettes, including heat-not-burn tobacco products among price-sensitive millennials and adolescent consumers, in the US is increasing. Thus, the cost-effectiveness of heat-not-burn tobacco products is expected to drive market growth during the forecast period.
Altria Group Inc. operates the business under various segments such as Smokeable products, Smokeless products, Wine, and All other. The company offers key products such as Iqos and other products.