Next-Generation Tobacco Product Market worth US$ 70.82 Billion by 2031 - Exclusive Report by InsightAce Analytic

JERSEY CITY, N.J., Dec. 5, 2023 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Next Generation Tobacco Product Market- by Device Type (e-Cigarettes, Vaps, Mods, e-Hookahs, Pens, and Other Device Type), System (Open Vaping System, Closed Vaping System, Semi-Closed System, and Other System), Product Type (Tobacco Heating Products, Vapour Products, Snus Products, and Other Product Types), Component (Atomizer, Vape Mod, Cartomizer, E-liquid, Battery, and Other Component), Distribution Channel (Online Buying, Retail Stores, Convenience Store, Drug Store, Newsstand, Tobacconist Store, Specialty E-cigarette Store, and Other Distribution Channel), Age Group (18-30 Age Group, 31-44 Age Group, 45-60 Age Group, 61 & Above Age Group), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the global Next Generation Tobacco Product Market is valued at US$ 27.33 Billion in 2022, and it is expected to reach US$ 70.82 Billion by 2031, with a CAGR of 11.3% during a forecast period of 2023-2031.

Next Generation Tobacco Product Market Report Scope

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The main component of tobacco products that keeps people from quitting smoking is nicotine. The World Health Organization (WHO) estimates that tobacco smoking causes the deaths of more than 8 million people annually. To address this, producers of tobacco products have been introducing innovative solutions to lower the risk of diseases linked to tobacco use. Due to their capacity to reduce the danger of tobacco-related diseases by preventing the inhaling of toxicants because these products are made to mimic tobacco smoking, next-generation goods are superior alternatives to conventional products like cigarettes.

Some Major 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

As more goods are introduced to the market, there is an increasing desire for next-generation tobacco products. During the forecast period, simple access to high-quality products is also having a major impact on the growth of next-generation tobacco products. During the projection period, the next-generation tobacco products market is anticipated to rise because of the rapid development and commercialization of goods, including snus, tobacco heating devices, and vapour products.

During the projected period, it is anticipated that investments in next-generation tobacco products will rise dramatically, as will the consumption of tobacco products among females and students. Due to rising consumer disposable income, the market for next-generation tobacco products is currently seeing increasing demand. The market for next-generation tobacco products will also have a lot of additional growth potential due to the fast-growing consumer knowledge and product awareness, as well as the evolving consumer views linked to their preference for less dangerous tobacco products.

The Asia Pacific is anticipated to be the major contributor to the Next Generation Tobacco Product market over the forecast years due to increased public knowledge of Next-Generation Tobacco Products, rising government funding in Tobacco Product Research and Development, the rising rate of tobacco cessation, and significant demand for E-Cigarettes and Vapes. In addition, the North America Next Generation Tobacco Product market is expected to grow significantly during the forecast period, considering expanding investments in future products, rising demand for tobacco products, and rising prevalence of diseases linked to smoking.

Recent collaborations and agreements in the market:

• In October 2021, The Food and Drug Administration allowed electronic cigarettes and associated products to continue to be sold in the US. Tobacco-flavoured e-liquid pods and the Vuse Solo electronic nicotine delivery system device from R.J. Reynolds Vapor Company has been approved.
• In July 2021, Fertin Pharma A/S will be purchased by Philip Morris International Inc. (PMI) (Fertin Pharma). PMI will be able to accomplish its goal of boosting net revenues from smoke-free products by offering speed and scalability in oral administration, owing to Fertin's broad portfolio of technologies, expanding business mix, and world-class experience.

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Market Segments

Global Next Generation Tobacco Product Market, by Device Type, 2023-2031 (Value US$ Mn)

• e-Cigarettes
• Vaps
• Mods
• e-Hookahs
• Pens
• Other Device Type

Global Next Generation Tobacco Product Market, by System, 2023-2031 (Value US$ Mn)

• Open Vaping System
• Closed Vaping System
• Semi-Closed System
• Other System

Global Next Generation Tobacco Product Market, by Product Type, 2023-2031 (Value US$ Mn)

• Tobacco Heating Products
• Vapour Products
• Snus Products
• Other Product Type

Global Next Generation Tobacco Product Market, by Component, 2023-2031 (Value US$ Mn)

• Atomizer
• Vape Mod
• Cartomizer
• E-liquid
• Battery
• Other Component

Global Next Generation Tobacco Product Market, by Distribution Channel, 2023-2031 (Value US$ Mn)

• Online Buying
• Retail Stores
• Convenience Store
• Drug Store
• Newsstand
• Tobacconist Store
• Specialty E-cigarette Store
• Other Distribution Channel

Global Next Generation Tobacco Product Market, by Age Group, 2023-2031 (Value US$ Mn)

• 18-30 Age Group
• 31-44 Age Group
• 45-60 Age Group
• 61 & Above Age Group

Global Next Generation Tobacco Product Market, by Region, 2023-2031 (Value US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America Next Generation Tobacco Product Market, by Country, 2023-2031 (Value US$ Mn)

• U.S.
• Canada

Europe Next Generation Tobacco Product Market, by Country, 2023-2031 (Value US$ Mn)

• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe

Asia Pacific Next Generation Tobacco Product Market, by Country, 2023-2031 (Value US$ Mn)

• India
• China
• Japan
• South Korea
• Australia & New Zealand

Latin America Next Generation Tobacco Product Market, by Country, 2023-2031 (Value US$ Mn)

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa Next Generation Tobacco Product Market, by Country, 2023-2031 (Value US$ Mn)

• GCC Countries
• South Africa
• Rest of Middle East & Africa

Why should buy this report:

• To receive a comprehensive analysis of the prospects for the global Next Generation Tobacco Product market
• To receive an industry overview and future trends of the Next Generation Tobacco Product market
• To analyze the Next Generation Tobacco Product market drivers and challenges
• To get information on the Next Generation Tobacco Product market value (US$Mn) forecast to 2030
• Significant investments, mergers & acquisitions in the Next Generation Tobacco Product market industry

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