Heated Tobacco Products Market Size, Share, Growth Analysis, By Type(Devices, Capsules, Vaporizers), By Product(HNB Tobacco Devices, Direct/Indirect Heating HNB Tobacco., Infused/Hybrid HNB Tobacco Devices, HNB Tobacco Consumables), By Distribution Channel(Retail Stores and Online), By Region - Industry Forecast 2024-2031

Heated Tobacco Products Market size was valued at USD 13.6 billion in 2021 and is poised to grow from USD 23.63 billion in 2022 to USD 947.8 billion by 2030, growing at a CAGR of 52.56% in the forecast period (2023-2030).

Hot Tobacco is a type of Tobacco product that is also referred to as heated Tobacco or heat-not-burn Tobacco. Heated Tobacco Products (HTPs) generate aerosols that include nicotine and other chemicals, which users inhale through the mouth. These products use specific Tobacco products that are heated to temperatures below combustion levels. The process releases flavors with nicotine, allowing users to enjoy Tobacco without combustion. HNB Tobacco devices, direct/indirect heating HNB Tobacco, infused/hybrid HNB Tobacco devices, HNB Tobacco consumables, HNB Tobacco sticks, and HNB Tobacco capsules & cartridges are the primary categories of hot tobacco products. HNB Tobacco devices release nicotine-containing, Tobacco-flavored vapor without generating the hallmarks of combustion such as fire, smoke, and ash. The goods are sold at retail establishments and on websites.

The government authorities' approvals are expected to increase demand for hot tobacco products during that time. For instance, Philip Morris International (PMI) was given permission by the U.S. Food and Drug Administration to advertise its IQOS Tobacco Heating System as a tobacco product with a lowered risk in July 2020. The IQOS is a heated tobacco stick, also known as "HeatSticks" and "HEETS," that is marketed in packs, resembles miniature cigarettes, and is made from tobacco leaves that have been ground into a powder.PMI claims that IQOS reduces a person’s exposure to harmful chemicals. Therefore, easy government approvals coupled with reduced risks of smoking are projected to drive the demand for hot Tobacco products over the forecast period. Yet, it is anticipated that the rising popularity of e-cigarettes will restrain growth of the lucrative tobacco sector. Philip Morris International (PMI) is one of the major players in the global heated Tobacco products market. The company has been investing heavily in the development and marketing of its IQOS Tobacco heating system, which has received approval from several government bodies as a modified risk Tobacco product. Batteries power e-cigarettes, which are seen as less dangerous because they don't contain tobacco. To simulate traditional smoking, these gadgets evaporate nicotine-containing liquid. For instance, the demand for vape devices has skyrocketed. These include e-cigarettes, e-hookahs, and other items. In the USA, e-cigarette use was reported by 19.6% of high school students (3.02 million) and 4.7% of middle school students (550,000) in 2020. It follows that the market for hot tobacco products is expected to experience slow growth in the near future due to the rising popularity of vape goods and e-cigarettes.

US Heated Tobacco Products Market is poised to grow at a sustainable CAGR for the next forecast year.