CHICAGO, March 3, 2020 /PRNewswire/ -- According to Arizton's recent research report, Heat not Burn Tobacco Market - Global Outlook and Forecast 2020-2025 is expected to grow at a CAGR of over 22% during the period 2019?2025.
Key Highlights Offered in the Report:
Key Offerings:
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Heat not Burn Tobacco Market ? Segmentation
Market Segmentation by Distribution
Market Segmentation by Product
Heat not Burn Tobacco Market ? Dynamics
The end objective of every business is to earn more and more profit. The high profitability is a result of high growth sales and major investments. Investment in the business helps to make operations more efficient; majorly, the investments are made in product development, research & development, and to enhance marketing strategies. In the HnB industry, companies need to invest in research and development to know the changing behavior of smoking people and their shift towards health consciousness. Philip Morris, in 2017, announced an investment of around $330 million to expand the efficiency of Greece manufacturing plants, which manufactures smoke-free devices.
Key Drivers and Trends fueling Market Growth:
Heat not Burn Tobacco Market ? Geography
APAC remains to be looked upon as the largest potential market for HnB products during the forecast period. Advances in lifestyle coupled with rising consumer expenditure are likely to increase the consumption of HnB vapor products in APAC during the forecast period. However, the region faces several challenges such as proposals to regulate vapor products, impose high taxes, and ban vapor products in the region. Besides, an increase in counterfeit products and unregulated manufacturing processes are hindering the growth of the APAC market. The consumer market in APAC, particularly in Southeast Asian countries, is poised to grow at a tremendous rate because of the increased spending power of buyers in various countries. Advances in lifestyle coupled with rising consumer expenditure, are likely to increase the penetration of HnB tobacco vapor products in APAC during the forecast period.
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Market Segmentation by Geography
Major Vendors
Other vendors include - KT&G (Korea Tomorrow & Global Corporation), RJ Reynolds Vapor Company (RJRVC), Shenzhen AVBAD Technology Company Ltd., Pax Labs, Vapor Tobacco Manufacturing, Shenzhen Royal Tobacco Industrial Limited (Royal Tobacco), JOUZ, Shenzhen Yukan Intelligent Technology Co., Ltd., Anlerr, HI TASTE, Shenzhen Kamry Technology, Yetr Amus, Shenzhen Yunxi Technology, AIIR Technology (Shenzhen), Buddy Technology Development, Shenzhen Original Technology, Fog & Frog Technology (Shenzhen), YanB Technology Shenzhen, Coeus, CCBATO, Dongguan Hawei Electronic Technology Limited, Dongguan Cigwin Technology, and Shenzhen Keeptech Electronics.
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