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The Smoking Accessories Market size to grow by USD 13.51 billion from 2022 to 2027| British American Tobacco Plc, Bull Brand Ltd., Chongz Ltd., Colibri and more among the key companies -Technavio.

NEW YORK, Nov. 12, 2023 /PRNewswire/ -- The smoking accessories market is projected to increase by USD 13.51 billion and the market size is estimated to grow at a CAGR of 4% between 2022 and 2027, according to Technavio. The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including - British American Tobacco Plc, Bull Brand Ltd., Chongz Ltd., Colibri, Curved Papers Inc., DICKSON CONCEPTS INTERNATIONAL LTD, Farman Handicrafts, GRAVITRON LLC, HBI International, House of Puff, Imperial Brands Plc, Jinlin HK Smoking Accessories Co. Ltd., MOONDUST PAPER PVT. LTD., North Eye Technology Pvt. Ltd., Rocky Patel Premium Cigars LLC, Scandinavian Tobacco Group AS, Three Dots Scientific and Handicrafts, Univac Furncrafts Pvt. Ltd., Vorsicht Glas GmbH, and XL Enterprises Ltd.-  Download a Sample Report

Smoking Accessories Market Insights -

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Smoking Accessories Market ? Market Dynamics

Key drivers

The increasing number of organized retail outlets selling smoking accessories is a key factor driving market growth.  The organized retail market has experienced significant growth with the emergence of store types such as supermarkets, convenience stores, hypermarkets, and specialty stores. These retail stores play an important role in the distribution of smoking accessories, making them readily available and accessible to consumers.

Large, organized retailers are the main sellers of smoking accessories, and the market depends heavily on them. In addition, the growing number of organized retail stores selling smoking accessories has led to increased competition among companies. Major global retailers such as Walmart and Target are among the suppliers of smoking accessories in their stores. Hence, these factors are expected to drive market growth in the region during the forecast period.

Major Trends

The increasing number of new product launches is a major trend in the market. Many of the world's leading suppliers of smoking accessories are launching a wide range of products, including vaporizers, pipes, cigarette cases, cigarette papers, lighters, and ashtrays. Their goal is to attract a broader consumer base and strengthen their market presence through this new product launch and expansion.

The growing number of such launches and expansions by manufacturers across the globe is a key driver for the growth of the smoking accessories market. For example, British American Tobacco launched its first CBD vaping product, VUSE CBD Zone, in January 2021. Similarly, in February 2023, Imperial Brands launched the first brand-new upgrade to its Pulze heating cigarette device.  Hence, an increase in the number of product launches is expected to drive market growth during the forecast period.

Significant Challenges

Regulatory control compliance is a significant challenge restricting market growth. The smoking accessories market is closely related to tobacco consumption and smoking habits, resulting in many rules and regulations imposed by different governments around the world. These regulations govern the consumption and marketing of smoking products, which can have a significant market impact.

In addition, more and more countries are banning smoking products, which can have a negative impact on the development of the market. Various countries' import and export bans on smoking products have also reduced the consumption of cigarettes and smoking accessories.  Governments in countries like India and Austria have banned smoking in public places. In addition, some governments have enacted strict regulations for broadcasting smoking advertisements. Hence, these factors are expected to restrict market growth during the forecast period.

Drivers, Trends & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!

The smoking accessories market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.

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SOURCE Technavio

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