Global Market for New Tobacco Products to Reach $79.47B by 2022
According to research firm Euromonitor, the global market for new tobacco products is expected to reach $79.47 billion by 2022, with a growth rate of 17.1%. The report indicates that smokeless tobacco will account for $13.95 billion, with a growth rate of 4.9%, while vaping will account for $26.81 billion, with a growth rate of 17.8%. The heated, non-combustible category is projected to reach $33.38 billion, with a growth rate of 15.8%.
In the field of vaping, there is expected to be a growth of 15.9% in North America, 27.0% in Western Europe, and 14.5% in the Asia Pacific region in the year 2022. The growth in the Western European market is particularly notable, largely due to the rapid increase in sales of disposable e-cigarettes. However, the growth in the Asia Pacific region is expected to slow down due to the short-term market demand being affected by the flavor ban in the Chinese market, which will come into effect in Q4 of 2022.
In terms of non-burning heating products, the Asia-Pacific market is expected to grow by 12.1% in 2022, while Eastern Europe is expected to grow by 34.3% and Western Europe is expected to grow by 4.8%.
Data source: Euromonitor
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