According to a new report, published by KBV research, The Global Heat-Not-Burn Market size is expected to reach $131.96 billion by 2031, rising at a market growth of 30.9% CAGR during the forecast period.
In the European Union, relaxed regulations on HNB products in some member states, such as the UK, have supported their growth as part of harm reduction strategies. South Korea and Russia have also adopted favorable regulatory approaches, leading to high consumer acceptance of products like IQOS and KT&G's lil. However, not all regions have embraced HNB technologies; countries like Australia and India have imposed strict bans, treating them similarly to traditional cigarettes.
The Retail Store segment led the maximum revenue in the Global Heat-Not-Burn Market by Distribution Channel in 2023, thereby, achieving a market value of $99.1 billion by 2031. The retail store segment thrives on its ability to provide a tactile and personalized shopping experience for consumers. Many customers prefer purchasing HNB products in physical stores where they can examine the devices, receive immediate product demonstrations, and consult knowledgeable staff for assistance.
The Sticks segment is growing at a CAGR of 29.7 % during the forecast period. Compatibility with a broad array of HNB devices, convenience, and simplicity of use are the primary factors that drive the sticks segment. Pre-filled sticks eliminate the need for additional preparation, making them a hassle-free choice for consumers. Their consistent flavor and nicotine delivery further enhance their appeal, especially among users transitioning from traditional cigarettes.
Full Report: https://www.kbvresearch.com/heat-not-burn-market/
The Asia Pacific region dominated the Global Heat-Not-Burn Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $65.3 billion by 2031. The North America region is anticipated to grow at a CAGR of 29.9% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 30.5% during (2024 - 2031).
By Distribution Channel
By Component
Unique Offerings 
