U.S. Heated Tobacco Market Poised for Significant Growth
According to a recent report by Research and Markets, the global market for Heated Tobacco Products (HTPs) is expected to experience exponential growth, projected to reach $898.86 billion by 2030. This remarkable rise, with an annual growth rate of 63.2%, is largely driven by increasing consumer awareness of the health risks associated with traditional cigarettes.
North America and Asia are identified as the primary regions fueling this growth, partly due to aggressive marketing strategies by leading tobacco companies and growing acceptance of HTPs as potentially less harmful alternatives. Additionally, FDA approvals for some HTPs as modified-risk tobacco products have strengthened consumer confidence.