The smoking accessories market is anticipated to garner US$ 101 billion while expanding at an average CAGR of 4.2% during the forecast period. The market is estimated at US$ 64.3 billion in 2021 and US$ 67 billion in 2022. Consumer adoption of organic makeup is expected to play a salient role in driving the market during the forecast period.
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The demand for smoking accessories products is increasing, owing to the increasing disposable income of the consumers. The lighter segment dominates the smoking accessories market, accounting for nearly 42% share, owing to augmenting usage among the young population.
The growing demand for smoking accessories in developing countries is further expected to fuel the market growth during the forecast period. Moreover, the easy availability of smoking accessories in diverse places contributes to market growth.
Furthermore, the growing demand for smoking accessories in developing countries and the soaring adoption of fancy products in cafés and restaurants is further expected to fuel the market growth throughout the forecast period.
Key Takeaways from the Market Study:
- Vaporizers to account for over 30% of market revenue in the smoking accessories domain
- Sales of smoking filters and paper tips to rise at a value CAGR of 4.3% from 2022 to 2032
- Based on distribution channel, online sales of smoking accessories are estimated to record a 4% CAGR
- Asia Pacific is likely to account for the majority share of nearly 43% as of 2022
- North America is estimated to gain significant traction in the market, accumulating 38% revenue
“Significant growth in the number of smokers and the upward trend of smoking as a style statement, especially among the young population, has bolstered the demand for smoking accessories,” says an FMI analyst.
Competitive Landscape
Key players in the global smoking accessories market include,
- Bull Brand
- BBK Tobacco & Foods, LLP
- Chongz
- British American Tobacco PLC
- Curved Papers, Inc.
- Univac Furncrafts Pvt. Ltd.
- Imperial Brands
- Republic Technologies International
- Jinlin (HK) Smoking Accessories Co., Ltd
- Moondust Paper Pvt. Ltd.
Recent key developments among players are:
- In August 2021, Philip Morris-a U.S. based company, acquired inhaled drug pharma firm OtiTopic as a part of its Beyond Nicotine Initiative. Phillip Morris International has been known around the world primarily for its cigarette products, with brands such as global best-seller Marlboro under its umbrella.
- In June 2022, Hempacco(HPCO), a hemp-based cigarette maker, disclosed terms for a proposed $14M initial public offering. The company announced the plans on offering 3M shares priced between $4 and $6 per share, which would raise $14M if priced at the midpoint.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global smoking accessories market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on Type (Water pipes Smoking Accessories, Vaporizers Smoking Accessories, Rolling Paper and cigarette Tubes, Lighters, Filter & Paper Tip Smoking Accessories, Others) by Distribution Channel (Online Sale, Offline Sale) and region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)
Key Segments Covered in the Smoking Accessories Industry Analysis
Smoking Accessories Market by Type:
- Smoking Waterpipes
- Smoking Vaporizers
- Rolling Paper & Cigarette Tubes
- Lighters
- Smoking Filter & Paper Tips
- Other Smoking Accessories Types
Smoking Accessories Market by Distribution Channel:
- Online Sale of Smoking Accessories
- Offline Sale of Smoking Accessories
Smoking Accessories Market by Region:
- North America Smoking Accessories Market
- Latin America Smoking Accessories Market
- Europe Smoking Accessories Market
- Asia Pacific Smoking Accessories Market
- Middle East & Africa Smoking Accessories Market
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Handheld Marijuana Vaporizers Market Size: The handheld marijuana vaporizers market is estimated to be valued at US$ 11.62 billion in 2023 and is expected to reach US$ 21 billion by 2033. The adoption of handheld marijuana vaporizers will likely advance at a CAGR of 6% during the forecast period.
Roll-Your-Own Tobacco Products Market Share: The roll-your-own tobacco products market is estimated to be valued at US$ 31 billion in 2023 and is expected to be valued at US$ 45 billion by 2033. The adoption of roll-your-own tobacco will likely advance at a CAGR of 3.8% during the forecast period.
GCC Shisha Tobacco Market Demand: The GCC shisha tobacco market is expected to be worth US$ 949.4 Million in 2022, growing at a 6.1% CAGR between 2022 and 2032. Sales in the market are projected to surpass US$ 1,724.3 Million by 2032. As per the study, leading companies in the GCC shisha tobacco market will account for a 15% to 20% share of the global market.
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments about Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations technology projects, and driving successful implementations. She has helped create insightful, relevant analyses of Food and beverage reports and studies that include consumer market, retail, and manufacturer research perspectives. She has also been involved in several bulletins in food magazines and journals.
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The post Smoking Accessories Market is Projected to Reach US$ 101 billion, at a CAGR of ~4.2% by 2032 | FMI appeared first on Future Market Insights.
