According to the most recent predictions from Future Market Insights, the flavour capsule cigarettes market would surpass US$ 8963.5 Mn in 2020. (FMI). An increase in sales is anticipated as worldwide cigarette use keeps rising. In light of this, FMI forecasts a bright future for flavour capsule market demand. The market is anticipated to grow at a CAGR of 11.6% from 2021 to 2031.
The market exhibited impressive 11.7% year-on-year growth between 2020 and 2021. Growth is anticipated to remain healthy, with the market surpassing US$ 26763.1 Mn in valuation by 2030. Menthol flavour capsule cigarettes will emerge as top-selling product, accounting for over 52.5% of revenue generated in the market through 2031.
A 2016 study followed the link between menthol cigarette use and nicotine dependence in teenagers and discovered that those who smoked menthol cigarettes were more likely to get addicted to nicotine in comparison to those who didn’t.
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The results of a cohort analysis using data from the American Legacy Longitudinal Tobacco Use Reduction project showed that starting with menthol cigarettes was linked to progressing to regular smoking, which resulted into frequent purchases from the smoker, boosting market prospects.
While most capsule technologies are used for hybrid (regular-to-menthol) or menthol-to-menthol spheres, exotic goods with regulatory permits, could point to previously unexplored opportunities. Various regulatory bodies and authorities have played a vital role in the growth or limitation of the flavour capsule cigarettes and will remain important for the foreseeable future.
Key Takeaways from the Flavour Capsule Cigarette Market Study
- Menthol capsule cigarettes hold a substantial market share of more than 55% in 2021 with CAGR of 9.3%, owing to consumer preference on a global scale.
- Single capsule products represent around 70% of the market in 2021, supported by lower costs and ease of production.
- Chile is emerging as one of the most attractive markets, accounting for over US$ 814 Mn in 2021.
- Japan is proving to a lucrative market, accounting for more than 41% of sales in East Asia in 2021.
- Indonesia reflects high potential for growth, with a CAGR of 15.6% through the end of 2031.
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“Manufacturers operating in the flavour capsule cigarette market are aiming to reduce the health impacts of tobacco by offering consumers a wider choice of new products with a greater variety of flavours. Through this they also intend to increase sales and broaden customer access, which is likely to bolster sales in the market in the foreseeable future,” said a lead analyst at FMI
Flavour Capsule Cigarettes Pose Threat to Smoke-Free Goals
Smoke-free aims are jeopardised by flavoured capsule cigarettes. When these capsules are crushed, they impart a flavour (fruit, menthol or any other flavour) to the cigarette smoke inhaled. This form of cigarette allows users to tailor their smoking experience while reducing the harshness of conventional tobacco smoke.
Non-smokers who are susceptible to nicotine addiction find flavour capsules enticing and are likely make purchases. Tobacco firms have lately made emphasized on efforts to make the globe smoke-free. These statements, however, are at odds with their product advancements, which make smoked tobacco products more enticing to non-smokers.
Who is winning?
Some of the key manufactures of flavour capsule cigarettes are Camel Double, Chesterfield, Craven a Click, Dunhill, Esse, Fortune Tribal, Harmony, Hollywood, Imperial Tobacco (Winston), Insignia, ITC (Gold flake), Kent, L&M, Lucky Strike, Marlboro and Pall Mall.
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Companies are launching a variety of new products in order to attract customers and entice especially younger generations as they are more into trying new flavours to create gate experiences.
For instance, Japan Tobacco Inc. declared in 2018, introduction of two novel products from Winston named “Winston Compact Menthol Purple 5 Box” and “Winston Compact Menthol Purple One Box”.
Get Valuable Insights into Flavour Capsule Cigarette Market
Future Market Insights, in its new report, presents an unbiased analysis of the global flavour capsule cigarette market, covering historical demand data and forecast figures for the period between 2021 and 2031. The study reveals persuasive insights into growth witnessed into the market. Based on flavour, the market is segmented into menthol flavoured, clove flavoured, fruits flavoured and others. Product type are segmented into two sections such as single capsule and double capsule. On the basis of price change, the market can be segmented into economy and premium. Based on distribution channel, the market can be segmented into direct sales and indirect sales. Regionally, the market study covers North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa (MEA).
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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