According to a report by Future Market Insights, North America holds a dominant position in the Smoking Accessories Market, accounting for over 38% of the total revenue. The region is expected to experience significant growth in the market for smoking accessories from 2022 to 2032.
The remarkable growth in the region can be attributed to several factors. Firstly, there is a rising trend and demand for make-your-own tobacco cigarettes and joints, as well as an increasing popularity of vaping. This has led to a decline in the demand for traditional tobacco products and cigarettes.
Furthermore, the market is driven by the growing popularity and consumption of nicotine products among females, students, and the young population, which increases the demand for smoking accessories. Additionally, the legalization and availability of recreational cannabis have further boosted the demand for smoking accessories in the region.
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The global smoking accessories market is anticipated to garner US$ 101 Billion while expanding at a 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. Increasing adoption of organic makeup by consumers is expected to play a salient role in driving the market during the forecast period.
The demand for smoking accessories products is increasing, owing to the increasing disposable income of the consumers. The Smoking Accessories market is dominated by the lighter segment, accounting for nearly 42% share, owing to augmenting usage among the young population.
The growing culture of smoking among the young population along with an increasing number of smoking cafes and bars across various regions is propelling the market growth. 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 is also contributing to market growth.
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Key Takeaways from the Market Study:
- Vaporizers to account for over 30% market revenue in the smoking accessories domain
- Sales of smoking filter 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 is 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
“An exponential 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 a 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., among others. Recent key developments among players are:
- In August 2021, Philip Morris-a U.S based company acquired inhaled drug pharma firm OtiTopic as s part of its Beyond Nicotine Initiative. Phillip Morris International has been known around the world mostly for its cigarette products, with brands such as global best-seller Marlboro under its umbrella.
- In June 2022, Hempacco (HPCO), a maker of hemp-based cigarettes, has 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.
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 (Waterpipes Smoking Accessories, Vaporizers Smoking Accessories, Rolling Paper & Cigarette Tubes, Lighters, Filter & Paper Tip Smoking Accessories, Others) by Distribution Channel (Online Sale, Offline Sale) & 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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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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