The 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 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.
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.
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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.
Some of the Key Manufacturers of Smoking Accessories Market:
- 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.
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Recent Key Developments:
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.
