A new report from Future Market Insights predicts that the global smoking accessories market net worth will rise at a CAGR (compound annual growth rate) of 4.2 per cent to US$ 101 Billion by 2032. The market is estimated at US$ 64.3 billion in 2021 and US$ 67 billion in 2022.
The demand for smoking accessories products is increasing, owing to the increasing disposable income of consumers. The Smoking Accessories market is dominated by the lighter segment, accounting for nearly 42 per cent share, owing to augmenting usage among the young population.
The growing culture of smoking among the young 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.
Key Takeaways from the Smoking Accessories Market study:
- Vaporizers to account for over 30 per cent market revenue in the smoking accessories domain
- Sales of smoking filter and paper tips to rise at a value CAGR of 4.3 per cent from 2022 to 2032
- Based on distribution channel, online sales of smoking accessories is estimated to record a 4 per cent CAGR
- Asia Pacific is likely to account for the majority share of nearly 43 per cent as of 2022
- North America is estimated to gain significant traction in the market, accumulating 38 per cent 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.
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.