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Tobacco Heating Market to Reach $33.6 billion

Tobacco Heating Market to Reach $33.6 billion

The global heat-not-burn tobacco market is expected to grow to $33.6 billion from $14.6 billion by 2025, according to a Research and Markets report.To get more news about HNB, you can visit hitaste.net official website.

The compound annual growth rate (CAGR) is expected to be 14.87 percent.

“The report deeply explores the recent significant developments by the leading vendors and innovation profiles in the global heat-not-burn tobacco products market, including British American Tobacco PLC, Japan Tobacco Inc., Pax Labs, Philip Morris International and Vapor Tobacco Manufacturing LLC,” according to the Research and Markets website.KT&G said conventional tobacco sales this year will likely exceed its annual goal set earlier as demand remains strong. In exports, the firm has already secured shipping volume destined for Middle Eastern markets in the second half of the year, while other overseas markets are showing signs of recovery from the impact of Covid-19.

KT&G reported KRW1.32 trillion in consolidated sales during the latest quarter, up 4.8 percent from a year earlier. But the operating profit contracted by 1.1 percent year-on-year to KRW394.7 billion, due to the decline in duty free sales.

Overseas tobacco sales increased by 14.1 percent to KRW286.4 billion, as its main export markets in the Middle East show solid recovery. The company expected growth will continue as its sales are increasing in Latin South America and Africa.

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