Smoking Accessories Market is Projected to Increase at a CAGR of 4.2% During the Forecast Period by 2032

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.

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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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This release was published on openPR.