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05 Jul, 2023, 23:15 ET
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NEW YORK, July 5, 2023 /PRNewswire/ — The hookah tobacco market size is estimated to grow by USD 745.39 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.98%. The growth momentum will progress during the forecast period. The Middle East and Africa region is estimated to account for 30% of the market’s growth during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Moreover, factors such as the rising consumption of hookah tobacco products in countries such as Egypt, Saudi Arabia, Jordan, and Turkey and the growing number of drug stores offering hookah tobacco products are projected to have a favorable influence on the growth of the hookah tobacco market in the Middle East and Africa. Also, another significant driver of the market is the expanding population of Millennials in this region. Countries that contributed the majority of the growth of the market were Egypt, Saudi Arabia, and Jordan. Hence, with the increase in the consumption of tobacco, the hookah tobacco market in the Middle East and Africa is anticipated to grow significantly during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
What’s New?
Global Hookah Tobacco Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on the product (SHT, MHT, and LHT), application (FrHT, BevHT, CfHT, and ScHT), and geography (Middle East and Africa, Europe, APAC, North America, and South America).
Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report
Hookah Tobacco Market – Market Dynamics
Key factor driving market growth
The increasing launch of new products is notably driving the hookah tobacco market growth. Since the last decade, the launch of innovative and new products has been driving the growth of the market. The increased demand for hookah tobacco products in several countries has motivated vendors to launch new products to augment their customer base. For instance, In August 2021, Japan Tobacco Inc. launched a new product named Ploom X, its next-generation heated tobacco device. Also, in 2021, Fumari launched a modern line of hookahs fabricated from high-quality stainless steel. Thus, such launches of innovative and new hookah products are anticipated to fuel the growth of the hookah tobacco market during the forecast period.
Leading trends influencing the market
The rising trend of online retailing is an emerging trend supporting the hookah tobacco market growth. The growth of online businesses globally has offered enormous potential for vendors to improve their profitability. Globally, the average amount of money spent online per transaction and the number of transactions that take place online are on the rise. Factors such as the growing number of Internet users and their buy-it-now attitude account for the growth of this retail channel. The growing number of online shoppers globally will also translate into an expansion in the sales of hookah tobacco products through these online channels. Similarly, the rising preference for online shopping among consumers is attributed to the comfort of spending for orders using credit or debit cards. Online shopping portals have also incorporated improved security features for efficient customer service and payments, along with customer-friendly website designs that deliver enhanced product visibility. Thus, such kind of trend will help the market growth during the forecast period.
Major challenges hindering the market growth
Stringent regulations on the consumption of hookah tobacco may hinder the hookah tobacco market growth. In many countries, there is confusion about the legality of the use of hookah tobacco products. Moreover, many countries across the globe have restricted the consumption of hookah tobacco products. The Government of Austria banned smoking in bars, cafes, and restaurants in 2019. Therefore, the increasing prohibitions on smoking and the use of hookah tobacco products may prove to be a significant threat to the growth of the global hookah tobacco market during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
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Hookah Tobacco Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 4.98%
Market growth 2023-2027
USD 745.39 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
3.98
Regional analysis
Middle East and Africa, Europe, APAC, North America, and South America
Performing market contribution
Middle East and Africa at 30%
Key countries
The US, United Arab Emirates, Saudi Arabia, China, Japan, and Germany
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Al Fakher Tobacco Trading, Philip Morris International, Amazing Tobacco, Starbuzz Tobacco Inc., ASA Produktions GmbH, Cloud Tobacco, Eastern Tombac and Tobacco Est., SOEX India Pvt. Ltd., British American Tobacco Plc, Chan Ning Dekang Biotechnology Co. Ltd., Hertz Flavors GmbH and Co. KG, FLAVORS OF AMERICAS Co., La Montagne Verte Sarl, MUJEEB WAJID GROUP, Fumari, Romman Tobakko, Shisha Tobacco Factory, Japan Tobacco Co., Haze Tobacco LLC, and Ugly Tobacco Hookah Inc.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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