Cigarette Flavor Capsules Market Estimated to Reach $2,921 Million by 2026
The Cigarette flavor capsules market is estimated to reach $2,921 million by the year 2026. Furthermore, it is poised to grow at a CAGR of 3.47% over the forecast period of 2021-2026. Flavored capsules used within the cigarettes provide a unique taste to the smoker. Moreover, the capsules are fitted inside the cigarette filters, which the smoker can press and release, resulting in an enhanced flavor while inhaling the smoke. Apart from being unique in taste, Flavored tobacco also has various health benefits compared to traditional cigarettes. The clicking of the capsule while lighting the cigarette has also been attributed as one of why people prefer them over the formerly available cigarettes. Additionally, the smokers reported that it felt smoother while smoking, and the availability of varied flavors helped them choose between multiple options. The menthol cigarette segment has pre-existed in the market before the invention of capsules, and it is the main reason for the introduction of flavor capsules as customers held a very positive review. The use of Heated Tobacco Products Technology adopted by the manufacturers to reduce the emission of CO, HCN, and other pollutants, along with the millennial preference to choose between different flavored capsules while smoking, are some of the factors driving the cigarette flavor capsules industry forward in the period of 2021-2026.
Cigarette Flavor Capsules Market Segment Analysis- By Flavor
The cigarette flavor capsules market based on the flavor can be further segmented into menthol, clove, chocolate, fruit, mint, and others. The menthol cigarette segment held a dominant share in the year 2020. It is owing to the fact that the following flavor has pre-existed in the market before the invention of “capsules,” and the adult population often prefer the following taste owing to reduced throat irritation and harshness post smoke. Moreover, brands such as BAT, ITC, and Marlboro have had menthol-flavored capsules in their product offerings from the last decade and have regularly promoted the same.
However, fruit-flavored capsule cigarettes are estimated to be the fastest-growing, with a CAGR of 3.7% over the forecast period of 2021-2026. It is owing to the various product offerings which can be created within the following segment. Moreover, millennials prefer varied fruit tastes, which will drive the market in the projected period.
Cigarette Flavor Capsules Market Segment Analysis- By Age Group
The cigarette flavor capsules market based on age group can be further segmented into adolescents, young, middle, and senior. However, the young segment dominated the market in the year 2020. It is owing to the extreme product manufacturers’ focus to innovate products on the age group’s likes and dislikes. Moreover, as per the various researchers, the following age segment has preferred to smoke due to better taste-52%, for a smoother throat feel- 41%, and enjoyment for clicking the capsules- 25%.
Moreover, the following segment- youth/young are estimated to be the fastest-growing segment, with a CAGR of 3.9% over the forecast period of 2021-2026. It is owing to the rising numbers associated with the youth smokers, which have increased by up to 7% from the last decade, and due to the product manufacturers’ strategy to offer discounts to the retailers- making the cigarette cheaper and more accessible to the youth. Additionally, companies spent around $5.7 billion in 2019 to follow the strategy mentioned above.
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Cigarette Flavor Capsules Market Segment Analysis- By Geography
The cigarette flavor capsules market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Europe’s cigarette flavor capsules market held a dominant market share of 37% as compared to the other regions. It is owing to the fact that the region had the highest prevalence of smoking among young adults, which is around 28%. Moreover, the female preponderance of smokers in the region is 2.5x the global ratio. Additionally, Russia had a male smoking rate of 59% and a female smoking rate of 22.80%, which have helped the region to hold the dominant market share.
However, Asia-Pacific is set to grow at a lucrative growth. The following is owing to the rising younger population in the following region. For example, 35% of the Indian population’s age group is between 15-44, of which 356 million people belong to the age bracket of 10-24. Additionally, China is the largest producer of tobacco and is marginally behind India’s young population. Moreover, the increasing young population will favor flavored capsules cigarettes, and the government’s less stringent policies will favor the growth of the following market.
Cigarette Flavor Capsules Market Drivers
The re-emergence of HTP technology has benefitted the cigarette flavor capsules market
The Heated Tobacco Products Technology has been attributed as the re-emerging class of products owing to their so-called potentially reduced exposure products. Moreover, the technology relies on the principle that a tobacco product can be heated without touching the point where it starts burning- and thus emitting nicotine and other chemicals. The nicotine content of the flavored capsule cigarettes can range from 19-23% of those primitively available cigarettes. Additionally, researchers have contributed that nicotine is a mainstream remittent of cigarettes, potentially generating 57-83% emissions. The toxicants were at least 62% lower in the HTP products than conventional products. Moreover, the researchers have claimed that smoking the HTP origin products hasn’t led to an increased risk of endothelial dysfunction, oxidative stress, and inflammation. Hence, the following reasons have positively impacted the cigarette flavor capsules market.
The millennial preference to choose flavored capsules cigarettes over the former has acted as a market driver
The millennial preference has always helped various markets to grow in the past. Like which, the flavored capsules market has had positive affluence on the capsules flavored cigarettes. As per a survey conducted by the US CDC, it was found that nearly 3.2 million students belonging to middle and high school showed preference to use flavored capsules cigarettes over the former. Moreover, brands have tried to take attention to the following age group as they are reported to be the leading user of such cigarettes. Furthermore, the reason for the same is that the millennials liked the taste better, felt smooth while inhaling, and got varied flavor offerings that can be substantiated as per their likings.
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Cigarette Flavor Capsules Market Challenges
Various measures taken by government bodies to mitigate tobacco products have hindered the market growth and acted as a grave challenge
Governments have been actively creating policies, measures, and schemes addressing to mitigate cigarette smoking behavior. Moreover, most governments have had policies where they change the visual image on the packs to affluence the smoker to quit smoking. Hence the tagline- “Smoking Kills” came into the limelight. Moreover, regions such as the European Union launched a goal- “Tobacco-Free Generation” by 2040, aligning with their objective to beat cancer. Furthermore, regions such as Europe and Asia-Pacific have high cancer rates attributed to the consumption of cigarettes. For example, 180 per 10,000 deaths in females from the following regions have been attributed to smoking.
Cigarette Flavor Capsules Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the cigarette flavor capsules market. The top 10 cigarette flavor capsules market companies include:
Marlboro
Kent
ITC Ltd
Benson & Hedge
L & M
Camel Double
British American Tobacco
Pall Mall
Lucky Strike Company
Dunhill
Recent Developments
In March 2020, JTI enhanced its product line in the U.K. The product line now offers distinctive flavor blends, which have now replaced the company’s old products focussing on menthol capsule cigarettes.
In January 2020, Marlboro launched Marlboro Kretek Mint. The following brand line combines Indonesian clove and menthol flavor to offer a unique taste. The product is available only in Mexico.
Key Takeaways
Geographically, Europe held the largest market share of flavored cigarettes in the year 2020. It is owing to the high prevalence of tobacco smoking among young adults in both male and female sexes. The regions of Russia and other counterparts have a significant proportion of smokers in the population. However, Asia-Pacific is set to grow at a lucrative pace in the forecast period. It is owing to the rise of knowledge and awareness regarding the climatic benefits associated with flavored capsules coupled with the region’s increasing production capacities.
The millennial preference to choose flavored capsules to smoke has been one of the driving factors for the market. However, the widespread movements worldwide to reduce the production of tobacco-related products have potentially challenged the market.
Detailed analysis of the Strengths, Weaknesses, Opportunities, and Threats will be published in the cigarette flavor capsules market report.
Relevant Titles
Tobacco Market
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