Smoking Accessories Market to Reach $6.3Bn, Globally, by 2030 at 6.5% CAGR: Allied Market Research

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May 26, 2022, 09:10 ET

Easy availability of water pipe products in online and offline sales channels and variety of flavors drive the growth of the global smoking accessories market

PORTLAND, Ore., May 26, 2022 /PRNewswire/ -- Allied Market Research published a report, titled,"Smoking Accessories Market by Product Type (Grinder, Water Pipes, Rolling Paper, Vaporizer, Others), by Age Group (Below 18 Years, 18 To 30 Years, 30 To 50 Years, Above 50 Years), by Distribution Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global smoking accessories industry generated $3.1 billion in 2020, and is anticipated to generate $6.3 billion by 2030, witnessing a CAGR of 6.5% from 2021 to 2030.

Prime determinants of growth

Easy availability of water pipe products in online and offline sales channels and variety of flavors drive the growth of the global smoking accessories market. However, growing public awareness regarding high success rate of nicotine replacement therapies, such as patches, lozenges, gums, and other productshinder the market growth. On the other hand, a misconception among consumers that water pipe smoking is healthier than cigarette smoking, owing to filtration of smoke before inhalation presents new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global smoking accessories market, owing to temporary closure of manufacturing facilities.
Import and export restrictions on goods and lockdown measures imposed by governments were key challenges that exporters had to face during this pandemic.
Delays and disruptions at country borders have impacted transportation and delivery of smoking accessories.

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The water pipes segment to maintain its leadership status throughout the forecast period

Based on product type, the water pipes segment held the highest market share in 2020, accounting for more than two fifths of the global smoking accessories market, and is estimated to maintain its leadership status throughout the forecast period. Increase in use of water pipes in parties, clubs, cafes, bars, hotels, lounges, and others has led to rise in growth of the water pipe segment.Moreover, the grinder segment is projected to manifest the highest CAGR of 9.0% from 2021 to 2030.Smoking grinder helps in grinding herbs, cannabis, and tobacco for a better smoke, which in turn, drives the segment.

The offline segment to maintain its lead position during the forecast period

Based on distribution channel, the offline segment accounted for the largest share in 2020, contributing to 85% of the global smoking accessories market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.5% from 2021 to 2030. Offline includes specialty stores, convenience stores, and others. Specialty stores are small retail outlets that focus on selling a particular product range and associated items. Most specialty store business operators maintain considerable depth in the type of product that they specialize in selling, usually at premium prices, in addition to providing higher service quality and expert guidance to shoppers. This factor boosts the segment growth.

Asia-Pacific, followed by North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global smoking accessories market. Increase in use of smoking accessories products among young population has driven the growth of smoking accessories market in Asia-Pacific region. Moreover, the LAMEA region is expected to witness the fastest CAGR of 7.6% during the forecast period, owing to exploding population, fast-growing middle-class individuals, improved business regulations, and rise in urbanization.

Leading Market Players

BBK Tobacco & Foods, LLP
British American Tobacco PLC
Bull Brand
Chongz
Curved Papers, Inc.
Imperial Brands
Jinlin (HK) Smoking Accessories Co., Ltd.
Moondust Paper Pvt. Ltd.
Republic Technologies International
Univac Furncrafts Pvt. Ltd.

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