E-cigarettes
are Gaining Traction in Terms of Reduced Tar & Carbon Monoxide Absorption, Less
Health-Related Issues and a Safer Alternative to Traditional Cigarettes
E-cigarette has been
regarded as a suitable alternative to traditional cigarettes as it offers
benefits such as zero smoke, no pollution, less health-related issues and
the ability to be smoked in public places. Increasing awareness of the harmful
effects of traditional cigarettes, reduced tar and carbon monoxide absorption
via e-cigarettes, increased disposable income and technological
advancements by e‐cigarette manufacturers all contribute to market expansion. There
is growing awareness that e-cigarettes are safer than traditional cigarettes,
especially among younger populations, as a result of various research and
surveys conducted by medical institutions and associations, is likely to
boost market growth. The e-cigarette market is booming despite the lack of
uniformity in global regulatory rules. A large number of brands are being
launched and market players are stepping up to compete with new product
launches while improving product quality and customisation. E-cigarettes,
that is being considered as an alternative to traditional cigarettes, generates
vaporised nicotine, that the user inhales. Furthermore, with the
advent of specialized vape shops among other retail stores, the distribution
channels for e-cigarettes and accessories are aligning with the market's rapid
expansion. Although, the e-cigarettes market is being driven by a number
of potential factors such as the presence of established brands, perceived
health benefits, cost-effectiveness and product innovation.
Disposable & Flavoured E-cigarettes
Leads to Market Expansion
The largest markets for
e-cigarettes are the United States and Europe. British American Tobacco P.L.C. stated
that its e-cigarettes were sold in 20 countries, with Europe (especially the
United Kingdom, France, Germany and Poland) and the United States being
the most important markets. According to the FDA, in 2022, more than 2.5
million middle and high school students in the United States were using
e-cigarettes. Fruit flavoured e-cigarettes were the most popular among current
users (almost 85%), followed by candy, desserts or other sweets.
Disposables were the most commonly used device among current users (55.3%),
followed by prefilled/refillable pods or cartridges (25.2%). In the Asia
Pacific region, e-cigarettes are yet to achieve wide
scale acceptability. Asia Pacific region has the world's top
producers and users of tobacco products, including China and India, and
converting even a small percentage of smokers to vapers is expected to
significantly increase revenue from these countries. E-cigarette regulation
varies greatly over the world, from complete bans (as in India) to only being
available on prescription (as in Australia) to being freely sold as a consumer
good (e.g. Europe, US). Despite ranking low in terms of revenue generation in
the global e-cigarette market, China is currently the manufacturing hub,
exporting over 80% of e-cigarettes and accessories to the US and European
markets.
Strict Regulations
& Potential Harm to Human Health Restricts the Market Growth
Uncertain regulatory structure, complete ban on e-cigarettes in some countries, rising e-liquid poisoning incidents and compatibility concerns are the issues hampering the e-cigarettes market growth. The FDA issued an enforcement policy in Feb 2020 that prohibited the sale of flavoured prefilled cartridge e-cigarettes such as Juul and Vuse. A federal law was enacted on Dec 20, 2019, raising the minimum age for the sale of tobacco products, including e-cigarettes, to 21 years. Federal legislative and regulatory initiatives are a threat to market participants. However, prohibitions imposed by local authorities in several countries, like the United States and India, on the sale of vaping supplies and e-liquids have hampered the market's growth. The e-cigarette aerosol that users inhale and exhale may contain toxic or potentially harmful compounds such as ultrafine particles that can be inhaled deeply into the lungs. Flavourings like diacetyl, that is related to a deadly lung condition. These factors are also limiting the growth of the e-cigarette market.
Novel Innovations
& Marketing Campaigns of E-cigarettes are Driving the Market
The availability of customizable
features such as temperature control and nicotine dosing from manufacturers is
expected to drive product demand. Furthermore, market expansion is expected to
be fuelled by manufacturers' continuous improvement in new product development.
The e-cigarette market has expanded significantly over the past few years,
as e-cigarettes have become more efficient in terms of battery life and
flavour variety. Moreover, a diverse range of flavours, such as menthol,
tobacco, fruits, nuts and chocolate, are available in the market,
attracting a significant consumer base. Furthermore, the cost-effectiveness of
these devices has enhanced consumer acceptance and is expected to fuel market
growth during the forecast period. In recent years, market participants have
prioritised increasing consumer awareness of e-cigarettes, particularly among
adult smokers. JUUL Laboratories, Inc., for example, began a marketing campaign
in Jan 2019 to educate adult smokers about the health risks of
traditional combustible cigarettes and encourage them to switch to
e-cigarettes. Such marketing methods are anticipated to enhance market
expansion over the forecast period. British American Tobacco P.L.C. introduced its
disposable e-cigarette under the VUSE brand in the United Kingdom, in May
2022. It was sold at a premium price and was offered in fruit, mint and
tobacco flavours. To promote their products, tobacco companies are using a
variety of marketing strategies, including traditional media advertising, price
promotions and point-of-sale displays. E-cigarette advertising is becoming
increasingly regulated, so companies are forced to be more innovative.
Pop-up stores and events, music festivals and collaborations with artists
and designers have all been used to actively advertise e-cigarettes, along with
massive internet promotion through social media and sponsored celebrities and
influencers.
British American Tobacco P.L.C., Shenzhen
IVPS Technology Co., Ltd, Japan Tobacco Inc., Imperial Brands plc, Altria
Group, Inc. (Philip Morris Products S.A.), JUUL Labs, Inc., EVO Brands, LLC, Reynolds
American Inc., VMR Flavors LLC, International Vapor Group, Inc. and Njoy Inc.
are some of the major market players that are operating in the global
e-cigarettes market.
E-cigarettes Market is Being Driven by the
Increased Focus on Human & Environmental Health
The recreational industry, that
includes pubs and bars, follows the regional regulations, that boosts sales and
manufacture of e-cigarettes. Electronic cigarettes are portable and allow
personalised use of herbs and other substances. With an increasing awareness of
human and environmental health, governments around the world are attempting to
create a more sustainable and greener environment and many have officially
banned smoking in public areas. This has increased demand for e-cigarettes,
that don't emit tobacco smoke but can deliver the same sensation as traditional
cigarettes. Passive smoking is also avoided by health-conscious people. Vaping
devices reduce the production of smoke and odour, both of which have an impact
on non-smokers and the environment. As a result, rising social
acceptance of these products are likely to boost e-cigarette market growth
in the near future.
The report provides a detailed
overview of the e-cigarettes market insights in regions including North
America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and
Africa. The country-specific assessment for e-cigarettes market has been
offered for all regional market share, along with forecasts, market scope
estimates, price point assessment, and impact analysis of prominent countries
and regions. Throughout this market research report, Y-o-Y growth and CAGR
estimates are also incorporated for every country and region, to provide a
detailed view of the e-cigarettes market. These Y-o-Y projections on regional
and country-level markets brighten the political, economic and business
environment outlook, which are anticipated to have a substantial impact on the
growth of the e-cigarettes market. Some key country and region included in the e-cigarettes
market report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy,
U.K., BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN, India,
Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The E-cigarettes Market Research Report
Covers In-depth Analysis on:
·
E-cigarettes market segments
·
E-cigarettes market dynamics
·
E-cigarettes market value and share analysis
·
Recent trends, restraints, opportunities in e-cigarettes
market
·
Companies & competition involved e-cigarettes
market
·
Latest technologies in e-cigarettes market
·
Supply chain and value chain e-cigarettes market
·
E-cigarettes market sales and distribution
strategies
E-cigarettes Market Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size
in terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
E-cigarettes industry trends and developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on e-cigarettes market
forecast by countries
·
Essential information to enhance market position
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