The rising adoption of e-cigarettes from the emerging economies is boosting the demand for e-cigarettes.
The global e-cigarettes market was
valued at US$ 16,758.9 Mn in 2020 is expected to reach US$ 45,689.1 Mn by 2027,
with a growing CAGR of 15.4% during the forecast period (2021-2027).
Huge demand for flavored e-cigarettes
from consumers is accelerating the industry’s growth. Around 43% of the young
e-cigarette consumers who tried them were primarily driven by the appealing
flavors. According to a study by the U.S. FDA 97% of the current youth
e-cigarette users are using flavored e-cigarettes. Fruit and mint are among the
most preferred flavors among high school students. The youths are more
attracted by the flavors and are thus getting addicted to the e-cigarettes. To
break this chain the FDA banned the two most common flavors which are fruits
and mint to discourage the use of e-cigarettes, which is anticipated to hamper
the market growth during the upcoming years.
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The vape mod segment is anticipated to
hold the largest market share throughout the forecast period. The popularity of
vape mod among European countries and North America is supporting the market
growth. In addition to this, the companies in the e-cigarettes market space are
also developing new products supporting the vape mod market segment. Further,
the e-liquid component segment registered the highest CAGR in the e-cigarettes
market. The e-liquid market has been driven by the introduction of new flavors
by the market players coupled with the growing consumer adoption of flavored
e-cigarettes.
The tobacco industry players are more
confident about the e-cigarette technology and are funding the research related
to the effects of e-cigarettes on human health. British American Tobacco
recently funded a study that uses 3D modeling to differentiate the inflammation
in lungs from regular cigarettes and e-cigarettes. The study showed a dramatic
drop in the lung inflammation by the use of e-cigarettes. Research and
investments like these are accelerating the market demand.
In terms of geography, the Asia
Pacific is growing at a significant rate and China is the largest contributor
to the rising revenue generation in the region. China is the largest
manufacturer of e-cigarettes among the Asia Pacific countries. In the Asia
Pacific region, the increasing use of e-cigarettes as a substitute for
conventional smoking and the recreational use of e-cigarettes is proliferating
the market growth. The offline distribution channel accounted for the largest
market share in the region whereas the online distribution channel registered
the highest growth rate during the forecast period. Moreover, the region has
the presence of the world’s most populous countries i.e. India and China, and
also the presence of a large young population, which is anticipated to drive
the market growth in the Asia Pacific region. However, the government
regulations from various countries across the region are anticipated to hamper
the market demand. For instance, e-cigarettes have been banned in India to
prevent e-cigarettes from becoming an epidemic in the country.
Imperial Brands, Vaping360, Veppo Vape
Shop, British American Tobacco plc, JT International AG, NJOY, PHILIP MORRIS
PRODUCTS S.A., Healthier Choices Management Corp., and Jwell France, among
others, are major players in Global E-cigarettes Market
Key Findings:
- Based
on the component, the vape mod held the largest market share in 2020
followed by e-liquids
- Based
on the product type, the disposable e-cigarettes segment is the fastest
growing segment and is set to grow by 40%-50% by 2027
- Based
on regions, North America accounted for a 41.2% market share in the year
2020
Recent News:
- In
January 2020, NJOY halted the sales of its fruit flavored e-cigarettes in
the U.S., but will continue to sell disposable e-cigarettes in watermelon,
cherry crush, and pineapple lemonade flavors
- In
June 2018, JTI introduced Logic Pro in Switzerland which is an e-cigarette
that contains nicotine. The Logic Pro e-cigarette comes in five flavors
including vanilla, menthol, regular, cherry, and berry. The e-liquid for
the product is made in Europe with international quality standards.
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