According to the latest report by IMARC Group, titled “E-Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global e-cigarette market reached US$ 17 Billion in 2020. E-cigarettes refer to battery-operated devices that are popularly used as substitutes for regular cigarettes, cigars and pipes. Also known as vape pens and e-vaping devices, they comprise an atomizer, a mouthpiece and a reservoir, wherein a mixture of nicotine, glycerin, propylene glycol, chemicals and flavorings is contained. This mixture is usually heated to produce an aerosol that is inhaled and exhaled by the users to simulate the experience of smoking cigarettes. These devices, however, do not contain tobacco, other toxins and carcinogens or generate tar and carbon monoxide, which are considered to be the leading causes of lung diseases and cancer among cigarette smokers. As a result, e-cigarettes are considered to be a relatively safer alternative to conventional cigarettes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global E-Cigarette Market Trends:
The global market is primarily driven by the rising number of smokers and the increasing awareness regarding the adverse effects of the prolonged consumption of tobacco-based cigarettes. This has resulted in the growing willingness among users to quit smoking tobacco products, thereby contributing to the uptake of e-cigarettes. The market is further driven by the widespread prominence of e-cigarettes among young adults and adolescents, supported by aggressive promotions by manufacturers. Numerous product innovations in the market, including the introduction of new-generation e-cigs that provide enhanced flexibility in terms of strength and refilling, are also creating a positive outlook for the market. Apart from this, multiple key players are continually engaging in launching flavored product variants in an attempt to diversify their portfolio and attract a larger consumer base. Some of the players are also launching Do-it-Yourself (DIY) vape pens that allow individuals to prepare customized e-liquid by combining various flavors of their choice. On account of the aforementioned factors, the market is expected to grow at a CAGR of 15.2% during 2021-2026.
- Based on the product, next-generation e-cigarettes represent the most preferred segment. Other major segments include modular, rechargeable and disposable e-cigarettes.
- On the basis of the flavor, the market has been divided into tobacco, botanical, fruit, sweet, beverage and others. Among these, tobacco-flavored e-cigarettes exhibit a clear dominance in the market.
- Based on the battery mode, automatic e-cigarettes account for the majority of the total market share, followed by manual e-cigarettes.
- On the basis of the distribution channel, the market has been classified into specialist e-cig shops, online, supermarkets and hypermarkets, tobacconists, and others. Currently, specialist e-cig shops represent the preferred mode of distribution.
- On the geographical front, North America holds the leading position in the market. Some of the other key regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape has been studied with the detailed profiles of the key players operating in the market. Some of these players include Philip Morris International Inc., Altria Group, British American Tobacco p.l.c., Japan Tobacco Inc., Imperial Brands PLC, International Vapor Group, Nicotek, LLC, NJOY, LLC, Reynolds American Inc., VMR Products LLC, MCIG Inc., ITC Limited and J Well France.
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