According to the latest report by IMARC Group, titled “E-Cigarette Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global e-cigarette market size reached US$ 13 Billion in 2019. E-cigarettes, also known as e-cigs, e-vaping devices and vape pens, are battery-powered devices that are widely used as major substitutes for regular cigarettes, cigars and pipes. A liquid containing a mixture of nicotine, glycerin, propylene glycol, flavorings and chemicals is usually heated to produce an aerosol that is inhaled and exhaled by the user. This mist produced by these cigarettes is inhaled deep into the lungs of the users, which mimics the feeling of smoking. Comprising of a battery, e-liquid cartridge and a heating coil, e-cigarettes do not contain tobacco or other toxins and carcinogens or generate tar and carbon monoxide that are the leading causes of lung diseases and cancer among cigarette smokers. Consequently, e-cigarettes are considered to be a safer alternative to conventional cigarettes.
Global E-Cigarette Market Trends:
The market is primarily driven by the growing number of smokers across the globe. However, there is a rising consciousness among smokers regarding the adverse effects associated with the usage of regular cigarettes, which has led them to shift to e-cigarettes as a safer alternative. Growing willingness among the masses to quit smoking tobacco products has consequently contributed to the bourgeoning sales of e-cigarettes. Product innovations, such as the launch of new-generation e-cigs, which offer flexibility to the users in terms of strength and refilling, is further driving the demand for e-cigarettes. The easy availability of mod and pod vapes has also influenced the market growth. Pod vapes are light in weight, compact and produce less vapor as compared to regular e-cigs. On the other hand, mod variants are larger in size and are characterized by higher vapor production. Moreover, the growing trend of Do-it-Yourself (DIY) e-liquid by combining various flavors as per the customization requirement of the users, along with the introduction of numerous flavored variants and easy product availability through online retail portals, is also creating a positive outlook for the market. Other factors, such as the rising number of female smokers, technological advancement and extensive research and development (R&D), are expected to drive the market further. On account of the aforementioned factors, the market is expected to reach a value of US$ 27 Billion by 2025, exhibiting a CAGR of 12.8% during 2020-2025.
- 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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