According to a report by South Korean official media outlet Chosun Ilbo, the global e-cigarette market is anticipated to continue its growth trajectory, increasing from KRW 117.9 trillion (USD 98.5 billion) in 2020 to KRW 250 trillion (USD 210.8 billion) in 2024, representing a compound annual growth rate (CAGR) of 20%.
The report suggests that major tobacco companies are actively developing and marketing smoke-free electronic cigarettes in order to enter and expand within the market, driven by the higher profit margins associated with e-cigarettes. Philip Morris International (PMI) claims that the profit generated from 100 billion units of their IQOS heated tobacco sticks is comparable to that from 240 billion traditional cigarettes, equating the profit from selling one pack of traditional cigarettes to that of selling 8.3 heated tobacco sticks. British American Tobacco (BAT) has also stated that the profit margin for their non-combustible products is over 40% higher than that of traditional cigarettes.
Also read:
US Market Report: 2022 Market Size Reached $88b; 2025 to See Juul Rebound
Reference:
https://biz.chosun.com/stock/c-biz_bot/2023/04/07/JFPW57CSIADSLMWS3AGIP5OLVM/
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