According to a new report, the global electronic cigarette market was valued at $17.30 billion in 2020 and is expected to reach $94.316 billion by 2031, with a compound annual growth rate (CAGR) of 16.8% from 2022 to 2031.
The report extensively analyzed key growth strategies, driving factors, opportunities, key components, Porter's Five Forces analysis, and competitive landscape.
Since 2016, the e-cigarette and vaping market has experienced significant growth due to the improved battery life and variety of flavors available on devices. There is also a wide range of flavors including menthol, tobacco, fruit, nuts, and chocolate, which has attracted a large customer base. Additionally, the increased cost-effectiveness of these devices has made them more widely accepted and could lead to further market expansion in the forecast period.
In recent years, market participants have emphasized the importance of increasing understanding of electronic cigarettes and devices, particularly among adult smokers. For instance, JUUL Labs, Inc. launched a marketing campaign in January 2019 to educate adult smokers about the negative effects of traditional combustible cigarettes and encourage them to switch to electronic cigarettes and devices. These types of marketing strategies are expected to drive market expansion in the forecast period.
The global electronic cigarette market is segmented based on product type, flavor, distribution channel, and region.
The market is divided into three categories based on product type: disposable, closed-system, and open-system. Open-system e-cigarettes are the most popular because they allow for refilling of e-liquid and allow users to adjust the power of the battery and atomizer.
The market is divided into several categories based on flavor, including tobacco, plant, fruit, sweet, and beverage. Tobacco-flavored e-liquid can enhance the taste of tobacco products while reducing their harmful effects, making them more appealing and accessible to new users. Tobacco-flavored e-liquid provides authentic tobacco essence, without the burnt ash taste of traditional cigarettes.
The market for electronic cigarettes can be divided based on sales channels such as professional vaping stores, online shops, supermarkets, and tobacco shops. Despite the rise of online shopping, offline markets remain the most popular way to purchase electronic cigarettes. Vaping stores offer a variety of unique electronic cigarette devices and accessories for customers to choose from.
In the forecast period, there is an increasing emphasis on using safer alternatives to smoking, which is expected to boost the use of e-cigarettes and electronic vaping devices. During the COVID-19 pandemic, e-cigarette sellers have implemented COVID-19-based marketing techniques to promote their products. As physical stores experience a scarcity of e-cigarettes and devices, sellers have turned to online platforms to sell their merchandise and offer free hand sanitizers and masks with e-cigarette product purchases.
The main market participants outlined in the report:
Altira Group, British American Tobacco, Imperial Tobacco, International Vapor Group, Japan Tobacco, Nicotek LLC, NJOY Inc., Philip Morris International, Reynolds American Inc., and VMR Flavours LLC.
The main findings of the study:
According to product type, modular segmentation of the market is expected to experience the highest revenue CAGR of 17.5% during the forecast period. Tobacco flavor is expected to dominate the market from 2022 to 2031 as the foundation of the industry. Online segmentation of the market is expected to grow significantly in terms of CAGR during the forecast period based on distribution channels. The Asia-Pacific region is expected to experience the highest growth rate based on region, with a CAGR of 18.1% from 2022 to 2031.
Source: Digital Journal
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