According to a report on the overseas platform Openpr on May 20th, Orion Market Research has released a forecast report predicting that the global e-cigarette market is expected to grow at a significant compound annual growth rate (CAGR) of 17.3%. The e-cigarette market has been in existence for some time, and over the past few years, due to the increasing attention on e-cigarettes as a smoking alternative, market demand has continued to grow globally.
There are several key differences between e-cigarettes and traditional cigarettes. E-cigarettes are less harmful, as they heat nicotine extracted from tobacco along with food flavors and other chemicals to create vapor for inhalation by consumers. Traditional tobacco cigarettes, on the other hand, contain nearly 7000 chemicals. E-cigarettes have fewer chemicals, are reusable, making them more appealing to most consumers, and can lower overall costs, time, and provide constant availability. They also have a more modern appearance, which appeals to many young people more than traditional cigarettes do.
Due to the above factors, the demand for the e-cigarette market continues to rise, and it is expected that the market will continue to grow significantly during the forecast period.
On the other hand, the global market size of cigarette paper was $7.1 billion in 2022 and is expected to reach $9.05 billion by 2030. It is projected that the compound annual growth rate will be 3.5% during the forecast period (2024-2031). Cigarette paper is made from non-wood plant fibers, including flax, hemp, jute, straw, and broomcorn. The global cigarette paper market has witnessed positive growth due to an increase in the number of smokers worldwide and an increase in demand for tobacco.
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