US E-cigarette Market Expected to Exceed $34.1 billion by 2031

Industry Insight by 2FIRSTS.ai
Dec.25.2023
US E-cigarette Market Expected to Exceed $34.1 billion by 2031
The US e-cigarette market is predicted to have a CAGR of 16.1% from 2022 to 2031, reaching over $34.1 billion, according to a report by Allied Market Research.

A recent report on the American e-cigarette market was released by research firm Allied Market Research. The report predicts a compound annual growth rate (CAGR) of 16.1% for the US e-cigarette market from 2022 to 2031. In 2020, the market was valued at $6.698 billion, and it is anticipated to exceed $34.1 billion by 2031.

 

According to a report from the Centers for Disease Control and Prevention (CDC), e-cigarettes have become the most commonly used tobacco product among American youth. In a four-week period, sales of e-cigarettes have increased by over 122.2%, marking a significant surge in popularity.

 

According to the report, due to the absence of tobacco in e-cigarettes, but with most containing nicotine derived from tobacco, the US Food and Drug Administration (FDA) classifies e-cigarettes as "tobacco products". As the number of individuals affected by nicotine addiction continues to rise, the FDA announced its e-cigarette flavor enforcement policy on January 2, 2020, which came into effect on February 6, banning the sale and distribution of cartridge-based flavored e-cigarette products in the United States, with the exception of tobacco and menthol flavors. In order to prevent the popularization of e-cigarettes among adolescents, e-cigarette sales have increased by 122.2% from September 14, 2014, to May 17, 2020, from 7.7 million to 17.1 million units.

 

According to a report released by the CDC, 3.7% of adults in the United States are currently utilizing e-cigarettes. The population afflicted with nicotine addiction disorder is continuously growing, and the e-cigarette market is undeniably influenced by this trend.

 

Based on the segmentation of the distribution channels in the US e-cigarette market, the specialized e-cigarette retailers segment held the highest market share in 2020, with a compound annual growth rate of 16.6% from 2022 to 2031.

 

According to a survey, 3.7% of adults in the United States are currently using e-cigarettes. In 2019, among all e-cigarette users, 36.9% also smoke traditional cigarettes, 39.5% used to smoke in the past, and 23.6% have never smoked before.

 

A report predicts that with growing public awareness of the harmful effects of traditional tobacco cigarettes and recognition of the advantages of e-cigarettes, the American e-cigarette market is expected to experience growth.

 

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