Global E-Cigarette Market Overview —
The global e-cigarette market was worth USD 11.26 billion in 2018, and is projected to reach USD 18.16 billion by 2024, recording a CAGR of 8.28% over the forecast period (2019-2024). With the increasing trend toward e-commerce, online retailing is also emerging as a strong distribution channel in recent times and is expected to grow further, thereby increasing the value of distribution channels. Many ex-smokers needs a high level of nicotine concentration, it’s likely that the pods will typically come with the more potent nicotine salt (nic-salt) e-liquids which may increase the peak concentration of nicotine in the blood and allow users to achieve more satisfaction and would become a popular alternative to the standard e-liquid.
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• Cost-effectiveness of disposable models of e-cigarettes, as well as cartridge models which is rechargeable and contain pre-filled cartridges, are reasonably affordable and are considered to be beneficial in the long-term, compared to traditional cigarette smoking. This remains a key driver for the e-cigarette market.
• Due to increasing health concern among the smoking population, the market is driving towards e-cigarette model which are considered to be less toxic and safer than conventional tobacco cigarettes.
• While e-cigarettes have been growing in popularity across the world, they are known to pose a number of challenges to public health. E-cigarettes contain nicotine and their increased consumption can lead to nicotine addiction in young people, which can seriously affect brain development.
Competitive Landscape of E-Cigarette Market
The e-cigarette market is moving towards the fragmented market, as the intensity of competitive rivalry has been on the rise over the past few years, owing to the multiple number of large and established organizations that have entered the market. Increasing firm concentration ratio and advertising expenses by companies are also heightening the competition. Key players are - Philip Morris International, Healthier Choices Management Corp (Ruthless Vapor Corp), MCIG Inc., etc. Recent developments in the market are -
March 2019 - Philip Morris International (PMI) presented the results from a new study on e-cigarettes at the 58th Annual Society of Toxicology Meeting in Baltimore. The study demonstrates that after 6 months, e-cigarette vapors with and without nicotine-induced significantly lower biological responses associated with cardiovascular and pulmonary diseases than cigarette smoke. The study, conducted in collaboration with Altria Group, Inc., assessed the biological response of mice exposed to e-cigarette vapors compared with that of exposure to cigarette smoke.
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Key Market Trends
Rise in Demand of Flavored E-Cigaratte to Significantly Drive the Market Growth
• The rise in e-cigarette use is likely because of the recent popularity of e-cigarettes coming in various flavors with various shaped like a USB flash drive, such as JUUL. Evolving consumer taste is driving diversity in e-liquid flavors across the world, with tobacco, botanical, and fruit flavors being the most popular.
• These products can be used discreetly, have high nicotine content, and come in flavors that appeal to youths very efficiently. Compared to adults, a larger proportion of adolescents preferred fruit, alcohol, and other-flavored e-liquids.
• In addition to the vast selection available online, thousands of vape shops have now opened that allow consumers to sample and purchase refill liquids, including a combination of flavors chosen by the user and in varying levels of nicotine. Flavors range from simplistic menthol and cinnamon and sweet varieties, such as chocolate and vanilla, to complex flavors that are formed by mixing different varieties in fixed compositions. Customization in flavors is also a recently evolving trend, in many markets.
• Vaping company Kwit Stick introduced a new micro USB-recharging vaporizing pen, that comes with a starter kit containing the pen device, charging cable with all four flavor pods, and a syringe bottle to aid with refills. High street selling flavors, such as tiramisu and champagne are also helping the market to grow significantly.
• In United States, JUUL has gained popularity among youth and young adults across the country, from middle schools to college campuses. Number of high school and college students are increasing in numbers yearly who rush to retailers to buy the product because of its discreet design coming in various flavors which makes it easy to hide from parents and teachers while also giving the youth a big hit of nicotine. Students have bragged on social media of using the JUUL in class, even though e-cigarettes are banned indoors at most schools.
Europe to Hold a Significant Market Share
• Europe is the largest market for e-cigarettes in the world, led by countries, like the United Kingdom, Germany, France, and Russia. The penetration of these products are particularly high in the United Kingdom and France, owing to a high demand from users in the age group of 30-44 years. Vaping is taking center stage and providing the same level of satisfaction, causing e-cigarettes to provide some intense rivalry.
• Tobacco companies, such as UK British American Tobacco PLC (BAT) and Imperial PLC, are investing billions of dollars into research, development, and marketing cigarette alternatives, owing to the decline in the popularity of traditional smoking methods.
• France is estimated to be the world’s largest electronic cigarette market. According to the French Office for Smoking Prevention, the number of e-cigarette shops in France is estimated to reach over 500 by the end of 2020 (141 shops in 2013). Also, c-cigarettes maybe be brought to market either as medicines or as consumer products. Those seeking medicines approval (either because they make cessation/health claims, or contain nicotine above the threshold of 20 mg/mL) must obtain marketing authorization under the standard drug licensing process.
• With such positive prospects budding all over the region, Europe is estimated to be, both, the largest and also the fastest growing region for the e-cigarettes market globally.
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