E-Cigarettes Global Market Report 2023

NEW YORK, Feb. 27, 2023 /PRNewswire/ -- Major players in the e-cigarettes market are Philip Morris International, MCIG Inc, Altria Group Inc, British American Tobacco plc, Japan Tobacco Inc, Imperial Tobacco Group, Njoy Inc, International Vapor Group, Reynolds American Inc, and VMR Product.

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The global e-cigarette market is expected to grow from $18.15 billion in 2021 to $21.63 billion in 2022 at a compound annual growth rate (CAGR) of 19.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The e-cigarettes market is expected to reach $38.53 billion in 2026 at a CAGR of 15.5%.

The e-cigarette market consists of sales of rechargeable e-cigarettes, modular e-cigarettes, disposable e-cigarettes, and other e-cigarettes.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

An e-cigarette is a handheld battery-operated electronic device that contains a solution of nicotine, glycerine, and flavorings which turns into a mist that can be inhaled by the user. These are available in various flavors such as mint, menthol, and chocolate.

The main product types of e-cigarettes are Disposable, Rechargeable, and Modular.A disposable product is intended to be thrown away after use.

The composition used is tobacco, flavors, and nicotine-free. The distribution channels include specialist e-cig shops, online, supermarkets, tobacconists, and others.

Rising awareness of health issues caused by smoking conventional tobacco cigarettes among the smoking population is driving the growth of the e-cigarette market.Conventional tobacco cigarettes release toxic compounds that adversely affect the health of the individual.

The e-cigarettes are less toxic and safer compared to conventional tobacco cigarettes.For instance, the British American Tobacco company released the Vype iSwitch and Vype iSwitch Maxx based on Puretech blade technology, which involves using an ultra-slim stainless-steel blade to heat e-liquid and create vapor.

The vapor products do not burn tobacco, the vapor contains significantly lower levels of toxicants than the smoke created when burning tobacco. Therefore, e-cigarettes have reduced risk properties compared to traditional cigarettes.

Increased government regulations on the ban on e-cigarettes are restraining the growth of the e-cigarette market.Many countries have banned the sale and manufacture of e-cigarettes to protect young people and children from the harmful effects and addiction of e-cigarettes.

For example, in January 2020, the U.S. Food and Drug Administration, a US-based federal agency for protecting public health, announced a policy focusing enforcement against specific illegal flavored e-cigarette goods, including fruit and mint tastes, that appeal to children. According to this directive, businesses that don't stop producing, distributing, and selling unlicensed e-cigarettes with flavors other than tobacco or menthol within 30 days risk FDA enforcement actions. The government banned e-cigarettes as the manufacturing companies were promoting them as a way to get people out of smoking habits but research studies have shown that most people are addicted to them.

An increasing number of mergers and acquisitions between traditional cigarette and e-cigarette manufacturers is trending in the e-cigarette market.Traditional cigarette manufacturing companies and e-cigarette manufacturers are collaborating for product development or to improve their presence in the global market.

For instance, British American Tobacco plc, (BAT) an American British multinational cigarette and tobacco manufacturing company, acquired Reynolds American Inc. for $49 billion. The acquisition favored BAT to have a stable presence in high-growth emerging markets and high-profitability developed markets. Reynolds American Inc is an American tobacco company that manufactures tobacco products and e-cigarettes.

In June 2022, Supreme Imports Ltd, a UK-based company operating in e-cigarette acquired Liberty Flights Holdings for an undisclosed amount.Through this acquisition, Supreme Imports Ltd aims to enhance its existing vaping products offering.

Liberty Flights Holdings is a UK-based company operating in e-liquid and quality vaping devices.

The regions covered in the e-cigarettes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the e-cigarettes market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The e-cigarettes market research report is one of a series of new reports that provides e-cigarettes market statistics, including e-cigarettes industry global market size, regional shares, competitors with an e-cigarettes market share, detailed e-cigarettes market segments, market trends, and opportunities, and any further data you may need to thrive in the e-cigarettes industry. This e-cigarettes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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