Global E-Cigarette Market Estimated to Grow to $168 Billion by 2030
PALM BEACH, Fla., July 18, 2023 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Around the world, people are becoming more aware of the hazardous effects of regular smoking cigarettes. As a result, alternatives to regular cigarettes have been developed to assist people in quitting smoking. One of the greatest global issues is cancer induced by smoking. E-cigarettes eliminate the risk of cancer and avoid ingesting over 4,000 chemicals, including tobacco and many other toxins and carcinogens found in tobacco smoke, which cause cancer and lung illness. Furthermore, they exhale less harmful material and provide less risk to smokers with asthma. A battery, an atomizer, and an inhaler make up an electronic cigarette, which simulates tobacco smoking without releasing smoke into the air. It is thought to be less hazardous than traditional cigarettes since the device is filled with a nicotine containing or nicotine-free liquid solution that is heated and turned into vapor before inhaling. Due to different research conducted by medical institutions and associations, it is expected that increased knowledge regarding e-cigarettes being safer than traditional cigarettes, particularly among the younger generation, will further fuel market expansion. The providers' customization capabilities, including temperature control and nicotine dosages, are projected to boost product demand. A report from Beyond Market Insights projected that the Global E-Cigarette Market Was Worth USD 22.17 Billion In 2022 And Is Estimated to Grow to USD 168.96 Billion By 2030, With A CAGR Of Approximately 28.9 % Over the Forecast Period From 2023 To 2030. Active Companies in the markets today include 22nd Century Group, Inc. (NASDAQ: XXII), British American Tobacco p.l.c. (NYSE: BTI), Altria Group, Inc. (NYSE: MO), Philip Morris International Inc. (NYSE: PM), Imperial Brands PLC (OTCQX: IMBBY).
The Beyond Market Insights projected that the Global E-Cigarette Market Was Worth USD 22.17 Billion In 2022 And Is Estimated report said: "New e-cigarette technologies such as pod systems and quonk mods have gained appeal and user adoption in recent years. The e-cigarette and vape market has grown significantly, with devices becoming more efficient in terms of battery life and the number of flavors available. Furthermore, diverse flavors such as menthol, tobacco, fruits and nuts, and chocolate are available on the market, attracting many customers… Traditional cigarette regulations are expected to recognize e-cigarettes as a healthy alternative to tobacco consumption, consequently regulating the technology for safe distribution and usage. Furthermore, the vaping business has formed several associations to combat anti-vaping regulations and to regularize the industry for monitoring, thereby promoting the growth of the e-cigarette and vaping markets."
22nd Century Group, Inc. (NASDAQ: XXII) BREAKING NEWS: 22nd Century Group, Inc. Issues a Series of Recent Announcements - 22nd Century Group, Inc. (XXII, the Company) this week launched VLN ® King cigarettes, the first-ever reduced nicotine combustible cigarette, in the California market. Starting July 17 th , VLN ® cigarettes contain a staggering 95% less nicotine than conventional cigarettes and will be conveniently available in California at more than 275 sites of the number one convenience store in the US, in addition to numerous other convenience stores across California. VLN ® King cigarettes have made history by receiving U.S. Food & Drug Administration (FDA) approval as a modified risk tobacco product (MRTP).
"We see our VLN ® product offering Californians who smoke a tremendous new option because VLN ® cigarettes are specifically designed to help smokers smoke less, increase their number of smoke-free days, and reduce their nicotine exposure and dependence," said John Miller, 22nd Century Group President, Tobacco Division. "Our goal with VLN ® is to meet California consumers where they are with a combustible product that helps people smoke less."
The Company also announced its VLN ® reduced nicotine content cigarettes are selling robustly in more than 80 Town Pump convenience-stores (c-stores) across the state of Montana.
"Launching VLN ® statewide with Town Pump, the #1 c-store in the state, is a big win for adult smokers in Montana seeking an effective solution to break the chains of nicotine addiction," stated John Miller, president of tobacco products for 22nd Century Group. "We continue to see a pattern where, once available in stores, strong interest from adult smokers looking for new solutions to cut their smoking habit fuels initial trial and then often adoption and repeat purchase of VLN ® . We are excited VLN will be available in dedicated partners such as Town Pump stores given their reputation for providing customers with excellence. Our innovative VLN ® reduced nicotine content cigarettes, the first and only combustible cigarette to secure a Modified Risk Tobacco Product authorization from the U.S. Food and Drug Administration. VLN ® contains 95% less nicotine than U.S. conventional cigarettes. As demonstrated by leading independent scientists, reducing the nicotine level in cigarettes has the potential to substantially reduce the enormous burden of smoking-related death and disease."
In addition, XXII announced a new distribution agreement with Hub, Inc., a key Midwest based convenience store (C-store) and multi-channel distributor with warehouses located in Missouri and Kansas.
22nd Century's VLN® products are now available for purchase by eligible Hub customers as a part of 22nd Century Group's state and regional rollout program. CONTINUED… Read these full releases for 22nd Century Group at: https://ir.xxiicentury.com/news/default.aspx
Other recent developments in the markets include:
British American Tobacco p.l.c. (NYSE:BTI) recently announced new results from one of the largest ever vapour product studies, which analysed BAT's flagship vapour brand Vuse, have been published in the journal of Internal and Emergency Medicine .
The study compared clinical measurements from exclusive Vuse consumers with smokers. The results of the study show that participating Vuse consumers had favourable differences in biomarkers of exposure (BoE) and biomarkers of potential harm (BoPH) relevant to smoking-related diseases when compared to smokers.
Vuse users have shown significantly lower biomarkers of exposure for priority cigarette smoke toxicants as defined by the World Health Organization (WHO)iii. The data also showed favourable differences between Vuse consumers and smokers across all biomarkers of potential harm measured, with three being statistically significant.
Altria Group, Inc. (NYSE:MO) recently announced that it has completed its acquisition of NJOY Holdings, Inc. (Transaction). We have also updated our guidance for 2023 full-year adjusted diluted earnings per share (EPS) in connection with the Transaction.
"The completion of this Transaction is a transformative step in our goal of Moving Beyond Smoking," said Billy Gifford, Altria's Chief Executive Officer (CEO). "We are pleased to have received antitrust clearance and we are now fully focused on responsibly accelerating U.S. adult smoker and adult vaper adoption of NJOY ACE, currently the only pod-based e-vapor product to receive marketing authorization from the FDA."
"Our updated 2023 full-year EPS guidance range includes planned investments behind the U.S. commercialization of NJOY ACE and reflects our goal to deliver strong shareholder returns while making progress toward our Vision."
Philip Morris International Inc. (NYSE: PM) recently announced it will host a live audio webcast at www.pmi.com/2023Q2earnings on Thursday, July 20, 2023, at 9:00 a.m. ET, to discuss its 2023 second-quarter and first-half results, which will be issued at approximately 7:00 a.m. ET the same day. The webcast will be hosted by Emmanuel Babeau, Chief Financial Officer, and will include discussion of PMI's financial results and a Q&A session with the investment community and news media. The webcast will be in a listen-only mode.
The webcast may also be accessed on mobile devices by downloading PMI's Investor Relations App at www.pmi.com/irapp. An archived recording of the webcast, in addition to the slides and script, will be available at www.pmi.com/2023Q2earnings. The webcast recording will be available until 5:00 p.m. ET on Friday, August 18, 2023.
Imperial Brands PLC (OTCQX: IMBBY) the global tobacco and nicotine business, recently announced the acquisition of a range of nicotine pouches from TJP Labs in order to facilitate its entry into the US modern oral market.
The transaction will enable ITG Brands, Imperial's US operation, to offer legal adult American consumers a diverse range of 14 product variants in a pouch which performs strongly in consumer testing. Following further consumer testing, ITG Brands will relaunch this range in 2024 under a new brand, which will be supported by the company's existing US sales force. TJP Labs, a Canada-based manufacturer, will continue to manufacture the oral nicotine pouches under contract for ITG Brands.
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