The e-cigarettes market consists of sales of e-cigarettes. 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 user. These are available in various flavors such as mint, menthol and chocolate.
The global e-cigarettes market was worth $ 11.73 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 17% and reach $21.4 billion by 2023.
The e-cigarettes market covered in this report is segmented by product type into disposable, rechargable, modular. It is also segmented by composition into tobacco, flavors, nicotine-free and by distribution channel into specialist e-cig shops, online, supermarkets, tobacconist, others.
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Rising awareness of health issues caused by smoking conventional tobacco cigarettes among smoking population is driving the growth of the e-cigarettes 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, in December 2018, British American Tobacco company released the Vype iSwitch and Vype iSwitch Maxx based on Puretech blade technology, 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 in 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 is restraining the growth of the e-cigarettes market. Many countries have banned the sale and manufacture of e-cigarettes to protect the young people and children from the harmful effects and addiction of e-cigarettes. For instance, in December 2019, Indian government has passed prohibition of electronic cigarettes (production, manufacture, sale, distribution, import, export, transport, storage and advertisement) bill 2019 that imposed the ban of e-cigarettes. The government banned the 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 of the people are addicted to it.
Increasing number of mergers and acquisitions between traditional cigarette and e-cigarette manufacturers is trending in the e-cigarettes 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, in July 2017, British American Tobacco plc, (BAT) an American British multinational cigarette and tobacco manufacturing company, acquired Reynolds American Inc. for $49 billion. The acquisition favored the BAT to have a stable presence in high growth emerging markets and high profitability developed markets. Reynolds American Inc., an American tobacco company that manufactures tobacco products and e-cigarettes.
In June 2018, Philip Morris International Inc. (PMI), a Swiss-domiciled multinational cigarette and tobacco manufacturing company, entered strategic collaboration with Parallax Development Corp. (Parallax). The agreement focused on development and commercialization of an effective alternative nicotine-delivery platforms that uses the maximum advantage of the most advanced technologies in pulmonary medicine. Parallax Development Corp., is a life sciences development company focused on developing an innovative, multi-patented platform for delivering nicotine to smokers in the safest ways possible.
Major players in the 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, VMR ProductE-Cigarettes Market Global Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global e-cigarettes market.
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