E-Cigarette & Vaporizer Market – Overview
The global E-cigarettes & vaporizer market is expected to grow at a CAGR rate of over 25.0% over the period of 2016 to 2021.E cigarettes & vaporizers have emerged as a popular alternative to traditional consumption methods for tobacco and other substances’ consumption. Market Research Future, a firm which specializes in market reports related to Food, Beverages & Nutrition sector among others, recently published a report on this market.
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E cigarettes have been growing in popularity and demand in recent times due to extensive word of mouth popularity and promotion through popular culture. Increase in number of cancer cases due to cigarette consumption has prompted migration of demand to this sector. Rise in number of individuals wanting to quit smoking has also considerably increased the demand for this industry.
Industry Segments
The market has been segmented on the basis of product type and region. By product type the types are disposable e-cigarette, rechargeable e-cigarette, ego and tanks, personal vaporizers and mods and others. On the basis of region the market includes regions such as North America, Europe, Asia Pacific and Others.
Disposable e-cigarettes have accounted for the largest market size by product type in 2015 accounting for nearly 30% of the market size closely followed by rechargeable e-cigarette. Personal vaporizers will grow at a CAGR over 23.5% through the forecast period.
Detailed Regional Analysis
Currently, North America is the largest consumer of E-Cigarettes & Vaporizer in the world market. It is closely followed by Europe. Although, China began as the first market for E-Cigarettes & Vaporizer, the U.S. and developed markets from Europe became the prime consumers of E-Cigarettes & Vaporizer, due to which these two regions collectively account for over 80% of the world market. APAC will be growing at the fastest CAGR, accounting for more than 20% of the global e-cigarette market value by 2021. Significant revenue flow will be observed from China and India over the forecast period.
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Global Competitive Analysis
Companies are in the process of capturing & solidifying their share of the market segment, by competing and experimenting with various advantage points. The entry of new industry players in the segment has initiated a trend of volume-driven growth that has been observed to intensify with the addition of new and advanced products. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. Few of the major players in global e-cigarettes & vaporizer market include Dash Vapes, Hubbly Bubbly, Liquideu, Uff Ecig, Simple Vape Co., Nice Vapor and Pacific Smoke International. Growing awareness about ill-effects of tobacco together with consumers’ rising preference for e-cigarette over conventional cigarettes to quit tobacco has driven the market in North America and Europe over the past few years.
Latest Industry News:
Nov 2017 Aurora Cannabis Inc. and Namaste Technologies Inc are pleased to announce that the Companies have commenced sales through Aurora’s website and mobile application under the Exclusive Hardware Supply Agreement. As per the Agreement, Aurora is now offering a range of high-quality vaporizers to its medical patients through the Company’s online platform. Commencement of sales under this agreement represents a significant milestone for Namaste in aligning itself with one of the industry’s leading Licensed Producers. In turn, through the collaboration, Aurora is broadening its product offering.
Dec 2017 Juul Labs, a San Francisco-based company is raising $150 million in its first financing as an independent company. They have already reeled in $111.5 million from 23 investors, according to a filing with the SEC. Juul Labs had quietly spun out of vaping company Pax Labs and has quickly catapulted up the charts to become the top e-cigarette producer on the market.
Jan 2018 KT&G has officially released its first heat-not-burn tobacco product, also called e-cigarette, Lil, after months of planning. The local cigarette maker is expected to be engaged in heated competition with Philip Morris International (PMI) and British American Tobacco (BAT), which have already introduced their own HNB e-cigarettes; IQOS and glow, respectively, earlier this year.
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