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E-Cigarette Industry Growing with Robust CAGR says P&S Intelligence

Every year, eight million people die from tobacco use, with 1.2 million of these deaths being a result of the inhalation of second-hand smoke, says the World Health Organization (WH0). Thus, the dangers of conventional cigarettes for those who smoke them and even for those who do not are to be a key factor behind the increase in the global e-cigarette market size from $15.7 billion in 2019 to $39.0 billion by 2030, at a 9.2% CAGR during 2020–2030.

This is because apart from nicotine, the key neurostimulant, tobacco contains more than 4,000 other harmful chemicals that cause asthma, chronic bronchitis, and lung cancer. Therefore, the e-cigarette market is growing on account of the promotion of such products as a less-harmful variant than conventional cigarettes; the liquid in such devices, called the e-juice, does not contain tobacco. Moreover, e-cigarettes do not contain butts or create ash, therefore are considered environment-friendly as well.

Key Findings of Global E-Cigarette Industry

  • Younger generation getting attracted to vivid e-cigarette designs and flavors
  • E-cigarettes finding widespread acceptance in public places where conventional cigarettes are banned
  • Vaporizers remain most-popular products
  • Demand for e-cigarettes rising faster among females
  • Market opportunities galore in North America and Asia-Pacific (APAC)
  • Market players engaging in extensive online product promotion

The e-cigarette market growth has slowed substantially during the COVID-19 pandemic because of the lockdowns and movement restrictions around the world. Being the starting point of the crisis, China has been under an intense lockdown, which is why the supply of e-cigarettes around the world has taken a bad hit. Moreover, even people are not spending on non-essential goods, as they are under financial stress due to unemployment and reduced salaries.

Tobacconists have been the largest category in the e-cigarette market till now, under segmentation by distribution channel. They are specialists in such products and offer a hands-on experience to users, which is why they account for the highest sales. Apart from the primary products, tobacconists also offer aftermarket components, including batteries and battery chargers, liquids, tanks, atomizers, coils, and cleaning kits.

North America is expected to witness the highest value CAGR in the e-cigarette market during this decade, of 9.8%. The younger generation in the U.S. and Canada is getting rapidly attracted to e-cigarettes as a result of their availability in vivid designs and flavors and effective marketing strategies by tobacco companies. In addition, older people are rapidly switching from conventional cigarettes to these electronic variants with the increasing awareness of the harms of the former.

 

Editor’s Note: This article is translated from

https://www.prnewswire.com/news-releases/e-cigarette-industry-growing-with-robust-cagr-says-ps-intelligence-301247065.html

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