The global e-cigarette market, valued at approximately US$25 billion in 2021, is poised for a remarkable growth trajectory over the next five years, according to market analysis. Projections suggest that the industry could more than double its revenue during the period of 2022 to 2027.
Regulatory Approvals Fueling E-cigarette Market Expansion
In a pivotal development, the e-cigarette market is experiencing a transformation fueled by increased marketing efforts, aided by approvals from regulatory bodies. The U.S. Food and Drug Administration (FDA) recently authorized the marketing of Electronic Nicotine Delivery System (ENDS) products through the Premarket Tobacco Product Application (PMTA) pathway in 2021. This landmark authorization represents a significant step in ensuring a rigorous scientific premarket evaluation of new tobacco products, aligning with the goal of helping addicted smokers transition to ENDS products for improved public health. Several manufacturers have since gained FDA authorization for their marketing campaigns, including NJOY Daily Rich Tobacco, Vuse Vibe Power Unit, Logic Regular Cartridge, VERVE Discs Blue Mint, and Vuse Solo Power Unit, among others.
Additionally, governments around the world are granting licenses for e-cigarette production, further boosting the production and marketing activities of ENDS products and driving the growth of the e-cigarette market.
Rechargeable E-cigarettes: A Game Changer
Rechargeable e-cigarettes are expected to dominate the market in the coming years due to their cost-effectiveness and functional benefits. These devices eliminate the need for frequent repurchasing of supplies like e-cigarette cartridges, thanks to the growing trend of do-it-yourself (DIY) refillable cartridges. Rechargeable e-cigarettes also produce less smoke compared to other types and can be conveniently charged using a USB port. These factors are driving their adoption and contributing significantly to the markets revenue share.
North Americas Continued Dominance
The North American market for e-cigarettes is expected to witness stable growth in the years ahead. Millennials and youth in the region are increasingly favoring e-cigarettes due to their cost-effectiveness and longer service life compared to traditional tobacco products. E-cigarettes offer a one-time investment with the flexibility of reuse after refilling, making them an economical choice. Sales of e-cigarette products in North America saw a remarkable 31.1% increase in 2021, reaching 290.4 million units, as reported by the Centers for Disease Control and Prevention (CDC). Flavored non-tobacco e-cigarettes, such as candy, fruit, and mint, also witnessed substantial growth during the 2020-2021 period, with sales increasing by 42.3%, solidifying North Americas position as a leading region in the global e-cigarette market.
Competitive Landscape
Key players in the e-cigarette market are employing various growth strategies, including collaborations, new product launches, partnerships, and alliances, to strengthen their market presence. Major players in the global e-cigarette market include Imperial Brands PLC, Japan Tobacco Inc., JUUL Labs Inc., Phillip Morris International Inc., British American Tobacco Inc., Altria Group Inc., NicQuid, Shenzhen IVPS Technology Co. Ltd., International Vapour Group, Shenzhen KangerTech Technology Co. Ltd., R.J. Reynolds Vapour Company, and Njoy Inc.
As the e-cigarette market continues to evolve and expand, it presents promising opportunities for both industry leaders and newcomers, driven by regulatory support and innovations in rechargeable technology.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/e-cigarette-market
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COMTEX_442320065/2840/2023-10-23T08:21:18
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