According to a new report, Electronic Cigarette Market by Product Type, Flavor and Distribution Channel: Opportunity Analysis and Industry Forecast, 2022-2031
PORTLAND, OREGON, USA, July 16, 2022 /EINPresswire.com/ — According to a new report, the global e-cigarette market was valued at $17,301.0 million in 2020 and is expected to reach $94,316.6 million. by 2031, registering a CAGR of 16.8% from 2022 to 2031. The report offers in-depth analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces Analysis and the competitive landscape.
Since 2016, the e-cigarette and vape market has grown significantly as devices have become more efficient in terms of battery life and amount of flavors offered. Moreover, a wide range of flavors including menthol, tobacco, fruits and nuts, and chocolate are available in the market, which attracts a large number of customers. When used in an e-cigarette or vape, these flavors give off scents. Additionally, lower profitability of these devices has increased customer acceptance and is expected to fuel market expansion over the projection period.
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In recent years, market players have focused on improving knowledge about e-cigarettes and vaping devices, especially among adult smokers. JUUL Labs, Inc., for example, launched a marketing campaign in January 2019 to educate adult smokers about the negative effects of traditional fuel-powered cigarettes and encourage them to switch to e-cigarettes and vapes. During the forecast period, these marketing strategies are expected to drive the expansion of the market.
The global e-cigarette market is segmented on the basis of product type, flavor, distribution channel, and region.
On the basis of product type, the market is divided into disposable, rechargeable and modular. The modular electronic cigarette is the most popular among others because it can be recharged and allows the user to regulate the power delivered by the system battery to the atomizer. Accordingly, the production of e-cigarette products is expected to be the leading segment during the forecast period.
Based on flavor, the market is divided into tobacco, botanical, fruit, sweet, beverage and others. Tobacco flavored e-liquid improves the taste and reduces the adverse effects of tobacco products, making them more appealing and accessible to new users. Tobacco flavored e-liquid provides the true essence of tobacco, as opposed to the burnt taste and smell of fire and ash when smoking traditional cigarettes.
Based on sales channels, the market is divided into specialty E-Cig stores, online, supermarkets, tobacco and others. Physical routes to market remain the most popular channel for purchasing e-cigarettes. During their first purchase, consumers are reassured by companies specializing in e-cigs to familiarize themselves with the product. Specialty e-cigarette stores carry a unique selection of e-cigarette devices and other accessories.
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During the forecast period, increased emphasis on the adoption of safer alternatives to smoking is expected to promote the use of e-cigarettes and vaping devices. Amid the COVID-19 pandemic, e-cigarette and vaping sellers have implemented a number of COVID-19-based marketing methods to drive product sales. As supplies of e-cigarettes and vaping devices became scarce in physical stores, sellers began selling their items through online platforms and offered hand sanitizers and face masks with the purchase of vaping products.
Covid-19 impact analysis
The COVID-19 pandemic has disrupted e-cigarette industry sales through physical stores, resulting in consumers shifting to online sales channels to purchase consumer electronics, thereby driving the growth. online sales of e-cig products.
Key Market Players Profiled in the Report:
○ Altria Group
○ British American Tobacco
○ Imperial Marks
○ International Steam Group
○ Japan Tobacco
○ Nicotek LLC
○ Njoy Inc.
○ Philip Morris International Inc.
○ Reynolds American Inc.
○ Flavors Vmr Llc.
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Main benefits for stakeholders
• The report provides an in-depth analysis of current and emerging e-cigarette market trends and opportunities.
• The report provides a detailed qualitative and quantitative analysis of current trends and future estimates that help to assess the current Electronic Cigarette market opportunities in the market.
• E-Cigarette market forecast is offered with information related to key drivers, restraints, and opportunities.
• E-cigarette market analysis is conducted by tracking key product positioning and monitoring major competitors within the scope of the market.
• Electronic Cigarette Market provides in-depth qualitative insights into the potential and niche segments or regions exhibiting favorable growth.
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