E-Cigarette Conundrum: Ban or Regulate - ReAnIn Analysis
HYDERABAD, India, April 19, 2022 /PRNewswire/ --
Market overview
According to ReAnIn, the global e-cigarette market was valued at USD 21,199.57 million in the year 2021 and is projected to reach USD 44,292.02 million by the year 2028, registering a CAGR of 11.1% during the forecast period. North America accounted for the highest share (44.2%) in the global e-cigarettes market owing to the presence of leading companies and better accessibility of E-cigarettes and vapes in the region. Moreover, it is being marketed as a healthier option than traditional cigarettes which has helped in increasing the adoption of e-cigarettes among youths. According to 2021 National Youth Tobacco Survey (NYTS) data released by the US (Food and Drug Administration) FDA and Centers for Disease Control and Prevention (CDC), 2.55 million (9.3%) students reported current (past 30-day) use of a tobacco product in 2021 and e-cigarettes were the most commonly used tobacco product.
Download free sample: Global E-cigarette Market Growth, Share, Size, Trends and Forecast (2022 - 2028)
E-cigarette Journey: From Revolutionary to Prohibited Product
Initially, E-cigarettes were marketed as a safer and healthier alternative to regular cigarettes, however, various research has highlighted their harmful effect on human bodies. The most disturbing finding is that sometimes e-cigarettes may contain far more nicotine than regular cigarettes and hence, more addictive than regular cigarettes. Therefore, regulatory bodies across the globe have expressed their concerns about these e-cigarettes. These concerns have resulted in two very different management approaches: first, banning all types of e-cigarettes and vaping devices; and second, closely monitoring or establishing a regulatory framework for these products.
So, the question is: which one is more appropriate and sustainable in the long run? Experts believe that banning these products will result in their sale through the illegal channel, while closely monitoring can help the government or regulatory bodies in understanding their usage and formulate policies accordingly. Hence, the US FDA is going ahead with the second option. In October 2021, US FDA granted the marketing approval to R.J. Reynolds (RJR) Vapor Company's Vuse Solo electronic nicotine delivery system (ENDS) device and accompanying tobacco-flavored e-liquid pods. Also, in March 2022, FDA authorized several tobacco-flavored ENDS products including Logic Vapeleaf, Logic Power and Logic Pro brands from Logic Technology Development LLC, a subsidiary of Japan Tobacco Inc.
Key Highlights of the Report:
- Rechargeable e-cigarettes accounted for the highest market share (more than 40%) in 2021 due to their cost-effectiveness and are expected to witness the highest CAGR during the forecast period.
- Currently, the majority of the e-cigarettes are sold through offline channels such as convenience stores, drug stores, specialty e-cigarette stores, etc., while the online sale is expected to gain pace in the near future.
- Social media promotions have been one of the effective strategies employed by e-cigarettes manufacturers to specifically target the youth population. Therefore, regulatory bodies such as FDA are closely monitoring social medial content from these manufacturers
Access the report description on: Global E-cigarette Market
Market Segmentation:
ReAnIn has segmented the global e-cigarette market by:
- Product Type
- Disposable E-Cigarette
- Rechargeable E-Cigarette
- Modular E-Cigarette
- Distribution Channel
- Online Channel
- Offline Channel/Retail Stores
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Competitive Landscape
The E-cigarette market is dominated by a few leading players such as JUUL Labs Inc., R.J. Reynolds Tobacco Company, Imperial Brands Plc (Fontem Ventures), and NJOY which collectively accounts for about two-thirds of the global market. Moreover, leading manufacturers of conventional cigarettes such as British American Tobacco, Philip Morris International, Japan Tobacco International, and Altria saw this as a high-revenue generating opportunity and hence, entered the market either by acquiring smaller companies or developing their own products. For instance, Philip Morris International launched IQOS ILUMA in Japan in August 2021, while British American Tobacco acquired Reynolds American Inc. in July 2017 to become one of the leading companies in this market. Some of the other leading players in the e-cigarette and vape market are RELX Technology, Turning Point Brands (International Vapor Group), NicQuid, Shenzhen IVPS Technology Co., Ltd., Shenzhen KangerTech Technology Co., Ltd., JWEI Group, J Well, Ritchy Group, and Innokin Technology.
Know more about this report: Global E-cigarette Market
About ReAnIn
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SOURCE Reanin Research & Consulting Private Limited
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