E-Cigarettes Global Market Report 2022
Mar 30, 2022
Major players in the e-cigarettes market are Philip Morris International, MCIG Inc, Altria Group Inc, British American Tobacco plc, Japan Tobacco Inc, Imperial Tobacco Group, Njoy Inc, International Vapor Group, Reynolds American Inc, and VMR Product. March 30, 2022 05:24 ET
New York, March 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "E-Cigarettes Global Market Report 2022" - https://www.reportlinker.com/p06248549/?utm_source=GNW
The global E-cigarettes market is expected to grow from $18.15 billion in 2021 to $21.63 billion in 2022 at a compound annual growth rate (CAGR) of 19.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $38.53 billion in 2026 at a CAGR of 15.5%. The e-cigarettes market consists of sales of e-cigarettes.An E-cigarette is a handheld battery-operated electronic device that contains a solution of nicotine, glycerine, and flavorings which turns into a mist that can be inhaled by the user. These are available in various flavors such as mint, menthol, and chocolate. The main product types of e-cigarettes are Disposable, Rechargeable, Modular.A disposable product is intended to be thrown away after use. The composition used is tobacco, flavors, nicotine-free. The distribution channels include specialist e-cig shops, online, supermarkets, tobacconists, others. Rising awareness of health issues caused by smoking conventional tobacco cigarettes among the smoking population is driving the growth of the e-cigarettes market.Conventional tobacco cigarettes release toxic compounds that adversely affect the health of the individual. The e-cigarettes are less toxic and safer compared to conventional tobacco cigarettes.For instance, the British American Tobacco company released the Vype iSwitch and Vype iSwitch Maxx based on Puretech blade technology, which involves using an ultra-slim stainless-steel blade to heat e-liquid and create vapor. The vapor products do not burn tobacco, the vapor contains significantly lower levels of toxicants in the smoke created when burning tobacco. Therefore, e-cigarettes have reduced risk properties compared to traditional cigarettes. Increased government regulations on the ban on e-cigarettes are restraining the growth of the e-cigarettes market.Many countries have banned the sale and manufacture of e-cigarettes to protect young people and children from the harmful effects and addiction of e-cigarettes. For instance, in December 2019, the Indian government has passed the prohibition of electronic cigarettes (production, manufacture, sale, distribution, import, export, transport, storage, and advertisement) bill 2019 that imposed the ban on e-cigarettes. The government banned the e-cigarettes as the manufacturing companies were promoting them as a way to get people out of smoking habits but research studies have shown that most people are addicted to them. An increasing number of mergers and acquisitions between traditional cigarette and e-cigarette manufacturers is trending in the e-cigarettes market.Traditional cigarette manufacturing companies and e-cigarette manufacturers are collaborating for product development or to improve their presence in the global market. For instance, British American Tobacco plc, (BAT) an American British multinational cigarette and tobacco manufacturing company, acquired Reynolds American Inc. for $49 billion. The acquisition favored BAT to have a stable presence in high-growth emerging markets and high profitability developed markets. Reynolds American Inc is an American tobacco company that manufactures tobacco products and e-cigarettes. In August 2019, Philip Morris, Swiss-American multinational cigarette and tobacco manufacturing company merged with Altria’s for an undisclosed amount.This acquisition is aimed at dominating the fast-growing electronic-cigarette market. Altria Group, Inc is a US-based company and one of the world’s largest producers and marketers of tobacco, and cigarettes. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the e-cigarettes market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.