Global E-cigarette Market is to Grow Around 25% During 2016-2022
INDORE, India, November 7, 2016 /PRNewswire/ --
E-cigarette market is growing with a CAGR of 25% owing to changing lifestyle and preferences of people across globe. Moreover, the increasing shift towards vaping instead of smoking is also propelling growth in the global e-cigarette market. It is estimated that by the end of 2016, the e-cigarette sale would generate revenue of around $2.95 billion globally. The growing concerns for controlling smoking habits and a healthier alternative, the e-cigarette market is growing rapidly. The North America holds the largest market share of around 30% in 2015 owing to increasing demand for e cigarettes due to increasing desire among consumer to leave smoking tobacco. Growth in North America is majorly uplifted by the US market. In the US, there are around 2,750,000 people smoking e-cigarette that has generated sales volume of about $520 million in 2015.
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Shift toward Vaping instead of Smoking: Market Mover
The changing life style of people across the globe and shifting focus of smokers towards vaping instead of smoking is one of the major factors that is uplifting the market. In 2015 around 1.4 billion people were smoking tobacco cigarettes which is around 20% of the world population. Whereas, around 12% of the world population is smoking e-cigarettes in 2015 which is expected to rise to 18% by the end of 2025. Various benefits such as healthier alternative which safeguard from various chronic diseases, no passive smoking, etc. etc. are boosting the consumption of the e-cigarettes across the globe. Vaping is increasing rapidly because e-cigarettes don't emit smoke, the e-cigarettes emit vapour which vanishes into air without leaving any harmful substance in the air. In an exertion to safeguard the public as of the threats of tobacco use, in 2016, FDA proclaimed that they are extending the regulatory authority to cover all tobacco products including e-cigarettes, vape pend and other electronic nicotine delivery systems. Due to which the consumption of e-cigarettes is increasing rapidly and around 12% of school children are using the e-cigarettes in the US only. Due to such huge consumption of e-cigarettes by school children's the FDA has banned the sale of e-cigarettes to the school children.
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R&D Investment: Growth Propeller
Various e-cigarette manufacturers are investing huge amount on research and development to develop new technology and flavour in the e-cigarette market. British American Tobacco (BAT) has invested more than $580 million in past 3 years to develop innovative nicotine and tobacco products. Moreover, Smoore is investing 15% of their revenue in the research and development of e-cigarette products. Philips Morris has developed product called iQOS for which the company has invested around $2 billion in past 10 years. Thus the growing R&D investment by various key players to innovate new smoke free and healthier technology is increasing the growth in the global e-cigarette market.
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