Regulatory Approvals and Marketing Efforts Propel E-cigarette Market
The global e-cigarette market, valued at around US $25 billion in 2021, shows no signs of slowing down and is projected to experience exponential growth during the forecast period from 2022 to 2027. A key driving force behind this growth is the increasing marketing efforts and regulatory approvals for Electronic Nicotine Delivery System (ENDS) products. Over the past few years, e-cigarettes have gained popularity among both adult and youth populations. The marketing of ENDS products, however, initially lacked approval from regulatory bodies. In a pivotal development, the US FDA authorized the marketing of ENDS products through the Premarket Tobacco Product Application (PMTA) pathway in 2021. This regulatory step marked a significant milestone, ensuring a robust scientific premarket evaluation for new tobacco products, ultimately safeguarding public health.
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The FDAs approval has paved the way for manufacturers to launch marketing campaigns for ENDS products. Notable examples of premarket marketing of tobacco products include NJOY Daily Rich Tobacco, NJOY ACE POD Classic, Vuse Vibe Power Unit, Logic Regular Cartridge, Logic Vapeleaf Cartridge, VERVE Discs Blue Mint, and Vuse Solo Power Unit. Governments are also granting licenses for e-cigarette production, as exemplified by SMOORE in China. These regulatory approvals and government grants are anticipated to boost production and marketing of ENDS products, thereby influencing the growth trajectory of the e-cigarette market.
Rechargeable E-cigarettes to Drive Market Share
Rechargeable e-cigarettes are expected to witness substantial demand and sales growth due to their cost-effective and versatile features. These e-cigarettes eliminate the need for frequent cartridge repurchases, and the do-it-yourself (DIY) trend allows users to refill their cartridges. Moreover, rechargeable e-cigarettes produce less smoke and can be conveniently charged via USB ports. These benefits have led to increased adoption, positioning rechargeable e-cigarettes to contribute significantly to the e-cigarette markets revenue share.
North America Remains a Dominant Market Player
The North American region is poised to maintain its dominant position in the global e-cigarette market. E-cigarette sales are anticipated to grow steadily in this region, driven by the preferences of millennials and youth who seek cost-effective alternatives to traditional tobacco products. Unlike conventional cigarettes, e-cigarettes do not incur recurring costs and have a longer service life, making them economically appealing. Centers for Disease Control and Prevention (CDC) analysis indicates a substantial increase in e-cigarette sales, with a 31.1% growth in 2021 compared to the previous year. Notably, flavored non-tobacco e-cigarette sales surged by 42.3% from 2020 to 2021. North Americas attractiveness as a key market is further evidenced by these sales figures and market share growth.
Competition Landscape
Major players in the e-cigarette market are actively adopting growth strategies such as collaborations, new product launches, partnerships, and alliances to strengthen their market presence. Leading names 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.
Browse E-cigarette Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: https://www.fairfieldmarketresearch.com/report/e-cigarette-market
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COMTEX_438661240/2840/2023-08-18T02:52:30