The surge of electronic cigarette or E- Cigarette has witnessed a substantial growth as there has been a paradigmatic shift from traditional tobacco products. , This shift has led to an increased demand for different products such as e-liquid, refillable cartridge, atomizer, and battery. The e-cigarette market at the global level had witnessed profound transformation from selling only disposable cigarettes at its inception to selling VTMs (Vaporisers, Tanks and Mods) and closed tanks at present. According to the BIS Research report titled, ‘Global E-Cigarette and T- vapor – Analysis and Forecast (2017-2025),’ the market is expected to generate a revenue of $38.90 billion by the end of 2025, growing at a CAGR of 30.71% during the forecast period 2017-2025. The key factors for the significant growth is the lesser health risk as well as the cost as compared to the conventional tobacco products. Furthermore, e-cigarettes provide a varied range of flavours from desserts to fruits and methanol to classic, and this is escalating the growth of the market. Even, the new design of cigarettes allows the consumers to choose their own flavour and mix two flavours together.
Since the advent of e-cigarette, the United States has been the largest revenue generating region in e-liquid and e-cigarette market, with a dynamic nature of the market. The rising interest of big tobacco companies in the e-cigarette market gave a boost to the e-liquid market, with high proliferation in the demand of e-cigarettes and accessories. However, government regulations and taxation policies on e-cigarette and related products will affect the market in the coming years. The demand of e-liquid has surged in the market owing to the exponential growth witnessed over the past years. Companies are making new consortiums and forming alliances to expand the popularity of e-liquids and an increasing number of convenience stores and online retailers are expanding their product offerings to attract the consumers.
Asia Pacific (APAC) region has a large number of smokers, despite this fact, the e-cigarette and vaporizer market has not gained as much popularity in the region as compared to the western countries, and is still at a nascent stage. Many associations and consortiums are now engaged in educating the populace of this region about the advantages and variety of e-cigarettes and vaporizers, as people lack the knowledge about e-cigarettes and its market. Despite regulations introduced to control tobacco consumption in countries like China, India and Indonesia, the number of smokers has increased considerably since 2006.
Asia Pacific region is a suitable option for manufacturers, both small and large. This region has a host of manufacturers from myriads of industries because of low manufacturing costs. One such industry is the e-liquid industry. E-liquid market in the Asia Pacific region is at its nascent stage as the populace is not well acquainted with e-cigarettes and vaporizers. Most of the e-liquid products are exported to western market of Europe and U.S Consortiums. Many associations are taking initiatives to educate the populace about the benefits of vapour products for adult smokers, as it will help penetrate the Asian e-liquid market.
E-cigarettes have gained popularity recently and expeditiously, as these are increasingly being used as smoking cessation products. These devices are being marketed as a product which helps to quit the habit of smoking tobacco. When the e-cigarette market gained momentum, Europe lagged behind North America, in terms of product adoption, however, the region is expected to emerge as the global leader in terms of revenue generation. Among the European Union, Britain is switching to e-cigarettes much faster than other EU nations. While the sale of nicotine replacement products has been falling in Europe by over 6% per year since 2014, e-cigarette sales have been growing at double digit rates. The market now has the presence of both leading Big Tobacco players and several small local players leading the revenue generation. As a result, myriad of business opportunities have surfaced in the e-cigarette industry, vape shops being one of them.
The multi-faceted applications of cannabis and its derivative have brought about significant changes in the perception of marijuana globally. While key geographies across the globe are striving to legalize marijuana for medical usage, recreational or adult use of the same is also gaining significant traction primarily in the North American region. With more than 23 states and District of Columbia legalizing medical marijuana, and the increasing application base of industrial hemp, the cannabis market in North America is poised to grow over $20.67 billion by 2020 at double digit CAGR through 2015 to 2020.
A fast growth rate of the e-liquid market in the UK and other regions of Europe is mainly due to the consolidated nature of the market. Due to certain regulatory policies in Europe considered to be under revision, new players have a comparatively easier entry and exit in the industry; and hence, are acting as driving forces for the European e-liquid market.
The E-Cigarette and Vaping industry has experienced a remarkable journey over the last few years. Some glorify vapes to be the saviors for addicted smokers, while others rubbish these claims and consider it as just another product to pander the masses. Though the media seems to have an undecided stance on the issue, with a number of arguments on both sides, the market has warmly accepted its latest catch, surpassing all the brouhaha.
Since the last few years, the market for electronic cigarette, or commonly known as e-cigarette, has been propelling at a significant rate, due to the fact that numerous people have shifted their loyalties from traditional smoking to the newly emerged concept of vaping. However, keeping aside the fact that e-cigarettes are increasingly becoming mainstream; a number of public health debates are emerging around the potential risk of misinterpreting vaping to be safer than conventional smoking.
The electronic cigarette market is on the course of gradual advancement despite the lack of uniformity regarding its regulations in the global market. The electronic cigarette, or e-cigarette, is a battery-operated device used to emulate the overall conventional experience of smoking, by emitting variable doses of nicotine and non-nicotine solutions that are inhaled instead of burning tobacco.