NEWS
GLOBAL
E-CIGARETTE
MARKET ESTIMATED
TO REACH $44.6
BILLION BY 2023
HEALTH CONCERNS, VAPE SHOP SURGE
AND DEMAND FOR SMOKELESS PRODUCTS
WILL ALL DRIVE GROWTH
By Patrick Griffin
Growing health concerns among smokers is expected
to help drive the global vaping industry to a new record
high of $44.6 billion by 2023.
Other factors behind the expected growth include a
surge in the numbers of vape shops and the demand for
smokeless and ashless tobacco delivery systems.
The growth estimate is contained in a new e-cigarette
market research report published by P&S Intelligence.
It says the Asia Pacific region offers “ample growth
opportunities” where large populations combined with
increasing urbanisation are factors driving the demand
for e-cigarettes.
The report says: “China was the forerunner in the
regional e-cigarette industry, with around 40 percent
share in 2017. After the US and the UK, China was the
third largest e-cigarette market in the world in 2017, and
is expected to grow rapidly, during the forecast period.”
It says an increase in global awareness of the dangers of
smoking has led to the development of viable alternatives
to help smokers quit.
Environmental concerns are also helping make vaping
22 | VM20
a more acceptable alternative to smoking with P&S
Intelligence saying: “Smoke generated from burning
tobacco is equally harmful to humans as it is to the
environment. E-cigarettes eliminate the emission of
smoke and the need for dumping cigarette butts and
flicking ash openly. Such factors promote safe smoking
and are driving the global e-cigarette market. Consumers
are focusing on replacing conventional cigarettes with
healthier and less chemical vaping technology, which
will pose ample growth opportunities for market players
in the coming years.”
The report says untapped markets in the Asia Pacific,
Africa and Latin America regions are potential
opportunities for the e-cigarette market with e-cigarette
manufacturers in these regions “…acquiring local and
national distributors of e-cigarettes to distribute their
products.”
It says that innovations and advancements in technology
are also expected to pave the way for next-generation
products adding: “Traditional tobacco manufacturers
across the globe are moving into design, development,
production, and sale of vaping products because of
growing demand for tobacco cigarette alternatives.”