Global Vape Market Outlook and Forecast Report 2020-2025 Featuring Altria, British American Tobacco, Imperial Brands, Japan Tobacco International & Philip Morris
DUBLIN, Sept. 18, 2020 /PRNewswire/ -- The "Vape Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
DUBLIN, Sept. 18, 2020 /PRNewswire/ -- The "Vape Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The global vape market is growing at a tremendous rate. The US vapor market is consistently increasing after the authorization of the sale of HnB products by the FDA in the country. This is expected to help North America to increase its share as smokers in the US are becoming health conscious. One of the major influencing factors propelling growth is the increasing availability of vapor products in vape shops and over the internet.
Europe captures more than a 33% share of the revenues. Poland, Germany, Italy, Russia, and the Czech Republic are the major contributors to the European market. Poland has been witnessing tremendous growth, with the revenue increasing from $130 million in 2014 to $542.6 million in 2016. The growth can be attributed to heavy taxation on traditional tobacco cigarettes and the presence of low-cost vapor products in the country.
The popularity of vapor products in the Middle East and Africa is low. However, large tobacco companies are using their worldwide retail outlets to enter the markets to exploit the untapped potential. Latin America has a low penetration of HnB and vaping products due to rigid government regulations. In countries such as Uruguay, Paraguay, Chile, Brazil, Argentina, Colombia, Mexico, Venezuela, and Panama have put a complete ban on the sale of e-cigarettes.
However, large tobacco companies are investing in several regions, such as Paraguay, Chile, and Brazil, to expand their presence. Thus, the increased awareness of vapor products in the market and the expansion of large tobacco companies are expected to drive revenues in the region.
The vape market is witnessing a shift from smoking to vaping. Veteran vapors and heavy smokers have started to switch to bulky vapor mods. It is expected that the vapor products market would be driven further by VTMs and personal vaporizers during the forecast period. Disposables and rechargeable e-cigarettes are witnessing a decline in their revenue as well as popularity worldwide as VTMs offer flexibility in terms of filling e-juices and are proving cost-effective in the long run.
Unlike disposables and rechargeable e-cigarettes that can be refilled only with the company's own brand of cartridges, VTMs, and personal vaporizers can be refilled with e-juices produced by any company. Hence, vaping is substantially cost-effective in the long run than traditional tobacco cigarettes and disposables/rechargeable e-cigarettes, which is expected to affect the market during the forecast period.
Another important reason for the popularity of vapor products is the availability of different flavors in the market. The market has been witnessing the introduction of new flavors and their blends regularly, which, in turn, has been driving the growth. However, e-liquids with flavors of fruits, beverages, and sweets have been gaining share over traditional tobacco flavor. Further, many countries, such as Australia and Canada have banned nicotine-loaded vapor products. Thus, e-liquids with a variety of flavors containing zero nicotine have become popular among vapers.
Key Market Insights
- The analysis of the vape market provides sizing and growth opportunities for the forecast period 2020-2025.
- Offers sizing and growth prospects of the market during the forecast period
- Provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market
- Includes a detailed analysis of growth drivers, challenges, and investment opportunities
- Delivers a complete overview of segments and the regional outlook of the market
- Offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain competitive advantage
Insights by Vendors
The competitive scenario in the global vape market is currently intensifying. The rapidly changing technological environment could adversely affect vendors as continual innovations and upgrades are the characteristics of this market. The present scenario is driving vendors to change and refine their unique value proposition to achieve a strong presence.
The market is highly fragmented, with over 300 vendors that operate and sell e-cigarettes under different brand names across the world. Before the entry of major tobacco players in the vaping domain, small companies are engaged in the supplying e-cigarettes. The entry of large tobacco companies poses a significant threat to small vapor products' vendors.
Large companies such as Philip Morris International, Altria Group, British American Tobacco, Imperial Tobacco, and Japan Tobacco International are all set to explore the market worldwide.
Key Vendors
- Altria Group
- British American Tobacco (BAT)
- Imperial Brands
- Japan Tobacco International (JTI)
- Philip Morris International (PMI)
Other Vendors
- RJ Reynolds Vapor Company (RJRVC)
- Ballantyne Brands
- CB Distributors
- ECIG (Formerly known as Victory Electronic Cigarettes)
- Gamucci
- Gilla
- International Vapor Group
- Joyetech Co.
- KangerTech Technology
- Mainstream Cannabis Innovations Group (mCig Group)
- Nicotek
- NJOY
- PAX Labs
- RR Chemicals
- Totally Wicked E-liquid
- Vape Holdings
- Vapor Hub International
- VPR Brands
- White Cloud (Leads by Sales)
- XEO International
- KT&G (Korea Tomorrow& Global Corporation)
- Shenzhen AVBAD Technology Company Ltd.
- Vapor Tobacco Manufacturing
- Shenzhen Royal Tobacco Industrial Limited (Royal Tobacco)
- Jouz
- Shenzhen Yukan Intelligent Technology Co. Ltd.
- Sichuan China Tobacco Industry Co. Ltd.
- Marvel International Tobacco Group
For more information about this report visit https://www.researchandmarkets.com/r/dzwdox
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