E-Cigarette and Vape Market Size, Share & Growth Trends 2031

Report Description

The global e-cigarette and vape market size was valued at USD 16,074.1 Mn in 2021 and is projected to reach a value of USD 39,794.2 Mn by 2030 growing at a CAGR of 10.2% between 2022 and 2030. Increasing awareness regarding e-cigarettes and the high demand for rechargeable electronic cigars is likely to boost the market. 

An e-cigarette, also known as an electronic cigarette or vaporizer cigarette, is a battery-powered e-cigarette and vape device that simulates the experience by producing a flavored vapor that mimics the smoke from burning tobacco.

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The vapor is usually made by heating a liquid that contains a mixture of nicotine, flavorings, and other chemicals. Some e-cigarettes are designed to look like traditional cigarettes while others are made to resemble pens or other items. The key propelling factor for the market is the perceived health benefits, as many users believe that e-cigarettes are less harmful than traditional cigarettes because they do not produce smoke or combustion.

Also, e-cigarettes come in a wide range of flavors, which can appeal to a wider range of users. The global E-Cigarette and Vape market is slightly impacted by Covid-19, due to the disruption in the supply chain and limitations in the cross broader transactions. The supply chain was disrupted in the initial stage of the lockdown, which declined the manufacturing of E-Cigarette and Vapes.

E-Cigarette and Vape Market Dynamics

Major Drivers

Rechargeable e-cigarettes are becoming popular among young people, as they release less smoke and are easy to charge through a USB port, which is expected to drive the market. Smokers are buying recharged e-cigarettes, as it is cost-effective.

According to the National Institute of Health, JUUL is the most popular retail e-cigarette brand in the USA and it has become more popular among young people that the term “JUULing” has become synonymous with “vaping” among young adults and teens. JUUL is a small, rechargeable, battery-powered e-cigarette.

Increasing demand for e-cigarettes and vapes, as the omni channel strategy usage is encouraging the sales and marketing method is expected to boost the market. An omnichannel method is designed to deliver a seamless and consistent customer experience across all touchpoints.

Exixting Restraints

High consumption of e-cigarettes affects health, as they produce several dangerous chemicals such as acrolein, acetaldehyde, and formaldehyde is expected to restrain the market. These aldehydes cause lung disease, asthma, and cardiovascular disease. Vaping e-cigarettes causes extensive nicotine addiction among young people and this affects lungs.

Governments around the world have implemented regulations on e-cigarettes and vapes, such as age restrictions, limits on advertising, and bans on certain flavors. These regulations can make it more difficult for manufacturers to sell their products worldwide, which in turn, thus is expected to hamper the market.

Emerging Opportunity

Vape companies are focusing on launching new vape flavors to attract the young generation which is expected to create lucrative opportunities for the global market in the coming years. Consumers are tempted toward flavors such as chocolate, fruits, strawberry, berry, tobacco, vanilla, and others.

Scope of E-Cigarette and Vape Market Report

The report on the global E-Cigarette and Vape market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

E-Cigarette and Vape Market Segment Insights 

The Global E-Cigarette and Vape market is segmented on the basis of Product Type, Flavor, End-User, Distribution Channel, and regions.

Based on Product Type, the Global E-Cigarette and Vape Market are segmented into Disposable, Rechargeable, and Others. The Disposable segment is the fastest-growing segment in the product type segment with a CAGR of XX% in the forecasted period. Disposable e-cigarettes and vapes are non-rechargeable variants of e-cigarettes that come charged and prefilled with juice.

Disposable vapes are available in different flavors and are ready to use without any hassle of charging. The benefits of the disposable e-cigarette are portable and convenient, also it comes with unique flavors. For beginner vapers who want to sample vaping without investing in an expensive e-cigarette and vape device, disposable vapes are a great choice.

They're also a fantastic option for people who want to give vaping a try before making the investment in a pricey device and maybe going back to smoking cigarettes if they don't enjoy it. Disposable e-cigarettes and vaping differ from other products on the market today because of their cost.

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Based on flavor, the Global E-Cigarette and Vape Market is segmented into Fruity, Tobacco, Candy, Menthols, and Others. The flavor is one of the main reasons adults initially try and continue to use e-cigarettes, although other common reasons are using e-cigarettes as a tool for quitting cigarette use, health reasons, and curiosity.

The fruity flavor segment is likely to grow at a significant CAGR of XX%. An estimated 7,700 e-liquids across 466 brands are available, each with its own concentration and combinations of nicotine and flavorings. Most adult e-cigarette users use flavored products, fruits or fruity and menthol/mint being the most common.

Interest in trying e-cigarettes was highest for fruit flavors, almost six times higher than interest in tobacco-flavored e-cigarettes. Although menthol and candy flavors were also more appealing than tobacco flavors, alcohol, and tobacco did not differ.

Based on End-User, the Global E-Cigarette, and Vape Market is segmented into Male and Female. The male segment is expected to gain a significant market share in the forecast period. Awareness and use of e-cigarettes and vaping have increased considerably in the last few years worldwide among adults both male and female, particularly those who are current or former smokers.

The male segment is expected to account for the largest share of the market during the forecast period, as the majority of young-age males between 15 to 25 use cigarettes and vaping from high school and college. The number of males smoking e-cigarettes and vaping is increasing every year due to its perceived benefit of being less harmful than traditional cigarettes, also smoking cessation is one of the top reasons people are inclined to e-cigarette and vape products.

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Based on Distribution Channel, the Global E-Cigarette and Vape Market is segmented into Online and Offline. The offline is further bifurcated into vape shops, tobacconists, and Convenience Stores. The offline segment holds the largest market share in the forecasted period as it is easy to find a variety of shops in various regions, moreover, consumers can choose from a variety of brands and flavors. In the US, the UK, and other European countries retail shops are quite accessible and are growing in number.

E-Cigarette and Vape Market Regional Outlook

Based on regions, the Global E-Cigarette and Vape market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). In Europe, the market for disposable e-cigarettes is anticipated to reach a market share of XX% in 2021. The region's disposable e-cigarette market is anticipated to increase as a result of the rising product uptake among millennials and generation X.

Both the UK and France are seeing an increase in the vaping habit. Additionally, the adoption rate of disposable e-cigarettes is very high in Germany, France, and the United Kingdom. E-cigarettes with fruit flavors are also becoming increasingly popular in this area.

E-cigarettes and vaping have become contentious issues worldwide, with different countries and regions taking different approaches to regulating the use of these e-cigarette and vape devices. In some countries such as the United States, and the United Kingdom, e-cigarettes and vaping are relatively unregulated and are marketed as a less harmful alternative to traditional cigarettes.

Awareness and use of electronic cigarettes, or e-cigarettes, have increased significantly since their entry into the U.S. market in 2007. In some countries such as India and Brazil, e-cigarettes and vaping are banned. In other countries, e-cigarettes and vaping products are typically only available to adults and are subject to age verification.

The US is the leading country in the E-cigarette and vaping market with a contribution share of more than XX% of the global market share. The US e-cigarette market has grown significantly in recent years, driven by increasing consumer demand for these products. China is also a major player in the e-cigarette and vape market, with most of the products being manufactured there.

Surveys have shown that e-cigarette use is highest among young people, with a significant percentage of high school and middle school students reporting that have used an e-cigarette. There is also growing awareness of the health risk associated with e-cigarettes have grown, many consumers have become more aware of the potential dangers of these products and may be more likely to consider alternatives.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global E-Cigarette and Vape Market
• Historical, Current, and Projected Market Size in terms of Value and Volume
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global E-Cigarette and Vape Market Performance