The Latin America e-cigarette market size was USD 160 Million in 2022 and is likely to reach USD 333.42 Million by 2031, expanding at a CAGR of 8.5% during 2023–2031.The growth of the market is attributed to rising cases of cancer and willingness of consumers to quit smoking tobacco products.
Electronic cigarette is a gadget that duplicates the act of smoking tobacco. The user inhales vapor rather than smoke. As a result, using an e-cigarette is commonly referred to as "vaping." An atomizer is a heating element that atomizes e-liquid, a liquid solution. Taking a puff or touching a button activates an e-cigarette. Some resemble ordinary cigarettes, and the majority of them are re-usable.
Although the health implications of vaping are unknown, it is believed to be less dangerous than smoking tobacco. Compared to cigarette smoke, e-cigarette vapors contain toxins in less concentration. E-cigarette vapor contains compounds that are not found in tobacco smoke.
The causal link between smoking and disease, as well as the processes, by which smoking impacts mortality, is well established. There is strong evidence that two diseases, lung cancer and chronic obstructive pulmonary disease are more common among smokers than in nonsmokers.
In Latin America and the Caribbean, cancer is fast becoming the leading cause of mortality among people. Despite having a lower overall incidence than the United States, its death rate is twice as high, owing to a lack of access to and usage of early screening and efficient treatment. Respiratory cancers, particularly lung cancer, are the second or third most common types of cancer in the region.
In an effort to restrict the potential risks, the US Food and Drug Administration began regulating e-cigarettes as new tobacco products in 2016. It is now illegal to sell e-cigarettes to anybody under the age of 21, and the FDA has the right to enforce warning labels. The US FDA was also granted the authority to pull products from the market until it could be demonstrated that their public-health benefits outweighed their risks.
In Latin American countries except Costa Rica and Colombia strict laws are imposed banning commercial sales of vaping products. Because e-cigarette sales are restricted to a few Latin American nations, Chinese private businesses such as Innokin Technology and KangerTech have limited the distribution of these items.
Market Trends, Drivers, Restraints, and Opportunities
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Increased concern for health is expected to drive the market in coming years.
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Rising lung and mouth cancers cases are anticipated to surge the market.
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Growing young population addiction for tobacco and smoke are expected to boost the market during the forecast period.
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Increasing female consumers is expected to fuel the market during the forecast period.
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Rising NGO and rehabilitation centers is key factors driving the market in the coming years.
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Increasing price of cigarettes and rising tax on Tabaco are major factors boosting the market in the coming years
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Government ban on promotions and sales of the product are expected to hinder the market.
Scope of the Report
The report on the Latin America e-cigarette market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Latin America E-cigarette Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Battery Modes (Automatic E-cigarette and Manual E-cigarette), Product types (Rechargeable but Disposable Cartomizer, Completely Disposable Model, and Personalized Vaporizer)
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Region Scope
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Latin America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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KangerTech, Innokin Technology; British American Tobacco; Philip Morris Products S.A.; Smok
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Latin America E-cigarette Market Segment Insights
The automatic e-cigarette segment is projected to constitute a key market share
Based on battery modes, the Latin America e-cigarette market is divided into automatic e-cigarette and manual e-cigarette. The automatic e-cigarette segment is expected to account for a key share of the market during the forecast period owing to developed as a user-friendly solution for smokers who want to experience the sensation of smoking a real cigarette.
The rechargeable but disposable cartomizer segment is expected to expand at a rapid pace
In terms of product types, the Latin America e-cigarette market is segmented into rechargeable but disposable cartomizer, completely disposable model, and personalized vaporizer. The rechargeable but disposable cartomizer segment is expected to hold a key share of the market in the coming years due to extended battery life and cost efficient.
Segments
Battery Modes
- Automatic E-cigarette
- Manual E-cigarette
Product types
- Rechargeable but Disposable Cartomizer
- Completely Disposable Model
- Personalized Vaporizer
Region
Key Players
- KangerTech
- Innokin Technology
- British American Tobacco
- Philip Morris Products S.A.
- Smok
Competitive Landscape
Key players competing in the Latin America e-cigarette market include KangerTech, Innokin Technology; British American Tobacco; Philip Morris Products S.A.; and Smok.
Some of these players are coming up with several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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