The Global Vapor Product Market was valued at USD 34.80 billion in the year 2020. In order to help smokers quit cigarettes, a variety of nicotine replacement products have come to the market including nicotine patches, gum, inhaler, lozenges and nasal spray. A recent trend is the vaping device, which is being recognized as an alternative to conventional cigarettes. Factors such as awareness about harmful effects of conventional cigarettes, reduced tar, and carbon monoxide inhalation through electronic cigarette, growing disposable income and rise in technological developments by vaping manufacturers is driving the growth of the market.
The coronavirus pandemic of 2020 has impacted the growth of vapor product market. The outbreak of novel virus caused an adverse disruption on the overall economy through halted production and logistics activities, affecting the demand and supply of vape products, globally. The shortage has also resulted in numerous incidents of black marketing for these products in European and North American countries. In order to meet the rising demand for vape products, multiple vendors adopted unique marketing strategies and offering their products via online platforms to boost product sales.
As more consumers become aware of the hazardous effects of tobacco smoking, they are introduced to new and safer smoking devices, thereby increasing the demand for these products. Based on Product, the market is segmented into E-vapes, Heat-not-Burn and Others. E-vapes segment is expected to be the fastest-growing segment. These devices are highly customizable and includes variety of flavours that allow users to adjust the vapour output according to their preference. Moreover, growing disposable income and rise in technological developments is driving the market for Heat-not-burn products.
Key players operating in global vapor market include Smoore International Holdings, Imperial Brands Plc, British American Tobacco, Japan Tobacco Inc. etc. To gain a significant share in the market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. The leading players are initiating to produce various e-liquid flavours in the market to cater to the evolving preferences of customers, thereby propelling market growth.
Scope of the Report:
- The report presents the analysis of Vapor Product market for the historical period of 2016-2020 and the forecast period of 2021-2026.
- The report analyses the Vapor Product Market by value (USD Million).
- The report analyses the Vapor Product Market by Product Type (E-Vape, Heat-not-Burn, Others).
- The report analyses the Vapor Product Market by Distribution Channel (Retail, E-Commerce).
- The Global Vapor Product Market has been analysed by countries (United States, Canada, UK, Germany, France, Spain, China, Japan, Australia, South Korea).
- The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis, Supply Chain. Also, the attractiveness of the market has been presented by region, by Product Type, By Distribution Channel.
- The report tracks competitive developments, strategies, the companies analysed in the report include Smoore International Holdings Limited, Imperial Brands, Plc., British American Tobacco, Japan Tobacco, Inc., Turning Point Brands, FirstUnion, Shenzhen IPV Vaping Technology Co., Ltd, JoyeTech, Juul Labs, NJOY.
Key Target Audience:
- Vapor Product Makers
- E-Cigarette Companies
- Consulting and Advisory Firms
- Government and Policy Makers
- Regulatory Authorities
