The e-cigarettes market effectively consists of sales of e-cigarettes. E-cigarette is a handheld battery-operated electronic device that encompasses a solution of nicotine, glycerine and flavorings which seizures into a mist that can be breathe in by user. These are obtainable in several flavors such as mint, menthol and chocolate.
According to the report analysis, ‘E-Cigarettes Global Market Report 2020’ states that in the e-cigarettes global market there are several corporate which presently operating more effectively for leading the highest market growth and dominating the handsome value of market share around the globe during the incoming duration while analyzing and studying the strategies and policies of the government and competitors, delivering the better consumer satisfaction, spreading the awareness related to the E-cigarettes, and decreasing the linked prices involves Philip Morris International, MCIG Inc., Altria Group Inc., British American Tobacco plc, Japan Tobacco, Inc., Imperial Tobacco Group, NjoyInc, International Vapor Group, Reynolds American Inc, VMR Product and several others.
In addition, the worldwide e-cigarettes market was valued USD 11.73 billion in 2019. It is projected to increase at a compound annual growth rate (CAGR) of 17% and reach USD 21.4 billion by 2023.
Increasing awareness of health issues triggered by the smoking conventional tobacco cigarettes amongst smoking population is propelling the growth of the e-cigarettes market. The Conventional tobacco cigarettes issue toxic compounds that undesirably affect the healthiness of the individual. Whereas, the e-cigarettes are less toxic and safer equaled to conventional tobacco cigarettes. For instance, throughout December 2018, the British American Tobacco company released the VypeiSwitch and VypeiSwitch Maxx based on the Puretech blade technology, involves expending an ultra-slim stainless-steel blade to heat e-liquid and create vapor. The vapor products do not scorch tobacco; the vapor contains expressively lower levels of toxicants in the smoke generated when burning tobacco. Therefore, the e-cigarettes have concentrated risk properties equated to the traditional cigarettes.
Improved government regulations on the ban on e-cigarettes are limiting the growth of the e-cigarettes market. Voluminous countries have debarred the sale and manufacture of e-cigarettes to safeguard the young people and children from the detrimental effects and dependence of e-cigarettes. For instance, during December 2019, Indian government has passed proscription of electronic cigarettes (production, manufacture, auction, distribution, import, export, transportation, storage and advertisement) bill 2019 that enforced the ban of e-cigarettes. The government excluded the e-cigarettes as the manufacturing companies were sponsoring them as a way to get people out of smoking practices but research studies have shown that most of the individuals are addicted to it.
Snowballing number of the mergers and acquisitions amongst traditional cigarette and e-cigarette manufacturers is trending across the e-cigarettes market. Traditional cigarette manufacturing corporate and e-cigarette manufacturers are cooperating for product development or to advance their existence in the worldwide market. For instance, during July 2017, British American Tobacco plc, (BAT) an American British multinational cigarette and tobacco establishing company, obtained the Reynolds American Inc. for USD 49 billion. The acquisition preferred the BAT to have a stable manifestation in high growth evolving markets and great profitability developed markets. The Reynolds American Inc., an American tobacco corporate that manufactures tobacco products and e-cigarettes.
In June 2018, Philip Morris International Inc. (PMI), a Swiss-domiciled multinational cigarette and tobacco manufacturing establishment, entered strategic collaboration with the Parallax Development Corp. (Parallax). The agreement concentrated on development and commercialization of an operative alternative nicotine-delivery platform that practices the maximum advantage of the most progressive technologies in pulmonary medicine. Parallax Development Corp., is a life sciences development company concentrated on increasing an innovative, multi-patented platform for distributing nicotine to smokers in the harmless ways possible. Therefore, in the near years, it is anticipated that the market of E-Cigarettes will increase around the globe more effectively over the near duration.
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Ankur Gupta, Head Marketing & Communications