E-Vapor and HnB Devices Market Forecast to Reach $43 Billion by 2023
Arizton’s recent market research report on the “Global Vapor Products (e-vapor and heat-not-burn (HnB) devices) Market” segments the market by product (cig-a-likes, closed tanks systems, VTMs, e-liquid, and heat-not-burn (HnB) tobacco vapor systems), by distribution channels (retail and online), and by geography (APAC, North America, EMEA, and Latin America).
The global vapor products (e-vapor and heat-not-burn HnB devices) market is projected to grow from $18.17 billion in 2017 to $43.15 billion by 2023. The market is forecasted to grow at an impressive CAGR of 15.51%
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The top 3 drivers and trends of the global vapor products (e-vapor and heat-not-burn (HnB) devices) market are discussed below:
Increased Awareness and Change in Consumer Perception
The declining number of traditional cigarette smokers and the increasing desire of the growing number of end-users to quit smoking are driving the vapor products market. Leading vendors such as Altria Group, Imperial Tobacco, Philip Morris International, and British American Tobacco are shifting their focus to produce e-vapor and HnB devices to increase their customer base. The changing consumer perception and increasing awareness toward tobacco-related diseases will drive the growth in this market. With the increase in lung cancer deaths, bronchitis, and emphysema-related deaths, and heart disease deaths, vendors are introducing next-generation products such as cig-a-likes, e-cigarettes, HnB devices, e-vapor, smok vapes, smokeless tobacco products, and reduced risk products (RRP) cigarettes.
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Growth in Distribution Network
The growing awareness among end-users is promoting the availability of e-vapors and HnB devices in the global market. Vendors are concentrating on different revenue models for the sale and distribution of these products. Next generation vapor products are now available in various retail outlets such as supermarkets, hypermarkets, grocery stores, and pharmacies. The online revolution is driving e-commerce retailers such as Amazon, Alibaba, and eBay to advertise, market, and sell various vaping products to a large consumer base. The increased popularity of vapor products is encouraging tobacco giants to enter the market and create a nationwide distribution network. For instance, the global e-vapor and HnB tobacco vapor market generated 79.44% of its revenue through retail sales in 2017.
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Introduction of E-Juices
The introduction of new varieties of flavors in e-cigarettes, VTMs, and personal vaporizer is likely to drive the growth of the vapor products market. The growing popularity of these HnB devices is encouraging vape retailers to launch new flavors such as chocolate, mint, menthol, watermelon, and pink bubble gum. According to research analysts in Arizton, there are over 8,000 different flavors of e-juices available in the global market and over 300 flavors in the US market. The trend of introducing different flavors and non-nicotine e-juices will attribute to the market growth during the forecast period.
The leading vendors in the vapor products market are Altria Group, British American Tobacco, Imperial Brands, Japan Tobacco International, and Philip Morris International.
The complete overview of the latest market research report on “Global Vapor Products (e-vapor and heat-not-burn (HnB) devices) Market” by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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