World News: 07:15 GMT Monday 8th July 2019. [Prescient & Strategic Intelligence via Globe Newswire via SPi World News]
NEW YORK, July 08, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the is forecast to reach $6,486.5 million by 2024, registering a CAGR of 19.6% during the forecast period. The growth can be attributed to advancement in product design, growing demand for vaping devices, and fall in tobacco smoking due to rising.
On the basis of gender, the market is categorized into male and female. Of these, male consumers dominate the U.K. e-cigarette market, where the segment generated majority of the revenue share in 2018. Prevalence of more male traditional cigarette consumers in the country, opting for e-cigarettes have been a major factor for the large-scale adoption among male consumers. As of 2018, the country had 3.2 million e-smokers, dominated by male consumers, however, the female category has been recognized as a growth target by the e-cigarette manufacturers leading to more targeted marketing campaigning across the region. This is expected to increase the number of female e-cigarette consumers in the coming years.
Based on age group, the market is segmented into 16-24, 25-34, 35-44, 45-54, 55-65, and 65+. As of 2018, consumers within the age group of 16-24 held the largest share in the U.K. e-cigarette market. It has been observed that e-cigarette smokers from urban areas and having higher educational levels contributed maximum to the 16-24 age group in the e-cigarette market.
Growing awareness pertaining to the harmful effects of smoking is increasing day by day across the country. This has resulted in the development of alternatives that help consumers quit traditional cigarettes. Cancer caused by smoking is one of the major concerns affecting the populace. E-cigarette eliminates the risk of cancer and prevent the intake of more than 4,000 chemicals that are present in a tobacco cigarette. Due to various benefits offered by e-cigarettes such as no tobacco content, negligible toxins and carcinogens that lead to cancer over traditional cigarettes, further enhances its adoption over the globe.
The U.K. e-cigarette is a fragmented market having high competition. Companies such as Imperial Brands plc, British American Tobacco plc, Japan Tobacco Inc., and Philip Morris International Inc. are the leading players in the market. Of these top four players, Japan Tobacco Inc. held at third position in the market in 2018, driven by its reputation and increasing availability of its international e-vapor brands such as Ploom and Logic.
Some of the key players operating in the U.K. e-cigarette market are Philip Morris International Inc., British American Tobacco p.l.c., Altria Group Inc., Japan Tobacco Inc., Imperial Brands PLC, JUUL Labs Inc., Shenzhen iSmoka Electronics Co., Ltd., Shenzhen IVPS Technology Corporation Ltd., Innokin Technology Co. Ltd, Shenzhen Kanger Technology Co., Ltd., and Pax Labs Inc.
The e-cigarette market offers opportunities to market players expanding in regions that are uncertain regarding the adoption of e-cigarettes, such as countries in Asia-Pacific (APAC), Latin America (LATAM), and Africa. Tobacco companies and e-cigarette manufacturers in these regions are expanding their business to achieve greater reach for their products through various channels including e-commerce, retail partners, and grocery stores. Apart from this, companies are also acquiring local and national distributors of e-cigarettes, which have a dedicated market to distribute these products.
Growing awareness pertaining to the harmful effects of smoking is increasing day by day across the country. This trend of declining tobacco cigarette sales has prompted tobacco and e-cigarette manufacturers to focus on diversifying their e-cigarette portfolio. For instance, Philip Morris International Inc., launched “IQOS”, British American Tobacco Inc., launched “Glo” e-cigarette, and Japan Tobacco Inc., launched “Ploom” and “Logic” brand in the country. Further, with more drop-in tobacco cigarettes is expected in coming years, more adoption of e-cigarettes among the South Koreans is expected to rise. Therefore, this shift towards e-cigarette is projected to intensify the competition among local and global e-cigarette players in the South Korea e-cigarette market, during the forecast period.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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Globe Newswire: 07:15 GMT Monday 8th July 2019
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