LONDON--(BUSINESS WIRE)--Euromonitor today released new data on the vapour tobacco category incorporating e-cigarettes and e-liquid products nearly doubling in size from 2013 to reach US$6 billion in 2014.
“Since its introduction to the market in 2005, vapour products have grown by nearly 70 percent, eclipsing nicotine replacement therapy products, which in comparison stood at US$2.4 billion in global sales in 2014,” said Zora Milenkovic, head of tobacco research at Euromonitor International.
A change in consumer preferences and a desire for a healthier lifestyle is driving this shift with mature markets leading the way. The US dominates the market for vapour products with nearly half of global sales totalling US$2.8 billion in 2014, followed by the UK, Italy, Poland and France.
“The number of sole or dual users of vapour products surged to 13 million globally in 2014, meaning consumers are choosing traditional tobacco products alongside vapour devices,” said Shane MacGuill, senior tobacco analyst. “The majority of all vapour users are current or former adult smokers.”
Since 2009, there has been a shift from cig-a-likes to open tank systems, enabling adult consumers to customise their e-liquid intake. Euromonitor forecasts the vapour market will grow 29.3 percent compound annual growth rate to reach US$23.4 billion in 2019, with Bosnia-Herzegovina, Switzerland, Japan, US and Egypt becoming the fastest growing markets.
“The outstanding predictions for vapour’s future could easily vanish if legislation moves forward with tobacco-level taxation, demands for child-proofing or public vaping bans. However, if the legislation remains as it is, Euromonitor predicts the vapour market can reach over US$50 billion by 2030,” concluded Milenkovic.
To learn more about Euromonitor International’s tobacco research visit: http://www.euromonitor.com/tobacco.
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