The global e-cigarette market is doing well, really well! according to Research Cosmosit could even triple to 30,095 billion by 2023. If the reasons for this economic success are diverse, it is the United States that owns the largest e-cigarette distribution networks.
According to the report Global E-Cigarette Market", The global e-cigarette market has been valued at 10,104 billion in 2017 and is expected to reach 30,095 billion USD by 2023, with a CAGR of 20,19% over the forecast period (2018-2023).
The e-cigarette market has grown significantly over the last decade due to growing concerns about smoking. The growing adoption of e-cigarettes has created a market for systems that are now disposable, reusable and customizable. The market is evolving at a rapid pace and is still expected to innovate in the coming years.
Many large companies realizing the potential of the vape, huge investments have been injected into this industry. Many large tobacco companies have established themselves with their own brands or by acquiring existing companies. As a result of increased product awareness, heavy investments in marketing have been made. This has clearly increased the presence of electronic cigarettes around the world.
North America holds the majority of the vape market share. Although electronic cigarettes were invented in China, the United States gave the necessary boost to the market in its infancy. Since 2006, the US e-cigarette market has become a major market with an unprecedented growth rate. This growth has been made possible by the arrival of industrial tobacco giants, pharmacy and other influential sectors of the country.
The United States has the largest e-cigarette distribution and sales networks. Currently, more than 3 000 e-liquid flavors are available in the US market and nearly 300 new flavors are introduced every month to the market.
In Canada there is relatively little advertising on e-cigarettes, especially in television and print media. The majority of promotional activities take place on the internet and at the points of sale. However, with the increasing commercialization of these products as an alternative to smoking, the Canadian market is also expected to grow tremendously over the forecast period.