Pune, India -- (SBWIRE) -- 01/10/2019 -- This market research report on the vapor products market offers an analysis about market size and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study offers insights about segmentation in terms of products (cig-a-likes, closed tanks systems, VTMs, e-liquids, cartomizers, e-cigarette batteries, heat-not-burn (HnB) devices, tobacco sticks, and tobacco cartridges), and by distribution (retail and online), and by region (APAC, Europe, Latin America, MEA, and North America).

Vapor Products Market - Overview

The e-cigarette market is growing at a tremendous rate, thereby gaining popularity worldwide. Several key vendors are introducing next generation vapor products such as Heat-not -Burn (HnB) devices, e-vapor, smoke vapes, smokeless tobacco products, cig-a-likes, and reduced risk products (RRP) cigarettes due to the increasing popularity of e-cigarettes.

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The recent developments in the vapor products market are the introduction of vaping devices or battery-powered inhalers. These vaping products reduce the risk of tobacco-related diseases by eliminating the inhalation of tar and other toxicants by active and passive smokers. E-cigarettes/e-vapor and HnB devices are designed to simulate tobacco smoking by providing inhaled doses of e-juices through vaporizing the flavored liquid, which, in turn, will boost sales in the e-cigarette market.

About one billion people in the world fall under the category of tobacco smokers, constituting approximately 13% of the total world population. According to the WHO, around 7 million people die due to tobacco smoking annually, out of which 890,000 die due to passive smoking. The growing global health awareness and technological developments aiding safer smoking is driving the global vapor products (e-vapor and heat-not-burn (HnB) devices) market and is expected to cross $43 billion by 2023, growing at an impressive CAGR of over 15% over 2017-2023.

Vapor Products Market - Dynamics

Launch of new vapor product lines to contribute to the growth of the e-cigarette market globally

The perception of end-users toward e-vapor and HnB tobacco vapor products is changing worldwide. The vapor products market is witnessing an increase in desire among end-users globally to quit smoking because of the increasing number of deaths caused by smoking-related cancer, respiratory diseases, and heart diseases. These factors are primarily contributing to the decline of the global sales volume of traditional cigarettes over the last few years. This trend, coupled with continuous innovations in e-vapor and HnB devices, is prompting large tobacco companies such as Altria Group, Imperial Tobacco, Philip Morris International, and British American Tobacco to shift their focus toward the development of these products.

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HnB Devices Market - Brief Analysis

The increasing demand and the potential growth of the vapor products market can be estimated through the case of Philip Morris. The company launched its first HnB device, iOQS, in Japan for pilot testing. Due to its high popularity, iQOS was launched nationwide in Japan in 2016 and became an immediate sensation in the HnB tobacco vapor market in Japan. As of November 2017, the penetration of iQOS in the Japanese tobacco market reached 11.9%. It also made its way into markets in 31 countries worldwide, with Japan being its largest market. According to Philip Morris, over 3.7 million consumers have already switched to iQOS globally.

Vapor Products Market Segmentation

This market research report includes a detailed segmentation of the market by products, by distribution channels, and by geography.

Vapor Products Market - By Products

Global vapor products (e-vapor and heat-not-burn (HnB) Devices) market expected to grow at a faster pace over the next few years

E-vapors or e-cigarettes are electronic nicotine delivery systems that heat liquid nicotine or flavored juices to create inhalable vapor. These devices are categorized into cig-a-likes, closed tanks systems, and open tanks systems. The availability of these products will boost the sale in the vapor products market.

HnB tobacco vapor systems heat tobacco instead of burning them. They are commonly cited as the next-generation products in the tobacco market and are segmented into direct and indirect heating devices and infused/hybrid systems, based on the way the nicotine is delivered to end-users. This product category also has an aftermarket consisting of products such as tobacco sticks, tobacco capsules, and tobacco cartridges.

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Key market insights include
1. Analysis of the vapor products market provides market size and growth rate for the forecast period 2018-2023.
2. Comprehensive insights on current industry trends, trend forecasts, and growth drivers of vapor products market.
3. Latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. A complete overview of market segments and regional outlook of global vapor products market.
5. A detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.

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