Growth in the e-cigarette market has accrued due to the changing consumer perception towards combustible cigarettes, upsurge in working population, decline in consumption of cigarettes, mounting-up prices of tobacco cigarettes and peer influence on youngsters, the report said.
The market is anticipated to experience certain trends like upswing in Gen Z income, emergence of flavoured e-cigarettes, increasing influence of social media and rise in technological developments by e-cigarette manufacturers. However, the growth of the market would be challenged by stringent regulations, nicotine exposure in e-cigarettes and surging concerns over side effects of e-cigarettes and vapor products.
According to the report, the fastest growing regional market is the US due to increasing awareness of safer tobacco alternatives, continuous efforts of anti-smoking organisations shifting the tobacco consumers to alternative forms i.e., e-cigarettes and increased customer acceptance due to cost-efficiency of these devices.
Further, the sudden outbreak of COVID-19 is causing an adverse disruption on the overall economy through halted production and logistics activities, affecting the demand and supply of e-cigarettes across the world, the report said.