The
global
e-cigarette market size is expected to grow at a CAGR of 22.35% during
the forecast period. Based on the product, the global e-cigarette market has
been segmented into modular e-cigarette, next-generation products, rechargeable
e-cigarette, and disposable e-cigarette.
Next-generation products include
heat-not-burn (HNB) tobacco products. HNB products heat tobacco rather than
burning it, unlike traditional cigarettes. The process creates flavorful nicotine-containing
vapor. Players in the market claim that the HNB products are safer than
traditional cigarette products as they release fewer toxins since the tobacco
is not burned. Realizing the growing popularity of HNB products among
consumers, players are focusing on coming up with new products.
For instance, in July 2018, British
American Tobacco launched the new edition of its glo product in
South Korea. In October 2018, PHILIP MORRIS INTERNATIONAL launched its IQOS 3,
the latest version of IQOS, in the Japanese market. Japan was the largest market
for HNB products by revenue in 2018. Hence, the next-generation products
segment is expected to grow significantly, contributing to the global
e-cigarette market size during the forecast period.
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