E-cigarette And Vape Market Size, Share & Trends Analysis Report By Distribution Channel, By Product (Disposable, Rechargeable, Modular Devices), By Category, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the e-cigarette and vape market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for e-cigarette and vape market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of e-cigarette and vape market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

E-cigarette And Vape Market Categorization:

The e-cigarette and vape market was categorized into three segments, namely product (Disposable, Rechargeable, Modular Devices), distribution channel (Online, Retail), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The e-cigarette and vape market was segmented into product, distribution channel, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The e-cigarette and vape market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eight countries, namely, the U.S.; Canada; the UK.; Germany; China; South Korea; Japan; Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

E-cigarette and vape market companies & financials:

The e-cigarette and vape market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Altria Group, Inc. , Altria Group, Inc. is a multinational company with businesses in tobacco, alcohol, and financial services sectors. The company has three reportable segments, namely Smokable Products, Smokeless Products, and Wine. It owns prominent tobacco companies such as the U.S. Smokeless Tobacco Company John Middleton and Nu Mark. In 2021, Altria Group, Inc. invested USD 145 million in R&D for continuous improvements and development of new technologies. The company offers cigarettes under the Marlboro brand, moist smokeless tobacco products under Husky, Red Seal, Skoal, and Copenhagen brands, and cigars under the Black & Mild brand. In addition, the company offers finance leasing services to the manufacturing, real estate, power generation, aircraft, and transportation industries. The company has a global presence and operates through its offices in the U.S., the U.K, Germany, France, Australia, and others.

• Baton , Baton is focused on offering high-quality vape products for people desiring to quit smoking. The company has expertise in e-liquid manufacturing and vaping hardware technology. The NIC salts offered by the company are available in different flavors such as GLACIER MINT, ISLAND MANGO, and Crisp Apple. The vaping devices offered by the company include Baton’s starter kit bundle and PODs. The company has its presence in regions such as North America, Latin America, and the Asia Pacific. In North America, the company has operations in locations such as Texas and Los Angeles

• British American Tobacco , British American Tobacco is primarily involved in manufacturing tobacco products. The company is the world’s largest publicly-traded tobacco company. It operates in over 180 countries and has popular brands such as Dunhill, Lucky Strike, and Pall Mall under its name. The company has two key segments non-combustibles (vapor, THP, modern oral, and traditional oral) and combustibles (Cigarette sticks and sticks equivalent). The company offers vapor products such as e-cigarettes and tobacco heating products. Its e-cigarette products are Vype and Pebble. The company operates alongside British Standards Institution and French Standards Association to develop safety standards and policies for vapor products.

• Imperial Brands , Imperial Brands is an international tobacco company that manufactures, markets, distributes, and sells various types of cigarettes, cigars, rolling paper, and tobacco. The company also offers distribution and logistics services for tobacco and other products. Imperial Brands has four reportable segments, namely Growth Markets, Returns Markets North, Returns Markets South, and the US Market. The company’s next-generation products include vapors, heated tobacco products, and oral nicotine products. Its brands focus on five distinct entities, namely Logista, Fontem Ventures, ITG Brands, Tabacalera, and Imperial Tobacco. The company serves customers in over 160 countries globally. It has a global presence and operates through its offices in the U.S., Germany, the U.K., China, Japan, and Australia, among others. The company has around 100 brands and 31 manufacturing sites that source and process tobacco raw materials to manufacture high quality products at lowest cost.

• International Vapor Group , International Vapor Group is primarily engaged in designing, manufacturing, marketing, and distribution of vaping hardware. The company has four brands, namely South Beach Smoke, Direct Vapor, VaporFi, and Motley Brew. The vaping hardware manufactured by the company includes mods, e-liquid, and accessories. The company ships its products globally and has manufacturing facilities that are compliant with regulations, product safety standards, and product quality standards. The company has manufacturing facilities in the U.S. and China. It undertakes research & development activities to develop vaping products that are exported and sold in various countries. The company operates as a subsidiary of Turning Point Brands, Inc.

• JUUL Labs, Inc. , JUUL Labs, Inc. is involved in the development, manufacturing, and sales of e-cigarettes. The company’s product portfolio includes JUULpods, devices, and accessories. The JUULpods portfolio includes pods with various flavors such as mint, mango, menthol, and creme. The devices portfolio includes device kits, starter kits, and silver device kits. The accessories portfolio includes USB charging docks. The company’s JUULpods are filled with an e-liquid formulation that combines nicotine, propylene glycol, benzoic acid, glycerol, natural oils, and flavor. The company operates through its labs in the U.S., Canada, the U.K., Italy, Germany, France, Switzerland, Russia, and Israel. The company offers a 1-Year Limited Warranty service to its customers. Under this warranty service, the company provides services such as replacement of defective materials and repairs to JUUL products

• Japan Tobacco Inc. , Japan Tobacco Inc. is engaged in the manufacturing and sale of tobacco products such as cigarettes and cigars. It also distributes imported tobacco products. The company’s brands include Winston, Silk Cut, Seven Stars, Pease, HOPE, and Natural American Spirit. It has four reportable segments, namely Domestic Tobacco Business, International Tobacco Business, Pharmaceutical Business, and Processed Food Business. Japan Tobacco Inc. is also involved in the research and development, manufacturing, and sale of prescription drugs for multiple diseases such as viral infections and metabolic diseases. Additionally, the company is a manufacturer of staple food products. It has operations in over 70 countries and serves customers in over 120 countries globally, including the U.S., Japan, and Austria.

• NicQuid, NicQuid specializes in the manufacture and distribution of eliquids. The company produces e-liquids in flavors ranging from desserts and fruits to tobacco. Moreover, the company sells ecigarettes under its NicQuid Spinner Kit brand. NicQuid is also involved in the testing of e-liquid flavors. The company manufactures its e-liquid in ISO Class 7/FED STD 209E Class 10,000 cleanrooms. It is also a founding member of the American E-Liquid Manufacturing Standards Association (AEMSA), which is primarily involved in crafting manufacturing standards for e-liquids. NicQuid undertakes wholesale distribution of its products and ships them in the U.S. and other countries across the world.

• Philip Morris International , Philip Morris International manufactures and sells tobacco products and nicotine-containing products such as cigarettes and cigars. It operates through four reporting segments, namely European Union; Eastern Europe, Middle East & Africa (EMEA); Asia; and Latin America & Canada. The company’s brand portfolio includes premium and mid-price brands such as Marlboro, L&M, Muratti, Philip Morris, Bond Street, Chesterfield, and others. It also owns local cigarette brands such as Sampoerna, U Mild, Boston, f6, and Petra. The company invested USD 617 million in R&D in 2021. It has production facilities in 32 countries and serves customers across countries such as the U.S., UK, China, India, Japan, and Austria. As of December 2021, the company operated and owned total 39 manufacturing facilities across our 6 geographical segments and other category, among them, 7 factories produced heated tobacco units.

• Reynolds American Inc. , Reynolds American Inc. is a subsidiary of British American Tobacco. The company is a manufacturer of tobacco products such as cigarettes and smokeless tobacco. It operates through four business segments, namely R. J. Reynolds Tobacco Company (RJR Tobacco), American Snuff Company (American Snuff), Santa Fe Natural Tobacco Company (Santa Fe), and R.J. Reynolds Vapor Company. Reynolds American Inc. manufactures a variety of cigarettes under various brands such as Newport, Pall Mall, Camel, and Doral under its R.J. Reynolds Tobacco Company (RJR Tobacco) segment. The company also markets and manufactures digital vapor cigarettes under the VUSE brand and nicotine alternative therapy products under the ZONNIC brand.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

E-cigarette And Vape Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

E-cigarette And Vape Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.