U.S. E-Cigarette Market – Analysis and Forecast To 2024, VMR Products LLC, Altria Group Inc., Japan Tobacco Inc.

The U.S. e-cigarette market is expected to grow at a CAGR of 18.3% during the forecast period with its market size predicted to reach USD 16.5 billion by 2024. The U.S. e-cigarette market is anticipated to be driven by the factors increasing awareness among consumers, easy availability of e-cigarettes, online distribution of products, technological advancements, and high prevalence of smoking-related diseases. Different types of product such as disposable and rechargeable cig-a-like and open tank vaporizer are the major contributor to the e-cigarette market size in the U.S.

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Growth Drivers

The increasing awareness among consumers, easy availability of e-cigarettes, online distribution of products, technological advancements, and high prevalence of smoking-related diseases are the key factors attributing towards growth of the U.S. e-cigarette market. According to the Centers for Diseases Control and Prevention (CDC), cigarette smoking is the leading cause of preventable disease and death in the U.S., accounting for more than 480,000 deaths every year, or about 1 in 5 deaths. It reports that the 14.0% of all adults (34.3 million people): 15.8% of men, 12.2% of women were current cigarette smokers in 2017. However, among all current U.S. adult cigarette smokers, nearly 7 out of every 10 reported in 2015 that they wanted to quit completely. This creates a consumer segment that is more prone to adopt e-cigarettes.

Challenges

Despite the lobbying by the industry players, U.S. Food and Drug Administration (FDA) have not included e-cigarettes as smoking cessation products. This remains the key challenge for the manufacturers for further promoting the e-cigarettes to masses. Also, the high cost of these cigarettes is another key factor hindering the growth of the market.

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Competitive Insight

The prominent players operating in the U.S. e-cigarette market are Turning Point Brands, Inc. (International Vapor Group), British American Tobacco plc, VMR Products LLC, Altria Group Inc., Japan Tobacco Inc., Philip Morris International Inc., Imperial Brands plc, Njoy, Inc., Cigavette and FIN Branding Group LLC.

Source: VynZ Research