U.K. E-Cigarette Market To Generate $6,486.5 Million Revenue by 2024

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Japan E-Cigarette Market Revenue Estimation and Growth Forecast Report

Factors such as the innovation in product design and advancement in e-cigarette technology, rise in demand for smokeless and vaping devices, and fall in tobacco smoking due to the rising health awareness among the populace are expected to drive the growth of the U.K. e-cigarette market at a CAGR of 19.6% during the foreseeable period. According to P&S Intelligence, the market size is projected to reach $6,486.5 million by 2024 from $2,000.0 million in 2018. Moreover, the market is witnessing the trends of changing lifestyle preference and introduction of various flavors and fragrances.

The innovation in product design and advancement in e-cigarette technology is one of the main factors boosting the U.K. e-cigarette industry growth. Tobacco manufacturers are focusing on advanced technologies to have a competitive edge in the market, and thus they are introducing several innovative items, which help in improving their footprint across the country. For example, Japan Tobacco Inc. launched two new flavors of tobacco capsules, namely Pianissimo Aria Menthol and Pianissimo Pineapple Peach Yellow Cooler, in March 2019, for the Ploom TECH brand.

Browse detailed report – U.K. E-Cigarette Market Analysis and Demand Forecast Report

Based on product, the U.K. e-cigarette industry is classified into cig-a-like, t-vapor, vaporizer, and vape mod. Out of these, the vape mod category is expected to record robust growth during the forecast period. This can be ascribed to its advantageous features, including power modulation and flavor customization, which enable users to produce more vapor as per their preference. Furthermore, as per the National Statistics, in 2018, about 37% of the U.K. population tried an e-cigarette at least once. This number is rising at a rate of 24% yearly.

Moreover, the U.K. e-cigarette market, on the basis of distribution channel, is categorized into vape shops, hypermarket/supermarket, online, tobacconist, and others, wherein others include gas stations, pharmacies, convenience stores, vending machines, and general shops. Among these, the vape shops category accounted for the largest market share in 2018. This is attributed to the increasing number of vape shops in the country. For instance, as per the U.K. Vaping Industry Association (UKVIA), there were around 2,000 vape shops in the U.K. in 2017, and this number is expected to increase in the coming years.

On the basis of region, the U.K. e-cigarette market is classified into England, Wales, Scotland, and Northern Ireland. Geographically, England led the market in 2018. This is ascribed to the increasing number of new consumers in the region, who are shifting to e-cigarettes from traditional tobacco cigarettes. Also, regional e-cigarette players have been investing in research and development (R&D) to invent new technologies and flavors, according to the surging interest in e-cigarettes among people and their preference, and attract more new users and retain the existing customers.

Thus, the innovation in product design and advancement in e-cigarette technology, and the rise in demand for smokeless and vaping devices across the country are projected to propel the market growth in the coming years.

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