30.01.2020 Market Opportunity: US is the biggest Market for E-Cigarettes
Hamburg, January 30, 2020 – A Statista report has found that with a market volume of US$6.4bn in 2019 US where the world’s biggest market for e-cigarettes in 2019. As the global revenue is US$18bn, the US makes up for a third of it. The UK comes in second place with a market volume of US$3.2bn, almost 17% of the global market share. Followed by Canada (US$1.1bn), France (US$1bn) and Germany (US$996m).
The global market for e-cigarettes has been growing annually by almost 20% from US$5.1bn in 2012 to a global projected revenue of US$19.3bn for 2020. This will further grow by 37% to almost US$24.2bn in the next five years. While recent vaping scandals in the US have sharply affected the growth of e-cigarette revenue, the growth rate was 18.1% in 2018, but only 7.3% in 2019, the future looks more stable.
The Statista Consumer Market Outlook found that the highest smoking population is found in China with 296m people referred to regular tobacco products. North America and Europe though dominate the market for e-cigarettes. E-cigarettes remain the fastest growing tobacco product segment in the world, but they are still a niche market segment with a global share of 2.2%.
With the most revenue of tobacco products overall being generated in China (US$235bn) the market share of e-cigarettes (0.36%, 2019) and their growth rate are most conservative overall. The European market share (3.2%, 2019) is projected to grow by about 11% annually, while China will only see an annual 8% increase.
The “E-Cigarettes Segment” is part of the Statista Consumer Market Outlook 2019, the most recent study on the tobacco market. The Consumer Market Outlook provides insights and in-depth analysis for 18 consumer markets in 150 countries.
Founded in Germany in 2007, Statista has about 700 employees at ten office locations on four continents. Statista is a leading data and business intelligence portal which conducts international market and consumer studies as well as surveys. The business model "data as a service" is unique with no direct competitors in the market.