According to the market research report published by P&S Intelligence, the UK e-cigarette market is forecast to reach $6.5bn by 2024.
The growth can be attributed to advancement in product design, growing demand for vaping devices, and fall in tobacco smoking due to rising.
On the basis of gender, the market is categorised into male and female. Of these, male consumers dominate the UK e-cigarette market, where the segment generated majority of the revenue share in 2018. Prevalence of more male traditional cigarette consumers in the country, opting for e-cigarettes have been a major factor for the large-scale adoption among male consumers.
As of 2018, the country had 3.2 million e-smokers, dominated by male consumers, however, the female category has been recognised as a growth target by the e-cigarette manufacturers leading to more targeted marketing campaigning across the region.
This is expected to increase the number of female e-cigarette consumers in the coming years.
Also, as of last year, consumers within the age group of 16-24 held the largest share in the UK e-cigarette market. It has been observed that e-cigarette smokers from urban areas and having higher educational levels contributed maximum to the 16-24 age group in the e-cigarette market.
Growing awareness pertaining to the harmful effects of smoking is increasing day by day across the country. This has resulted in the development of alternatives that help consumers quit traditional cigarettes. Cancer caused by smoking is one of the major concerns affecting the populace.
E-cigarette eliminates the risk of cancer and prevent the intake of more than 4,000 chemicals that are present in a tobacco cigarette. Due to various benefits offered by e-cigarettes such as no tobacco content, negligible toxins and carcinogens that lead to cancer over traditional cigarettes, further enhances its adoption over the globe.
The UK e-cigarette is a fragmented market having high competition. Companies such as Imperial Brands plc, British American Tobacco plc, Japan Tobacco Inc., and Philip Morris International Inc. are the leading players in the market. Of these top four players, Japan Tobacco Inc. held at third position in the market in 2018, driven by its reputation and increasing availability of its international e-vapor brands such as Ploom and Logic.