The release “provides a comprehensive examination of the commercial, legal and political situation for e-cigarettes in China, and an evaluation of likely scenarios for market development.” Amongst other things, it highlighted the fact that China’s market faces specific challenges due to the local tobacco monopoly. This leaves the vaping industry in a vague grey area.
Titled, “E-cigarettes in China: market, regulation and outlook,” the report also includes a comprehensive survey of local vaping regulations, both at a national level and also in six specific regions of the nation. These include: Hong Kong, Macau and Shanghai. Subsequently the regulatory section is broken down in further subsections, such as restrictions on ingredients, hardware, and retailing.
The global vape market
Meanwhile, another report by Grand View Research, looking at the global market, suggests that the innovation taking place across the e-cigarette industry, will lead to significant growth during the time period 2020-27.
In 2019, the global e-cigarette and vape market size stood at USD 12.41 billion, yet has since faced significant setbacks, first with the said teen vaping “epidemic” and EVALI outbreak in North America, and then due to the COVID pandemic. Despite this, reports Grand View Research, the market is expected to witness a growth at a CAGR of 23.8%, from the current period to 2027.
The main reason quoted for this expected growth, is the availability of a variety and innovation of vaping products. This is brought about by the development of new brands and different technologies, such as the the emergence of nicotine pods and heated tobacco products in the last few years. Amongst the major markets for e-cigarettes are France, the UK and the US.
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