The E-cigarette Market is currently a highly debated topic,
and with forecasted annual growth of 31% there are enormous opportunities
within this sector.
So what are the facts?
- Researchers are still unsure how effective e-cigarettes are as a quitting aid in comparison to other therapies such as nicotine patches.
- One recent study at the University of Catania found that 9% of a sample of 300 smokers had quit after 12 months, using e-cigarettes as an aid.
- In the UK, 25% of all quit attempts are made using e-cigarettes, making it the most popular quitting aid.
- The UK's medicines regulatory body MHRA therefore believes that e-cigarettes could help save 57,000 lives in the UK over the next decade.
The consumers in North America and the affluent countries in
Europe are becoming increasingly health conscious, and they want the market to
reflect their needs. E-cigarettes might not be a proven health tool yet, but
many are choosing to view them as such. From 2016 they are going to be classed
as medicines instead of consumer products if plans go ahead, making the market
a battleground for companies endeavouring to capitalise on this consumer trend.
Over one million people in the UK alone use e-cigarettes, and some analysts are
predicting that the e-cigarette market will be worth more than the traditional
cigarette market, currently over £400bn a year, in just ten years. Most
cigarette company are recognising the change, and that the association with
‘health’ means big profit potential. With massive superstores like Sainsburys
and Tesco Express bringing the product to a wider market, it’s fairly safe to
say that 2014 and is going to see a massive increase in the common use of
e-cigarettes.
Companies are now competing to be the leading brand in the
market, with some such as Nicolites going the further step by launching ‘energy
boosting’ e-cigs which are enriched, similar to energy drinks, to give the
consumer a stimulating rush when inhaled. Alongside this come warnings from
those who say we do not have enough statistics about the long-term side effects
in order to actively encourage the use of e-cigarettes. Others worry that
children as young as seven will start to use them recreationally, especially if
they are allowed to be advertised as glamorous, harkening back to original days
of cigarette marketing in the 1920s. Many countries including Brazil, Austria
and Belgium has banned e-cigarettes entirely, with Michael Bloomberg
controversially changing the e-cigarette legislation in New York before
finishing his term as Mayor. The EU faces a potential ban if several countries
within the union decide to vote against it, but despite all these challenges
the market still looks set to grow.
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Paminder Mayon
Marketing
T: +44(0)20 3220 0814
M: paminder.mayon@progressivemediagroup.com
M: paminder.mayon@progressivemediagroup.com
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