E-vaping hit a speed bump in 2020, not only due to the pandemic, but also because e-vaping products are now subject to tobacco tax and this is for a product that is already relatively expensive, compared to cigarettes. However, e-vaping has adjusted to the new reality and registered double-digit value growth in 2021.
E-liquids remained highly fragmented in 2021, with the relatively low average disposable incomes of local consumers encouraging strong price competition. As a result, cheap Chinese brands tend to be very popular.
Heated tobacco brand IQOS was launched in Georgia by Philip Morris during 2020. Both the IQOS device and the HEET sticks that it utilises achieved small but significant sales.
The outlook is positive, both for heated tobacco and e-vaping products. With authorities being very proactive in trying to lower smoking prevalence, the message is infiltrating the general population and it is expected that smoking prevalence will fall further over the forecast period, and for some a step in stopping smoking will be to switch to e-vaping or heated tobacco, as they are perceived as less harmful.
Vaping is perceived as expansive and also less convenient in comparison with smoking cigarettes, as there is much more limited availability. With the economic outlook uncertain over the forecast period, and inflation expected to rise even further, due to global factors such as rising energy prices and continuing global supply shortages, consumer purchasing power is expected to fall.
There is likely to be a degree of consolidation in e-liquids during the forecast period. Although price competition remains intense, the leading brands – Ritchy Group, Apollo Future Technology, Shenzen Joye Technology, VapeWild and Kilo E-Liquid – are likely to continue to expand their cumulative retail value share.
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Smokeless Tobacco and Vapour Products
Combined total of the four categories: Smokeless (including moist snuff and chewing tobacco), e-vapour products, heated tobacco and tobacco free oral nicotine.
See All of Our DefinitionsThis report originates from Passport, our Smokeless Tobacco and Vapour Products research and analysis database.
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