February 4, 2020
Britons spend more on e-cigarettes than any other country on Earth, according to a report by Statista – suggesting UK retailers have a uniquely large opportunity to profit from this growing category.
The US is by far the largest market at £5.1bn but, per capita, the UK’s £2.43bn means the average UK person spends just under £37 on e-cigarettes each year – putting it at first place.
Statista’s Global Consumer Survey is based on data from 700,000 interviews with people in 55 countries
Global revenue of e-cigarettes is projected to rise by almost 10% in 2020 – suggesting that the new decade could see the industry put its difficulties behind it.
The report says global revenue for 2020 will be US$19.3bn (or nearly £15bn).
Most impressive, is the growth that the category has seen over the past decade. In 2012 the global market for e-cigarettes and vaping products was estimated to be US$5.1bn. By 2023 that figure will be US$24.2bn.
For context, however, the report also shows that, per capita, the global revenue for cigarettes remains high at over US$101. Yet, with such impressive growth, it isn’t impossible to think e-cigarettes could overtake this by the end of the next decade.
Whatever you do, however, just don’t listen to anyone who says the category has peaked.