Philippines E-cigarette and Vape Market Size Set to Grow at Steady CAGR to Reach USD 287.33 Million & 653,190 Units by 2030

Published | 04 June 2024

Philippines E-cigarette and Vape Market is flourishing because of the emerging alternative to traditional smoking and advancements in e-cigarette technology.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Philippines E-cigarette and Vape Market size at USD 218.19 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Philippines E-cigarette and Vape Market size to expand at a CAGR of 5.03% reaching a value of USD 287.33 million by 2030. By volume, BlueWeave estimated the Philippines E-cigarette and Vape Market size at 440.2 thousand units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Philippines E-cigarette and Vape Market size to expand at a CAGR of 5.10% reaching the volume of 653.19 thousand units by 2030. The lowered negative effects of e-cigarettes and vapes in comparison to traditional smoking and the introduction of new products with an extensive flavor selection are major growth catalysts for the Philippines E-cigarette and Vape Market. The market is further propelled by lower cost of vaping and e-cigarettes per use than regular cigarettes.

Opportunity - Rising demand for customized and reusable e-cigarette and vape

The rising glamourization and easy accessibility to e-cigarettes and vaping in the Philippines is boosting the overall market growth. Consumers, particularly young people, are demanding customized and reusable e-cigarette and vape, which is anticipated to drive the market growth over the forecast period. Customized products enable users to alter the PG/VG ratios and nicotine concentrations to achieve a better flavor and/or a bigger "throat hit." Users may also alter the battery voltage to change the e-liquid's temperature, nicotine yield, or puff volume.

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Philippines E-cigarette and Vape Market

Segmental Coverage

Philippines E-cigarette And Vape Market – By Distribution Channel

Based on distribution channel, the Philippines E-cigarette and Vape Market is split into online and retail segments. The retail segment is further classified into convenience store, drug store, newsstand, tobacconist store, and specialty e-cigarette store. The retail segment dominates the Philippines E-cigarette and Vape Market. The increasing demand for e-cigarette and vapes in Philippines results in the increasing number of vape shops across the country. The offline shops, such as convenience stores and drug stores, also allow consumers to test their e-cigarette and vapes before making purchases, which also contributes to its market growth.

Competitive Landscape

Major players operating in the Philippines E-cigarette and Vape Market include Altria Group Inc., British American Tobacco plc, Geekvape, Imperial Brands plc, Japan Tobacco Inc., Juul Labs, Inc., Philip Morris International Inc., RELX International Enterprise HK Limited, Shenzhen Nevoks Technology Co., Ltd (Nevoks), and Voopoo.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Philippines E-cigarette and Vape Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Philippines E-cigarette and Vape Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Philippines E-cigarette and Vape Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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