The US e-cigarette brand JUUL is now reportedly holding nearly 75% of the market share in the US e-cigarette market, making it one of the world’s most successful and fastest growing electric cigarette brands of all time. E-cigarettes have gained immense popularity in recent years primarily due to the increasing health concerns for smoking conventional cigarettes. The world’s top e-cigarette manufacturers like JUUL are focusing on developing innovative e-cigarettes in a variety of flavors, with many of them also retailing e-cigarettes online to reach a larger audience. With newly injected investments and well-established marketing and sales channels, JUUL’s market share in the US is expected to be further strengthened over the next five years.
Global E-cigarette Market Share Analysis
The global e-cigarette market is currently experiencing strong growth and its momentum is likely to continue over the next five years. Accounting to the latest global e-cigarette market share analysis report from Technavio, the global e-cigarette market size is forecast to increase by USD 38.4 billion from 2019 to 2023, accelerating at an impressive CAGR of over 22% during the forecast period.
E-cigarettes are less toxic than conventional cigarettes as they produce flavored aerosol which delivers nicotine without toxic chemicals. This has resulted in the growing demand for e-cigarettes as a smoking cessation tool. To cater to the growing demand and increase the sale of their products, many top e-cigarette companies are also focusing on product innovations and are adopting new advertising and promotional campaigns. The preference for e-cigarettes as an alternative from smoking tobacco will be a key e-cigarette market trend that will augment the growth of the e-cigarette market size throughout the next five years.
As for the product segment, the modular e-cigarette market segment accounts for the largest e-cigarette market share. The availability of customization options in terms of the amount of vapor, battery strength, e-liquid juice choice, and variable voltage offered by modular e-cigarettes is one of the significant factors driving the contribution of this product segment to the growth of the e-cigarette market size.
In terms of regional markets, North America accounts for the largest market share in terms of e-cigarette revenue worldwide. North America is also the home to many of the world’s top e-cigarette companies, such as Altria Group, Inc. and Philip Morris International Inc., which command a significant share of the market. Europe is another leading market for e-cigarette sales as the penetration of various of e-cigarette products is particularly high in the United Kingdom, Germany and France, due to a high demand from users in the age group of 30-44. However, the Asia Pacific’s market share is likely to witness the fastest growth rate over the next five years, contributing nearly 38% of the growth of global e-cigarette market. This is due to the rapidly growing demand for e-cigarettes in countries like China, India, Japan, Indonesia, and Thailand.
JUUL Market Share: Largest E-cigarette Brands in the US Market
According to the latest Nielsen data, the US e-cigarette brand JUUL is now accounting for nearly 75% of the market share in the US e-cigarette market in 2019, leaping from about 40% market share in 2017, making it today’s best-selling e-cigarette brands in the US. The phenomenal growth of JUUL has seen its annual e-cigarette sales which totalled USD $1.7 billion in 2018, reach a recent market valuation of USD 38 billion as of early 2019.
Within just a few years, JUUL has transformed from a little-known brand into one of the world’s largest e-cigarette companies. Many industry experts believe that this rapid development of JUUL is mainly attributed to its variety of innovative, engaging, and wide-reaching campaigns, as well its affiliated marketers on social media, including Twitter, Instagram, YouTube and Reddit. Due to the audiences of these social media platforms representing youth and young adults, JUUL’s marketing and promotion on social media have effectively increased the appeal, experimentation, initiation, and popularity of JUUL among younger generations. A 2017 survey reported that 8% of American youth and young adults (aged 15–24 years) used JUUL in the 30 days prior to the survey.
JUUL’s top selling products including an e-cigarette device shaped like a USB flash drive, accompanied with JUUL flavouring pods (Mango Nectar, Royal Creme, Golden Tobacco, and Glacier Mint). The rising popularity of e-cigarette use over the recent years is also facilitated by a wide variety of e-cigarettes offerings in different flavors and shapes. Evolving consumer taste is also driving the diversity in e-liquid flavors across the world, with tobacco, botanical, and fruit flavors being the most popular.
Check Technavio’s Global E-Cigarette Market Report 2019-2023
Check Technavio’s Global E-Cigarette Market Report 2019-2023 for more market insights related to the JUUL market share. This market research report provides the latest market size and market development for major market segments in terms of product types and regional market landscape. The report contains detailed market trends, market drivers, market challenges and key opportunities. In-depth market analysis such as Porter’s five force model, and comprehensive competitive landscape including detailed profiles of top companies are also included in the report.
