The e-cigarette market is set to witness its highest global growth by 2023, according to recent market research.

The flourishing industry was valued at an astonishing $11.5 billion last year and is expecting a compound annual growth rate (CAGR) of 21.6 percent between 2019 and 2024, P&S Intelligence reports.

P&S have attributed this whopping market growth to increased global awareness of the dangers of smoking, with tobacco-related cancers a primary concern for people around the world.

The expanding number of vape shops and new industry innovations have also been observed as major market drivers.

Future developments in vaping technology – including increases in flavour offerings – and the reported economic savings are expected to garner more interest in the industry, attracting consumers in the coming years.

Currently, the leading international distribution channel for e-cigarettes are tobacconists, followed closely by dedicated vape shops. However, online distribution channels are expected to have the highest CAGR during the forecast period.

Unsurprisingly, Europe has the largest e-cigarette market globally with the majority of revenue attributed to the UK, France and Russia.

E-cigarette usage continues to increase across the European region and the European Union (EU) have specified that one in seven current cigarette smokers are also current e-cigarette users.

Though growth in other regions is slower, health concerns relating to tobacco – and a slow-but-steady adoption of e-cigarettes as smoking cessation aids by public health authorities – may further aid market growth outside of Europe.

Source: P&S Intelligence