Britons were the world’s biggest per capita spenders on e-cigarettes in 2019, with each adult spending about £33.
This accounts for an overall revenue of £2.5bn – almost 17% of the global market share. This results in a projected £36 per adult spending in 2020, according to the Consumer Market Outlook report by Statica.
Other high spending countries included the US with the biggest overall market volume of £5bn or £14 per capita, and New Zealand, with an overall market volume of £142m or £30 per capita.
The global market for e-cigarettes has been growing annually by almost 20% to £14bn since 2012. The global projected revenue is £14.97bn for 2020 and will grow by 37% to almost £19bn in the next five years.
Most revenue is being generated in Europe and North America, with Canada coming in third place with £855m, and France (£823m) and Germany (£773m) following suit.
The research found that the highest smoking population is found in China with 296 million people referred to regular tobacco products.
North America and Europe though dominate the market for e-cigarettes. E-cigarettes remain the fastest growing tobacco product segment in the world, but they are still a niche market segment with a global share of 2.2%.
With the most revenue of tobacco products overall being generated in China (£180bn) the market share of e-cigarettes (0.36%) and their growth rate are most conservative overall.
The European market share (3.2%) is projected to grow by about 11% annually, while China will only see an annual 8% increase.
The US market (5.3%) remains seemingly unaffected by recent vaping scandals, with a yearly market share increase of nearly 17%.