Latin America E Cigarettes Market Growth, Trends, and Forecasts (2023 - 2028)

Latin America E Cigarettes Market Growth, Trends, and Forecasts (2023 - 2028)

The Latin American e-cigarette market is forecasted to witness a CAGR of 5.74% during the forecast period (2022 - 2027).

Due to the impact of COVID-19, the E-cigarette market was affected where distribution and supply were impacted, such as Chile, Argentina, and Peru. Consumers adapt to in-home consumption because of stress and anxiety, affecting the market positively. Consumers are also looking for more affordable products to sustain their smoking habits as their income got affected due to COVID.

People are increasingly using E-cigarettes or electronic nicotine delivery systems (ENDS) as a substitute for smoking or recreational purposes. Due to the growing health concern over the usage of conventional tobacco-based cigarettes, the e-cigarette market has witnessed significant growth over the past decade. In Latin America, vaping is either illegal or the laws are uncertain about e-cigarettes. For example, vaping is banned in major countries like Argentina, Brazil, Mexico, and Venezuela, while there are no definite laws in countries like Peru and Colombia. As enforcement of e-cigarette laws is often open to local authorities, vape shops are often found in places where they are technically illegal in the region. In the entire region, only five regions where the sale of e-cigarettes is legal and allowed are Chile, Ecuador, Honduras, Paraguay, and Costa Rica.

Key Market TrendsGrowing Number of Smokers in the Lower Age Demographics

Almost all tobacco usage begins in childhood and continues throughout young adulthood. Around 3,200 children aged 18 and under light their first cigarette daily. Two new young smokers replace every adult smoker who dies prematurely. Although direct marketing to minors is now prohibited, the tobacco industry is still developing, packaging, and advertising its products in ways that appeal to the younger population. The companies after product innovation according to health and wellness, consumer preference, etc. Since the sales of e-cigarettes are limited to just five Latin American countries, the distribution of these products is also limited by Chinese private companies such as Innokin Technology and KangerTech.

Chile Holds Significant Share

Chile has the fifth-highest smoking rate in the world and the highest in Latin America. The country’s health system spends 1.15 trillion pesos annually on health care treatment of illnesses caused by smoking. Considering this fact, E-cigarettes are considered less toxic and safer than conventional tobacco cigarettes, making them a viable alternative. A research study concluded that the people who smoked only e-cigarettes had similar levels of carcinogens to people using nicotine-replacement therapies and had much lower toxicity levels than people who only smoked cigarettes. The reduced toxicity levels and cost concerns are expected to drive the e-cigarette market in Latin American countries. Chile has the fifth-highest smoking rate in the world and the highest in Latin America.

Competitive Landscape

The Latin American E-cigarettes market is competitive with many regional players. Some of the major companies selling e-cigarettes in the Latin American market are KangerTech, Innokin Technology, British American Tobacco, and Smok. Most of these companies sell their range of e-cigarettes via different online websites such as Revolution Vapor Ltda., and C.R. Vapor. Since it's legal to sell or use an e-cigarette in Ecuador, where they are considered 'electronic nicotine delivery systems', advertising of e-cigarettes in Ecuador is only allowed in venues accessed solely by adults, thereby providing some form of consumer knowledge regarding the brands or companies selling their range of e-cigarettes in the country.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.