Volume has been a common complaint in various industries in recent years, and yet there is little power to change it. The e-cigarette industry was regarded by insiders as the most "intensely competitive" year in 2024, with occurrences such as bankruptcy liquidation, transformation, suspension of business, and closure, which is a rare phenomenon since the advent and 20-year development of e-cigarettes in 2003.
However, the e-cigarette industry remains one of the best industries in 2024. The stable customs export data, the decent consumption power within the industry, and the market value growth of listed companies all indicate that, as a part of the new tobacco industry, the e-cigarette industry still retains its characteristic of having broad development space.
Review of 2024: At the beginning of 2024, three trends in the future development of the e-cigarette industry were predicted. Defining products based on these trends indeed became a highlight in 2024 and will likely continue to be a trend for a long time to come.
- Although disposable screen-display products emerged in an endless stream at the beginning of 2024, with various forms such as small screens, large screens, and curved screens, and the products of Brand G were in short supply in the United States, even reaching the point where it was difficult to obtain a single device. However, through our research and judgment, we determined that this type of product was short-lived and would decline within half a year. What we predicted was that CBD-infused e-cigarette products would last throughout the year and become the most eye-catching sight. Brands C, O, V, etc. achieved remarkable success and became a rare phenomenon where domestic brands dominated, also being a category that maintained double-digit growth.
- The trend of CBD being incorporated into e-cigarettes was our prediction for the development of hemp-related devices. Unexpectedly, the concept of solving the "last mile" problem also provided a good reference for CBD device enterprises. 2024 was the best year for the development of CBD products, and it will be even better in the future. For example, Brand G has maintained an annual compound growth rate of over 30%, and Brand A has shone brightly this year with a sharp increase in the number of factory workers.
- Unexpectedly, modularization became a major undertaking in which multiple giant enterprises competed to make arrangements. It was not only applied to the supply chains and semi-finished products of equipment, e-cigarette liquids, and e-cigarette devices but also adopted in finished products, such as four-in-one, 2 + 10, etc. Eventually, even nicotine oral pouch enterprises began to draw on this concept.
Prediction for 2025: The three trends will continue to be deepened and strengthened. However, the era of intelligence has arrived. How to better adapt to regulatory requirements and meet consumer demands in the "e-cigarette +" era through the application of new technologies such as smart wearables and artificial intelligence will become the key development direction this year.
Source: 雾影智库
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