The Current State of Vape Development in China
Vaping in China may split into two paths: low-power e-liquid devices focused on smoking alternatives, and heated tobacco products led by IQOS. Together, they could form a massive future market.
In the future, vaping is expected to evolve along two paths. One path will be represented by existing Vaping players and low-power e-liquid simulation cigarettes aimed at smoking cessation. The other path will be led by IQOS and similar HNB products (heated tobacco products that do not burn tobacco). The future market will be enormous, potentially worth hundreds of billions. In China, there are still many misunderstandings about vaping, and the market remains in an early stage of awareness and education. Over the next 3 to 5 years, there will be opportunities for it to enter a real growth phase.
