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Vaping products have continued to take a share of the worldwide retail market away from smokable tobacco over the past three years, with sales of combustible cigarettes declining by 5% – but the rate of growth of e-cigarettes has slowed.
Date for 2020 released by the Philip Morris International (PMI) funded Foundation for a Smoke-Free World in its Global Trends in Nicotine report showed that the total retail market for vaping products stood at $21.1bn in 2020, corresponding to 2.5% of the total value of the “global nicotine ecosystem”.
Conventional cigarettes retain a strong overall dominance. But the report highlights that alternatives represent a “significant investment focus among the leading international manufacturers”....