In our latest look at the Japanese market, we find that there are now more heated tobacco than e-cigarette users. We can see that there has been a steady decline of the vape market through 2017-2019, and a larger share of sales are going through the online channel (where prices are lower than in physical stores). Regulatory restrictions on nicotine-containing e-liquids have had a major impact, and we are seeing an increasing number of pre-filled pods on the market.
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