The Industry Is Undergoing A Major Shake-up. How Do Overseas Practitioners View The Future Of E-cigarettes?

Under the prevailing trend of stricter global regulation and changes in market structure, the perspectives of overseas practitioners have become an important window for observing the future direction of the industry. Here are their genuine observations and viewpoints on the future development of electronic cigarettes:
1 "Alternative products represent the future, while traditional cigarettes are gradually fading away." "Alternative products are the future; traditional cigarettes are becoming a thing of the past."
-- Source: Global market analysts from Euromonitor made a presentation at the TABEXPO 2025 conference at at-schweiz.ch
2 "The growth in e-cigarette sales has significantly slowed down in major markets in Europe and America, and the industry is entering a restructuring period." "The growth in e-cigarette sales has significantly slowed in major markets such as the US and UK... Tobacco giants are now reevaluating strategies."
-- Source: Financial Times of the UK reports that giants such as BAT and PMI have all adjusted their strategies. Financial Times
3FDA approves Juul to sell in the US: Signal of industry recovery and challenge of regulatory balance "The FDA has authorized Juul to continue selling its tobacco- and menthol-flavored e-cigarettes..." 'able to help adult smokers switch to less harmful alternatives.'"
-- Source: AP News report, stating that this approval is an important milestone in the industry's adjustment direction
Under strict supervision, the ban on disposable electronic cigarettes may bring unintended risks. "Experts warn that the ban could have an 'unintended consequence' of driving thousands of people back to smoking... Up to 200,000 people may switch from vaping to smoking as a result of the upcoming ban."

-- Source: The Times' report on the effect of the ban on the sale of disposable electronic cigarettes in the UK The Times
5 Public health dilemma: Electronic cigarettes help with smoking cessation, but also bring new risks of teenage addiction "E-cigarettes..." have been shown to aid smoking cessation … However, they have also introduced new risks, particularly among youth who had never smoked before."
-- Source: Vox's in-depth analysis of the public health dilemma of e-cigarettes
Each point below is the opinion or statement of practitioners/industry representatives or industry observers, followed by the source
1 Regulatory uncertainty remains the biggest factor driving the industry to be conservative/reconstructing ● Multiple European and American industry insiders have repeatedly pointed out in industry summits and media: The new tax laws drafted by the EU and various countries, restrictions on one-time/one-use products, and the tiered approval process of the US FDA, etc., are forcing companies to shift from "expansion-driven" to "compliance and product reconstruction" - corporate strategies are more inclined towards the compliance path, and adjustments in technology and product lines to adapt to market differences. Reuters The E-Cigarette Summit USA2 Market differentiation and emerging markets (Southeast Asia, Middle East, etc.) are regarded as "growth resilience" ● Multiple industry reports and industry discussions list "overseas emerging markets" as the main positive variable: In the context of tightened regulations or tax reforms in Europe and the United States, supply chains and brands are shifting their focus to regions where regulations have not yet fully aligned but have significant growth potential. Industry experts at the conference and industry media stated that new markets can become a short-term growth buffer. World Vape Show Coherent Market Insights3 Product and technological innovation remain the preferred path for enterprises to cope with pressure ● From interviews with exhibition and manufacturing enterprises, many manufacturers consider research and development, recyclable/reusable design, and more refined compliance formulas (including nicotine limits and flavor compliance) as response strategies; exhibitors and manufacturing ends believe that "technology and product differentiation" is more capable of supporting long-term competitiveness than price wars. at-schweiz.ch hoovape.com 4 Trade and tariff changes lead to reconfiguration of supply chains/flows - it will affect prices and market structure ● Recent discussions (and public opinions) on changes in China's export tariffs and trade policies indicate: Some policies will change product flows (for example, certain tariff changes may prompt Chinese production capacity to shift to markets such as the UK/EU); industry insiders warn that this will cause a chain reaction of "low-priced products flooding in" and regulatory/environmental issues in the short term. The Guardian Financial Times 5 Public health and public opinion risks remain high - enterprises need to do compliance and image management well ● The voices of health organizations and public health groups (as well as self-reports within the industry) have made practitioners generally recognize that if regulatory and social concerns intensify (especially regarding the use by teenagers), it will greatly affect market licensing and social acceptance. Therefore, some company executives emphasized in public forums "legal compliance, avoiding exposure to minors, and supporting verifiable measures to reduce harm". truthinitiative.org The Guardian 6 The views of practitioners in different roles show significant differences - brands and channels are more cautious, while manufacturers and supply chains are more pragmatic ● Brands and channels tend to observe regulatory and market demand with caution, focusing on brand compliance and market positioning; manufacturers and supporting service providers pay more attention to production capacity, cost, and the feasibility of technological and cost-saving renovations; investors/analysts value market concentration and survival of the fittest under long-term compliance paths. Industry conference agendas and interview records also reflect this divergence. The E-Cigarette Summit USA Research and Markets Currently, the main market for e-cigarettes in China is still overseas, and the voices of practitioners in the overseas market often best reflect the true market pulse. Their judgments are not only industry thermometers but also important references for future directions.
In the context of constantly changing global regulatory and competitive landscapes, listening to the voices from the front line of the market may be the key to grasping trends and formulating strategies.