Are you involved in the e-cig industry or intend to be? Do you need to open an electronic cigarette merchant account? No worries. This article will tell you about the e-cigarette industry, its trends, as well as how to get an e-cig merchant account easily and affordably.
Global Electronic Cigarette Industry
The global electronic cigarette market is anticipated to have a CAGR of 16.6% during 2017 – 2022 and account for $27,670 million by 2022.
HTF MI (Market Intelligence) has done e-cigarette market research. This is a leading Market Intelligence company that provides syndicate market research and industry analysis reports with history, trends, and forecast data. According to HTF MI research, the major companies in the industry include:
- Blu eCigs
- International Vaporgroup
- Shenzhen Jieshibo Technology
- Innokin & Kimree
According to Research and Markets’ “Global E-Cigarette Market Size, Share, Development, Growth and Demand Forecast to 2022” report, the key company profiles are as follows:
- Altria Group, Inc.
- British American Tobacco Plc
- Japan Tobacco Inc
- Imperial Brands Plc
- Philip Morris International Inc.
- Reynolds American Inc.
- Vmr Products Llc
- Nicotek Llc
- Njoy Inc
- International Vapor Group
What are the factors that drive the growth of the global electronic cigarette market? The major factors include:
- Growing health awareness
- Advancement in electronic device technology
- Smoke and ash less vaping
- Change in lifestyle
- Various mergers and acquisitions between electronic cigarette providers
What about the opportunities existing in the global e-cig market? These include:
- Consumer’s shift toward tobacco alternatives
- Untapped market in emerging economies
- Investment and franchising
Open an Electronic Cigarette Merchant Account to Grow Your Business
Tobacco manufacturers are increasingly focusing their attention on modern technology development. This way, they’ll be able to create products that’re ahead of their competitors.
That’s the reason why electronic cigarette vendors aim at investing more in technology so to fight the competition in the field. Major tobacco companies are signing agreements with providers of technology and innovation in electronic cigarettes.
With all this in mind, it’s highly important to open a reliable and secure electronic cigarette merchant account so to be able to grow your business. Look for a reputable merchant services provider that will offer you affordable rates and the best credit card processing services for your own business needs.
As for the US, as of 2016, Reynolds American was the biggest player in the US with its Vuse gadget bagging a sales share in the country of 48.4%. Next came Imperial Brands subsidiary Fontem US Njoy, the largest independent electronic cigarette and vaping company in the US.
Author Bio: Electronic payments expert Blair Thomas co-founded eMerchantBroker, serving both traditional and high-risk merchants. His passions include producing music, and traveling to far off exotic places. eMerchantBroker is America’s No. 1 electronic cigarette merchant account company, serving both traditional and high-risk merchants.