Global E-Cigarette Market Size, Share, Demand Report By Product Type (Disposable E-Cigarettes, Rechargeable Pod Systems, Modular Vaporizers, Hybrid Devices), By Nicotine Type (Nicotine-Based, Nicotine-Free), By Flavor Type (Tobacco, Menthol, Fruit & Candy, Beverage & Dessert), By Distribution Channel (Online Retail, Specialty Vape Shops, Convenience Stores, Supermarkets & Hypermarkets, Tobacco Stores), By End User (Adult Smokers, Young Adults, Recreational Users, Smoking Cessation Users), By Region & Segment Forecasts, 2026–2031

Report Code: RI3399PUB
Last Updated : April, 2026
Author : Benjamin Hayes

Table of Contents

  1. Executive Summary
    1. Introduction
  2. Market Introduction
    1. Market Definition
    2. Scope of the Study
    3. Market Structure
  3. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  4. Market Factor Analysis
    1. Value Chain Analysis: E-Cigarette Market
    2. Porters Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Dynamics
    1. Drivers
    2. Restraints
    3. Opportunities
  6. Recent Trends Analysis
  7. Impact of COVID-19 on E-Cigarette Market
    1. Pre and Post Covid -19 Market Scenario Analysis
    2. Market Recovery Timeline and Challenge
    3. Measures Taken by Top Players
  8. Regulatory Landscape
  9. E-Cigarette Market, By Product Type
    1. Introduction
      1. Market Size and Forecast, By Product Type
    2. Disposable E-Cigarettes
      1. Market Size and Forecast, By Region
    3. Rechargeable E-Cigarettes 
      1. Market Size and Forecast, By Region
    4. Modular / Advanced Personal Vaporizers 
      1. Market Size and Forecast, By Region
    5. Hybrid Nicotine Delivery Devices
      1. Market Size and Forecast, By Region
  10. E-Cigarette Market, By Nicotine Type
    1. Introduction
      1. Market Size and Forecast, By Nicotine Type
    2. Nicotine-Based E-Liquids
      1. Market Size and Forecast, By Region
    3. Nicotine-Free E-Liquids
      1. Market Size and Forecast, By Region
  11. E-Cigarette Market, By Flavor Type
    1. Introduction
      1. Market Size and Forecast, By Flavor Type
    2. Tobacco Flavors
      1. Market Size and Forecast, By Region
    3. Menthol Flavors
      1. Market Size and Forecast, By Region
    4. Fruit & Candy Flavors
      1. Market Size and Forecast, By Region
    5. Beverage & Dessert Flavors
      1. Market Size and Forecast, By Region
    6. Others (Herbal, Hybrid Blends)
      1. Market Size and Forecast, By Region
  12. E-Cigarette Market, By Distribution Channel
    1. Introduction
      1. Market Size and Forecast, By Distribution Channel
    2. Online Retail / E-Commerce
      1. Market Size and Forecast, By Region
    3. Specialty Vape Shops
      1. Market Size and Forecast, By Region
    4. Convenience Stores
      1. Market Size and Forecast, By Region
    5. Supermarkets & Hypermarkets
      1. Market Size and Forecast, By Region
    6. Tobacco Retail Stores
      1. Market Size and Forecast, By Region
  13. E-Cigarette Market, By End User
    1. Introduction
      1. Market Size and Forecast, By End User
    2. Adult Smokers (Transition Segment)
      1. Market Size and Forecast, By Region
    3. Young Adult Consumers (18–35 Years)
      1. Market Size and Forecast, By Region
    4. Recreational Users
      1. Market Size and Forecast, By Region
    5. Smoking Cessation Users
      1. Market Size and Forecast, By Region
  14. Regional Overview
    1. Introduction
      1. Market Size and Forecast
    2. North America
      1. Market Size and Forecast
        1. By Product Type
          1. Disposable E-Cigarettes
            1. Rechargeable E-Cigarettes 
              1. Modular / Advanced Personal Vaporizers 
                1. Hybrid Nicotine Delivery Devices
                2. By Nicotine Type
                  1. Nicotine-Based E-Liquids
                    1. Nicotine-Free E-Liquids
                    2. By Flavor Type
                      1. Tobacco Flavors
                        1. Menthol Flavors
                          1. Fruit & Candy Flavors
                            1. Beverage & Dessert Flavors
                              1. Others (Herbal, Hybrid Blends)
                              2. By Distribution Channel
                                1. Online Retail / E-Commerce
                                  1. Specialty Vape Shops
                                    1. Convenience Stores
                                      1. Supermarkets & Hypermarkets
                                        1. Tobacco Retail Stores
                                        2. By End User
                                          1. Adult Smokers (Transition Segment)
                                            1. Young Adult Consumers (18–35 Years)
                                              1. Recreational Users
                                                1. Smoking Cessation Users
                                              2. U.S.
                                                1. By Product Type
                                                  1. Disposable E-Cigarettes
                                                    1. Rechargeable E-Cigarettes 
                                                      1. Modular / Advanced Personal Vaporizers 
                                                        1. Hybrid Nicotine Delivery Devices
                                                        2. By Nicotine Type
                                                          1. Nicotine-Based E-Liquids
                                                            1. Nicotine-Free E-Liquids
                                                            2. By Flavor Type
                                                              1. Tobacco Flavors
                                                                1. Menthol Flavors
                                                                  1. Fruit & Candy Flavors
                                                                    1. Beverage & Dessert Flavors
                                                                      1. Others (Herbal, Hybrid Blends)
                                                                      2. By Distribution Channel
                                                                        1. Online Retail / E-Commerce
                                                                          1. Specialty Vape Shops
                                                                            1. Convenience Stores
                                                                              1. Supermarkets & Hypermarkets
                                                                                1. Tobacco Retail Stores
                                                                                2. By End User
                                                                                  1. Adult Smokers (Transition Segment)
                                                                                    1. Young Adult Consumers (18–35 Years)
                                                                                      1. Recreational Users
                                                                                        1. Smoking Cessation Users
                                                                                      2. Canada
                                                                                    2. Europe
                                                                                      1. Market Size and Forecast
                                                                                        1. By Product Type
                                                                                          1. Disposable E-Cigarettes
                                                                                            1. Rechargeable E-Cigarettes 
                                                                                              1. Modular / Advanced Personal Vaporizers 
                                                                                                1. Hybrid Nicotine Delivery Devices
                                                                                                2. By Nicotine Type
                                                                                                  1. Nicotine-Based E-Liquids
                                                                                                    1. Nicotine-Free E-Liquids
                                                                                                    2. By Flavor Type
                                                                                                      1. Tobacco Flavors
                                                                                                        1. Menthol Flavors
                                                                                                          1. Fruit & Candy Flavors
                                                                                                            1. Beverage & Dessert Flavors
                                                                                                              1. Others (Herbal, Hybrid Blends)
                                                                                                              2. By Distribution Channel
                                                                                                                1. Online Retail / E-Commerce
                                                                                                                  1. Specialty Vape Shops
                                                                                                                    1. Convenience Stores
                                                                                                                      1. Supermarkets & Hypermarkets
                                                                                                                        1. Tobacco Retail Stores
                                                                                                                        2. By End User
                                                                                                                          1. Adult Smokers (Transition Segment)
                                                                                                                            1. Young Adult Consumers (18–35 Years)
                                                                                                                              1. Recreational Users
                                                                                                                                1. Smoking Cessation Users
                                                                                                                              2. U.K.
                                                                                                                                1. By Product Type
                                                                                                                                  1. Disposable E-Cigarettes
                                                                                                                                    1. Rechargeable E-Cigarettes 
                                                                                                                                      1. Modular / Advanced Personal Vaporizers 
                                                                                                                                        1. Hybrid Nicotine Delivery Devices
                                                                                                                                        2. By Nicotine Type
                                                                                                                                          1. Nicotine-Based E-Liquids
                                                                                                                                            1. Nicotine-Free E-Liquids
                                                                                                                                            2. By Flavor Type
                                                                                                                                              1. Tobacco Flavors
                                                                                                                                                1. Menthol Flavors
                                                                                                                                                  1. Fruit & Candy Flavors
                                                                                                                                                    1. Beverage & Dessert Flavors
                                                                                                                                                      1. Others (Herbal, Hybrid Blends)
                                                                                                                                                      2. By Distribution Channel
                                                                                                                                                        1. Online Retail / E-Commerce
                                                                                                                                                          1. Specialty Vape Shops
                                                                                                                                                            1. Convenience Stores
                                                                                                                                                              1. Supermarkets & Hypermarkets
                                                                                                                                                                1. Tobacco Retail Stores
                                                                                                                                                                2. By End User
                                                                                                                                                                  1. Adult Smokers (Transition Segment)
                                                                                                                                                                    1. Young Adult Consumers (18–35 Years)
                                                                                                                                                                      1. Recreational Users
                                                                                                                                                                        1. Smoking Cessation Users
                                                                                                                                                                      2. Germany
                                                                                                                                                                      3. France
                                                                                                                                                                      4. Spain
                                                                                                                                                                      5. Italy
                                                                                                                                                                      6. Russia
                                                                                                                                                                      7. Nordic
                                                                                                                                                                      8. Benelux
                                                                                                                                                                      9. Rest of Europe
                                                                                                                                                                    2. APAC
                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                        1. By Product Type
                                                                                                                                                                          1. Disposable E-Cigarettes
                                                                                                                                                                            1. Rechargeable E-Cigarettes 
                                                                                                                                                                              1. Modular / Advanced Personal Vaporizers 
                                                                                                                                                                                1. Hybrid Nicotine Delivery Devices
                                                                                                                                                                                2. By Nicotine Type
                                                                                                                                                                                  1. Nicotine-Based E-Liquids
                                                                                                                                                                                    1. Nicotine-Free E-Liquids
                                                                                                                                                                                    2. By Flavor Type
                                                                                                                                                                                      1. Tobacco Flavors
                                                                                                                                                                                        1. Menthol Flavors
                                                                                                                                                                                          1. Fruit & Candy Flavors
                                                                                                                                                                                            1. Beverage & Dessert Flavors
                                                                                                                                                                                              1. Others (Herbal, Hybrid Blends)
                                                                                                                                                                                              2. By Distribution Channel
                                                                                                                                                                                                1. Online Retail / E-Commerce
                                                                                                                                                                                                  1. Specialty Vape Shops
                                                                                                                                                                                                    1. Convenience Stores
                                                                                                                                                                                                      1. Supermarkets & Hypermarkets
                                                                                                                                                                                                        1. Tobacco Retail Stores
                                                                                                                                                                                                        2. By End User
                                                                                                                                                                                                          1. Adult Smokers (Transition Segment)
                                                                                                                                                                                                            1. Young Adult Consumers (18–35 Years)
                                                                                                                                                                                                              1. Recreational Users
                                                                                                                                                                                                                1. Smoking Cessation Users
                                                                                                                                                                                                              2. China
                                                                                                                                                                                                                1. By Product Type
                                                                                                                                                                                                                  1. Disposable E-Cigarettes
                                                                                                                                                                                                                    1. Rechargeable E-Cigarettes 
                                                                                                                                                                                                                      1. Modular / Advanced Personal Vaporizers 
                                                                                                                                                                                                                        1. Hybrid Nicotine Delivery Devices
                                                                                                                                                                                                                        2. By Nicotine Type
                                                                                                                                                                                                                          1. Nicotine-Based E-Liquids
                                                                                                                                                                                                                            1. Nicotine-Free E-Liquids
                                                                                                                                                                                                                            2. By Flavor Type
                                                                                                                                                                                                                              1. Tobacco Flavors
                                                                                                                                                                                                                                1. Menthol Flavors
                                                                                                                                                                                                                                  1. Fruit & Candy Flavors
                                                                                                                                                                                                                                    1. Beverage & Dessert Flavors
                                                                                                                                                                                                                                      1. Others (Herbal, Hybrid Blends)
                                                                                                                                                                                                                                      2. By Distribution Channel
                                                                                                                                                                                                                                        1. Online Retail / E-Commerce
                                                                                                                                                                                                                                          1. Specialty Vape Shops
                                                                                                                                                                                                                                            1. Convenience Stores
                                                                                                                                                                                                                                              1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                1. Tobacco Retail Stores
                                                                                                                                                                                                                                                2. By End User
                                                                                                                                                                                                                                                  1. Adult Smokers (Transition Segment)
                                                                                                                                                                                                                                                    1. Young Adult Consumers (18–35 Years)
                                                                                                                                                                                                                                                      1. Recreational Users
                                                                                                                                                                                                                                                        1. Smoking Cessation Users
                                                                                                                                                                                                                                                      2. Korea
                                                                                                                                                                                                                                                      3. Japan
                                                                                                                                                                                                                                                      4. India
                                                                                                                                                                                                                                                      5. Australia
                                                                                                                                                                                                                                                      6. Singapore
                                                                                                                                                                                                                                                      7. Taiwan
                                                                                                                                                                                                                                                      8. South East Asia
                                                                                                                                                                                                                                                      9. Rest of Asia-Pacific
                                                                                                                                                                                                                                                    2. Middle East and Africa
                                                                                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                                                                                        1. By Product Type
                                                                                                                                                                                                                                                          1. Disposable E-Cigarettes
                                                                                                                                                                                                                                                            1. Rechargeable E-Cigarettes 
                                                                                                                                                                                                                                                              1. Modular / Advanced Personal Vaporizers 
                                                                                                                                                                                                                                                                1. Hybrid Nicotine Delivery Devices
                                                                                                                                                                                                                                                                2. By Nicotine Type
                                                                                                                                                                                                                                                                  1. Nicotine-Based E-Liquids
                                                                                                                                                                                                                                                                    1. Nicotine-Free E-Liquids
                                                                                                                                                                                                                                                                    2. By Flavor Type
                                                                                                                                                                                                                                                                      1. Tobacco Flavors
                                                                                                                                                                                                                                                                        1. Menthol Flavors
                                                                                                                                                                                                                                                                          1. Fruit & Candy Flavors
                                                                                                                                                                                                                                                                            1. Beverage & Dessert Flavors
                                                                                                                                                                                                                                                                              1. Others (Herbal, Hybrid Blends)
                                                                                                                                                                                                                                                                              2. By Distribution Channel
                                                                                                                                                                                                                                                                                1. Online Retail / E-Commerce
                                                                                                                                                                                                                                                                                  1. Specialty Vape Shops
                                                                                                                                                                                                                                                                                    1. Convenience Stores
                                                                                                                                                                                                                                                                                      1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                        1. Tobacco Retail Stores
                                                                                                                                                                                                                                                                                        2. By End User
                                                                                                                                                                                                                                                                                          1. Adult Smokers (Transition Segment)
                                                                                                                                                                                                                                                                                            1. Young Adult Consumers (18–35 Years)
                                                                                                                                                                                                                                                                                              1. Recreational Users
                                                                                                                                                                                                                                                                                                1. Smoking Cessation Users
                                                                                                                                                                                                                                                                                              2. UAE
                                                                                                                                                                                                                                                                                                1. By Product Type
                                                                                                                                                                                                                                                                                                  1. Disposable E-Cigarettes
                                                                                                                                                                                                                                                                                                    1. Rechargeable E-Cigarettes 
                                                                                                                                                                                                                                                                                                      1. Modular / Advanced Personal Vaporizers 
                                                                                                                                                                                                                                                                                                        1. Hybrid Nicotine Delivery Devices
                                                                                                                                                                                                                                                                                                        2. By Nicotine Type
                                                                                                                                                                                                                                                                                                          1. Nicotine-Based E-Liquids
                                                                                                                                                                                                                                                                                                            1. Nicotine-Free E-Liquids
                                                                                                                                                                                                                                                                                                            2. By Flavor Type
                                                                                                                                                                                                                                                                                                              1. Tobacco Flavors
                                                                                                                                                                                                                                                                                                                1. Menthol Flavors
                                                                                                                                                                                                                                                                                                                  1. Fruit & Candy Flavors
                                                                                                                                                                                                                                                                                                                    1. Beverage & Dessert Flavors
                                                                                                                                                                                                                                                                                                                      1. Others (Herbal, Hybrid Blends)
                                                                                                                                                                                                                                                                                                                      2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                        1. Online Retail / E-Commerce
                                                                                                                                                                                                                                                                                                                          1. Specialty Vape Shops
                                                                                                                                                                                                                                                                                                                            1. Convenience Stores
                                                                                                                                                                                                                                                                                                                              1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                                                                1. Tobacco Retail Stores
                                                                                                                                                                                                                                                                                                                                2. By End User
                                                                                                                                                                                                                                                                                                                                  1. Adult Smokers (Transition Segment)
                                                                                                                                                                                                                                                                                                                                    1. Young Adult Consumers (18–35 Years)
                                                                                                                                                                                                                                                                                                                                      1. Recreational Users
                                                                                                                                                                                                                                                                                                                                        1. Smoking Cessation Users
                                                                                                                                                                                                                                                                                                                                      2. Turky
                                                                                                                                                                                                                                                                                                                                      3. Saudi Arabia
                                                                                                                                                                                                                                                                                                                                      4. South Africa
                                                                                                                                                                                                                                                                                                                                      5. Egypt
                                                                                                                                                                                                                                                                                                                                      6. Nigeria
                                                                                                                                                                                                                                                                                                                                      7. Rest of MEA
                                                                                                                                                                                                                                                                                                                                    2. LATAM
                                                                                                                                                                                                                                                                                                                                      1. Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                        1. By Product Type
                                                                                                                                                                                                                                                                                                                                          1. Disposable E-Cigarettes
                                                                                                                                                                                                                                                                                                                                            1. Rechargeable E-Cigarettes 
                                                                                                                                                                                                                                                                                                                                              1. Modular / Advanced Personal Vaporizers 
                                                                                                                                                                                                                                                                                                                                                1. Hybrid Nicotine Delivery Devices
                                                                                                                                                                                                                                                                                                                                                2. By Nicotine Type
                                                                                                                                                                                                                                                                                                                                                  1. Nicotine-Based E-Liquids
                                                                                                                                                                                                                                                                                                                                                    1. Nicotine-Free E-Liquids
                                                                                                                                                                                                                                                                                                                                                    2. By Flavor Type
                                                                                                                                                                                                                                                                                                                                                      1. Tobacco Flavors
                                                                                                                                                                                                                                                                                                                                                        1. Menthol Flavors
                                                                                                                                                                                                                                                                                                                                                          1. Fruit & Candy Flavors
                                                                                                                                                                                                                                                                                                                                                            1. Beverage & Dessert Flavors
                                                                                                                                                                                                                                                                                                                                                              1. Others (Herbal, Hybrid Blends)
                                                                                                                                                                                                                                                                                                                                                              2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                                                1. Online Retail / E-Commerce
                                                                                                                                                                                                                                                                                                                                                                  1. Specialty Vape Shops
                                                                                                                                                                                                                                                                                                                                                                    1. Convenience Stores
                                                                                                                                                                                                                                                                                                                                                                      1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                                                                                                        1. Tobacco Retail Stores
                                                                                                                                                                                                                                                                                                                                                                        2. By End User
                                                                                                                                                                                                                                                                                                                                                                          1. Adult Smokers (Transition Segment)
                                                                                                                                                                                                                                                                                                                                                                            1. Young Adult Consumers (18–35 Years)
                                                                                                                                                                                                                                                                                                                                                                              1. Recreational Users
                                                                                                                                                                                                                                                                                                                                                                                1. Smoking Cessation Users
                                                                                                                                                                                                                                                                                                                                                                              2. Brazil
                                                                                                                                                                                                                                                                                                                                                                                1. By Product Type
                                                                                                                                                                                                                                                                                                                                                                                  1. Disposable E-Cigarettes
                                                                                                                                                                                                                                                                                                                                                                                    1. Rechargeable E-Cigarettes 
                                                                                                                                                                                                                                                                                                                                                                                      1. Modular / Advanced Personal Vaporizers 
                                                                                                                                                                                                                                                                                                                                                                                        1. Hybrid Nicotine Delivery Devices
                                                                                                                                                                                                                                                                                                                                                                                        2. By Nicotine Type
                                                                                                                                                                                                                                                                                                                                                                                          1. Nicotine-Based E-Liquids
                                                                                                                                                                                                                                                                                                                                                                                            1. Nicotine-Free E-Liquids
                                                                                                                                                                                                                                                                                                                                                                                            2. By Flavor Type
                                                                                                                                                                                                                                                                                                                                                                                              1. Tobacco Flavors
                                                                                                                                                                                                                                                                                                                                                                                                1. Menthol Flavors
                                                                                                                                                                                                                                                                                                                                                                                                  1. Fruit & Candy Flavors
                                                                                                                                                                                                                                                                                                                                                                                                    1. Beverage & Dessert Flavors
                                                                                                                                                                                                                                                                                                                                                                                                      1. Others (Herbal, Hybrid Blends)
                                                                                                                                                                                                                                                                                                                                                                                                      2. By Distribution Channel
                                                                                                                                                                                                                                                                                                                                                                                                        1. Online Retail / E-Commerce
                                                                                                                                                                                                                                                                                                                                                                                                          1. Specialty Vape Shops
                                                                                                                                                                                                                                                                                                                                                                                                            1. Convenience Stores
                                                                                                                                                                                                                                                                                                                                                                                                              1. Supermarkets & Hypermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                1. Tobacco Retail Stores
                                                                                                                                                                                                                                                                                                                                                                                                                2. By End User
                                                                                                                                                                                                                                                                                                                                                                                                                  1. Adult Smokers (Transition Segment)
                                                                                                                                                                                                                                                                                                                                                                                                                    1. Young Adult Consumers (18–35 Years)
                                                                                                                                                                                                                                                                                                                                                                                                                      1. Recreational Users
                                                                                                                                                                                                                                                                                                                                                                                                                        1. Smoking Cessation Users
                                                                                                                                                                                                                                                                                                                                                                                                                      2. Mexico
                                                                                                                                                                                                                                                                                                                                                                                                                      3. Argentina
                                                                                                                                                                                                                                                                                                                                                                                                                      4. Chile
                                                                                                                                                                                                                                                                                                                                                                                                                      5. Colombia
                                                                                                                                                                                                                                                                                                                                                                                                                      6. Rest of LATAM
                                                                                                                                                                                                                                                                                                                                                                                                                  2. Competitive Landscape, 2025
                                                                                                                                                                                                                                                                                                                                                                                                                    1. Introduction
                                                                                                                                                                                                                                                                                                                                                                                                                    2. E-Cigarette Market Share Analysis, 2025 (%)
                                                                                                                                                                                                                                                                                                                                                                                                                      1. Market Share Analysis, 2025
                                                                                                                                                                                                                                                                                                                                                                                                                      2. Competition Ranking, 2025
                                                                                                                                                                                                                                                                                                                                                                                                                      3. Key Developments & Growth Strategies
                                                                                                                                                                                                                                                                                                                                                                                                                        1. Merger & Acquisition
                                                                                                                                                                                                                                                                                                                                                                                                                        2. Product Launch
                                                                                                                                                                                                                                                                                                                                                                                                                        3. Expansion
                                                                                                                                                                                                                                                                                                                                                                                                                      4. Consolidated SWOT Analysis of Key Players
                                                                                                                                                                                                                                                                                                                                                                                                                  3. Company Profile
                                                                                                                                                                                                                                                                                                                                                                                                                    1. British American Tobacco
                                                                                                                                                                                                                                                                                                                                                                                                                      1. Business Overview
                                                                                                                                                                                                                                                                                                                                                                                                                      2. Financial Data
                                                                                                                                                                                                                                                                                                                                                                                                                      3. Key Product domains
                                                                                                                                                                                                                                                                                                                                                                                                                      4. Recent Developments
                                                                                                                                                                                                                                                                                                                                                                                                                    2. Philip Morris International
                                                                                                                                                                                                                                                                                                                                                                                                                    3. Imperial Brands
                                                                                                                                                                                                                                                                                                                                                                                                                    4. Japan Tobacco International
                                                                                                                                                                                                                                                                                                                                                                                                                    5. Altria Group
                                                                                                                                                                                                                                                                                                                                                                                                                    6. JUUL Labs
                                                                                                                                                                                                                                                                                                                                                                                                                    7. RELX Technology
                                                                                                                                                                                                                                                                                                                                                                                                                    8. Smoore International
                                                                                                                                                                                                                                                                                                                                                                                                                    9. Innokin Technology
                                                                                                                                                                                                                                                                                                                                                                                                                    10. GeekVape