Are e-cigarettes losing ground in the vapor market? — corporate intelligence — wsj

Getty Images

Electronic cigarettes have managed to build up enough of a fast growing following that the big tobacco companies are all moving into the market with products of their own. And even if some think that smokers are unlikely to switch en masse from smoke to nicotine vapor, Big Tobacco is still taking the market seriously.

While e cigarettes made by the industry’s giants have plenty of advantages, from distribution to scale and marketing power, some stand alone makers think they can carve a niche as early moving independents, with nimbler feet and smarter brands.

But a new note from tobacco industry analyst Bonnie Herzog at Wells Fargo raises another reason why Big Tobacco may struggle some of the most passionate «vapers» are skipping the big brands of packaged e cigarettes in favor of more specialized devices known as «vapors,» «tanks» and «mods.»

These can be refilled with nicotine liquids made by a range of producers, as opposed to typical e cigarettes that are either disposable or refillable only with the company’s own brand of cartridges. Serious users seem to be taking to them in large numbers

The typical vaper is a former smoker, first tried e cigs, but quickly moved to tank style systems and eventually mods, which offer a much stronger battery and a superior vaping experience. Further, a 15mL bottle of smoke juice (which costs around $15) is roughly equivalent to 5 7 packs of combustible cigs, implying that vaping is substantially more affordable than combustible cigs and rechargeable e cigs.

Also, since e vapor products tend to be less addictive than combustible cigs, vapers typically taper down the nicotine levels of their smoke juice with many vapers eventually reaching zero nicotine. As we saw during our visit, the cig alike e cigs as they are today are already becoming your father s e cig .

E cigarette makers will need to «bridge the performance gap» between their products and the more powerful options available to serious vapers, Ms. Herzog wrote. She estimates those devices now account for more than a third of the total $2.2 billion market for electronic vapor products

Wells Fargo

One conclusion from Ms. Herzog «While we believe the combined profit pool of combustible cigs and e vapor will continue to grow, we increasingly question which company(ies) will capture the bulk of the profits. We question how the Big 3 will or could get involved, especially given part of the vaping culture is a disdain for Big Tobacco and not wanting to be associated with smoking or be considered a smoker.»

See also
Can Big Tobacco Grow Again? Corporate Intelligence
WHO plans to regulate e cigarettes in same way as normal tobacco FT
E Cigarettes Are Targeted At Youths, Report Says NYT

E-cigarette regulation recommended by congressional democrats — time

The South Korean government has announced that all efforts now are focused on the rescue mission u2014 determining the cause is a secondary priority. A U.S. Navy amphibious assault ship equipped with two helicopters is currently moving to the scene to assist in the effort.»,»section» «name» «World»,»slug» «world»,»url» «http / / /world /» ,»tag» «name» «Asia»,»slug» «time region asia»,»url» «http / / /tag /time region asia /» ,»tags» «Accident Asia South Korea»,»id» 64440,»encoded url» «http%3A%2F% «,»encoded shortlink» «http%3A%2F% «,»encoded title» «About 300 Missing as South Korean Ferry Carrying 459 Sinks»,»galleries» «id» 64472,»slug» «photos daring rescue as south korea ferry sinks carrying 475 people»,»title» «»,»url» «http / / /64472 /photos daring rescue as south korea ferry sinks carrying 475 people /»,»size» «small»,»skin» «light»,»type» «normal»,»fullscreen» 0,»encoded url» «http%3A%2F% «,»encoded shortlink» «http%3A%2F% «,»encoded title» «»,»twitter via» «TIMEWorld»,»twitter text» «PHOTOS%3A%20Daring%20Rescue%20as%20Ferry%20Sinks%20off%20South%20Korea»,»email title» «»,»email body» «%0A%0Ahttp%3A%2F% «,»galleries» «id» 62564,»title» «North Korea Marathon Opens to Foreign Amateurs»,»image» «http / / /2014 /04 / «,»url» «http / / /62564 /north korea pyongyang marathon /» , «id» 61646,»title» «Horror in Nigeria as Blast Kills 71″,»image» «http / / /2014 /04 / «,»url» «http / / /61646 /horror in nigeria as blast kills 71 /» , «id» 60923,»title» «11 Dead in Chile Forest Fire»,»image» «http / / /2014 /04 / «,»url» «http / / /60923 /11 dead in chile forest fire /» ,»photos» «id» 64482,»title» «Rescue helicopters flying over the passenger ship Sewol as it sinks in waters off South Korea’s southwestern coast on April 16, 2014.»,»slug» «ferry sinking off south korea with 450 people on board 2″,»caption» «Rescue helicopters flying over the passenger ship Sewol as it sinks in waters off South Korea’s southwestern coast on April 16, 2014″,»credit» «Yonhap u2014EPA»,»alt» «Rescue helicopters flying over the passenger ship Sewol as it sinks in waters off South Korea’s southwestern coast on April 16, 2014.»,»src» «small» «http / / /2014 /04 / «,»small 2x» «http / / /2014 /04 / «,»large» «http / / /2014 /04 / «,»large 2x» «http / / /2014 /04 / » ,»url» «http / / /64472 /photos daring rescue as south korea ferry sinks carrying 475 people /photo /ferry sinking off south korea with 450 people on board 2 /»,»encoded shortlink» «http%3A%2F% » , «id» 64477,»title» «South Korea Coast Guard members rescuing some of the passengers and crew aboard a South Korean ferry sinking on its way to Jeju island from Incheon, April 16, 2014 .»,»slug» «skorea accident boat»,»caption» «South Korea Coast Guard members rescuing some of the passengers and crew aboard a South Korean ferry sinking on its way to Jeju island from Incheon, April 16, 2014 .»,»credit» «South Korea Coast Guard /AFP /Getty Images»,»alt» «South Korea Coast Guard members rescuing some of the passengers and crew aboard a South Korean ferry sinking on its way to Jeju island from Incheon, April 16, 2014 .»,»src» «small» «http / / /2014 /04 / «,»small 2x» «http / / /2014 /04 / «,»large» «http / / /2014 /04 / «,»large 2x» «http / / /2014 /04 / » ,»url» «http / / /64472 /photos daring rescue as south korea ferry sinks carrying 475 people /photo /skorea accident boat /»,»encoded shortlink» «http%3A%2F% » , «id» 64478,»title» «South Korea Coast Guard members rescuing some of the passengers and crew aboard a South Korean ferry sinking on its way to Jeju island from Incheon, April 16, 2014.»,»slug» «skorea accident boat 2″,»caption» «South Korea Coast Guard members rescuing some of the passengers and crew aboard a South Korean ferry sinking on its way to Jeju island from Incheon, April 16, 2014.»,»credit» «South Korea Coast Guard /AFP /Getty Images»,»alt» «South Korea Coast Guard members rescuing some of the passengers and crew aboard a South Korean ferry sinking on its way to Jeju island from Incheon, April 16, 2014.»,»src» «small» «http / / /2014 /04 / «,»small 2x» «http / / /2014 /04 / «,»large» «http / / /2014 /04 / «,»large 2x» «http / / /2014 /04 / » ,»url» «http / / /64472 /photos daring rescue as south korea ferry sinks carrying 475 people /photo /skorea accident boat 2 /»,»encoded shortlink» «http%3A%2F% » , «id» 64476,»title» «Passengers are rescued by the Republic of Korea Coast Guard from a ferry sinking off the coast of Jindo Island on April 16, 2014 in Jindo gun, South Korea. «,»slug» «s korea ferry with hundreds of passengers sinks»,»caption» «Passengers are rescued by the Republic of Korea Coast Guard from a ferry sinking off the coast of Jindo Island on April 16, 2014 in Jindo gun, South Korea. «,»credit» «Korea Coast Guard /Getty Images»,»alt» «Passengers are rescued by the Republic of Korea Coast Guard from a ferry sinking off the coast of Jindo Island on April 16, 2014 in Jindo gun, South Korea.»,»src» «small» «http / / /2014 /04 / «,»small 2x» «http / / /2014 /04 / «,»large» «http / / /2014 /04 / «,»large 2x» «http / / /2014 /04 / » ,»url» «http / / /64472 /photos daring rescue as south korea ferry sinks carrying 475 people /photo /s korea ferry with hundreds of passengers sinks /»,»encoded shortlink» «http%3A%2F% » , «id» 64474,»title» «An injured passenger rescued by South Korean maritime policemen from a sinking ship in the sea off Jindo, is treated at a port in Jindo, April 16, 2014. «,»slug» «an injured passenger rescued by south korean maritime policemen from a sinking ship in the sea off jindo is treated at a port in jindo»,»caption» «An injured passenger rescued by South Korean maritime policemen from a sinking ship in the sea off Jindo, is treated at a port in Jindo, April 16, 2014. «,»credit» «Yonhap u2014Reuters»,»alt» «An injured passenger rescued by South Korean maritime policemen from a sinking ship in the sea off Jindo, is treated at a port in Jindo, April 16, 2014.»,»src» «small» «http / / /2014 /04 / «,»small 2x» «http / / /2014 /04 / «,»large» «http / / /2014 /04 / «,»large 2x» «http / / /2014 /04 / » ,»url» «http / / /64472 /photos daring rescue as south korea ferry sinks carrying 475 people /photo /an injured passenger rescued by south korean maritime policemen from a sinking ship in the sea off jindo is treated at a port in jindo /»,»encoded shortlink» «http%3A%2F% » ,»twitter text» «About%20300%20Missing%20as%20South%20Korean%20Ferry%20Carrying%20459%20Sinks»,»twitter via» «TIMEWorld»,»email title» «About%20300%20Missing%20as%20South%20Korean%20Ferry%20Carrying%20459%20Sinks%20%7C%20TIME»,»email body» «About%20300%20Missing%20as%20South%20Korean%20Ferry%20Carrying%20459%20Sinks%0A%0AA%20massive%20rescue%20effort%20in%20freezing%20water%20manages%20to%20pull%20164%20passengers%20to%20safety%2C%20but%20two%20fatalities%20are%20reported%20and%20about%20300%20people%20remain%20unaccounted%20for%0A%0Ahttp%3A%2F% «,»omniture» rr taboola» , «url» «http / / /64197 /calgarys worst mass murder leaves 5 students dead /»,»right now» true,»shortlink» «http / / /P3Wsev»,»title» «Calgary’s ‘Worst Mass Murder’ Leaves 5 Students Dead»,»post type» «post»,»comments allowed» true,»short title» «5 Dead in Calgary Stabbing»,»excerpt» «Less than a week after a stabbing in Pennsylvania left 22 injured, five college students have died in the «worst mass murder » in the Canadian city’s history»,»format» «brief»,»time» «pretty» «April 15, 2014″,»published» «2014 04 15 18 54 43″,»updated» «2014 04 15 22 54 43″,»minute» «6 54 pm»,»short» «4 /15″ ,»authors» «id» 221794754,»url» «http / / /author /nolan feeney /»,»name» «Nolan Feeney»,»twitter» «NolanFeeney»,»gplus» «»,»email» » «,»thumbnail» null,»bio» «» ,»content» «

A 23 year old man will likely face murder charges after allegedly stabbing and killing five University of Calgary students at a party on Tuesday. n

After arriving at a party shortly after midnight on Tuesday, the suspect u2014 who was an invited guest and is also a student at the university u2014 allegedly targeted other students individually, according to Calgary police chief Rick Hanson. u201cThe suspect arrived at the party, obtained a large knife and targeted t
he victims one by one, stabbing them, u201d said Hanson. n

Calling the incident «the worst mass murder in Calgary’s history,» the chief identified the arrested suspect as Matthew de Grood n

Hanson said de Grood had no prior history with the police and was likely not under the influence of drugs or alcohol at the time. Police believe he brought a weapon directly from his place of work to the party, but used a knife found at the party to stab his victims. n

u201cThe suspect arrived at the party, obtained a large knife and targeted the victims one by one, stabbing them, u201d Hanson said. n

The victims were four males and one female. Two of them have been identified as Josh Hunter and Zackariah Rathwell, members of the Calgary band Zackariah and the Prophets, which just put out a debut album on Saturday. n

CBC n»,»section» «name» «World»,»slug» «world»,»url» «http / / /world /» ,»tag» «name» «Canada»,»slug» «canada»,»url» «http / / /tag /canada /» ,»tags» «calgary Canada Crime killings Murder police officer»,»hero» «class» «landscape»,»thumbnail» «http / / / /2014 /04 / «,»src» «small» «http / / /2014 /04 / «,»small 2x» «http / / /2014 /04 / «,»large» «http / / /2014 /04 / «,»large 2x» «http / / /2014 /04 / » ,»credit» «Larry MacDougal u2014The Canadian Press /AP»,»caption» «Calgary police lead away potential witnesses for statements regarding the multiple fatal stabbing in northwest Calgary, Canada, on April 15, 2014″,»alt» «Canada Calgary Stabbings» ,»id» 64197,»encoded url» «http%3A%2F% «,»encoded shortlink» «http%3A%2F% «,»encoded title» «Calgary%E2%80%99s %E2%80%98Worst Mass Murder%E2%80%99 Leaves 5 Students Dead»,»twitter text» «5%20students%20stabbed%20in%20Calgary%27s%20%27worst%20mass%20murder%27″,»twitter via» «TIMEWorld»,»email title» «Calgary%26%238217%3Bs%20%26%238216%3BWorst%20Mass%20Murder%26%238217%3B%20Leaves%205%20Students%20Dead%20%7C%20TIME»,»email body» «Calgary%26%238217%3Bs%20%26%238216%3BWorst%20Mass%20Murder%26%238217%3B%20Leaves%205%20Students%20Dead%0A%0ALess%20than%20a%20week%20after%20a%20stabbing%20in%20Pennsylvania%20left%2022%20injured%2C%20five%20college%20students%20have%20died%20in%20the%20%22worst%20mass%20murder%22%20in%20the%20Canadian%20city%27s%20history%0A%0Ahttp%3A%2F% » , «url» «http / / /63284 /kkk kansas city shooting frazier glenn cross /»,»right now» true,»shortlink» «http / / /1nob2JT»,»title» «The KKK Tries to Make a Comeback»,»post type» «post»,»comments allowed» true,»short title» «The KKK Is Recruiting»,»excerpt» «As a former Klan leader is charged with killing three in Kansas, the frayed white supremacy group is trying to attract new members»,»format» «article»,»time» «pretty» «April 15, 2014″,»published» «2014 04 15 17 07 35″,»updated» «2014 04 15 21 07 35″,»minute» «5 07 pm»,»short» «4 /15″ ,»authors» «id» 208186084,»url» «http / / /author /josh sanburn /»,»name» «Josh Sanburn»,»twitter» «joshsanburn»,»gplus» «103442109250871509691»,»email» «»,»thumbnail» «http / / / /2014 /03 / «,»bio» «

Josh Sanburn is a writer for He joined TIME in August 2010 as a writer reporter for the Briefing section, writing for the World, Milestones and Economy pages as well as contributing articles for the Culture section, and NewsFeed. Sanburn graduated from Indiana University, where he was editor in chief of the Indiana Daily Student, and soon became an editorial assistant for Time Inc.’s Custom Publishing department. He later worked as an assistant editor for Golf Magazine and as a freelance writer for New York magazine. Sanburn studied international relations at the graduate level at New York University while interning at the United Nations, the Council on Foreign Relations and the World Policy Journal. n» ,»content» »