In the "e-cigarette industry series depth 1: the industry trend is vast, new tobacco is taking advantage of the trend", "e-cigarette industry series report 2: looking back at the global tobacco system, analyzing the future of new tobacco", "e-cigarette industry series report 3: detailed explanation of China's tobacco system, domestic tobacco market outlook" and "e-cigarette industry in depth report Series IV: decoding the whole" In "global industrial chain, upstream, midstream and downstream, looking for good opportunities", we deeply analyzed electronic cigarette products at home and abroad and the market situation of major countries in the world. In this report, we conduct an in-depth analysis of China's e-cigarette industry chain, and believe that China has formed a mature e-cigarette OEM industry system. With the gradual improvement of the regulatory system, the whole industry chain may become a new focus of enterprise strategic layout, and products, technology and channels are the core of long-term development of enterprises.
China's e-cigarette products are mainly sold overseas, the domestic market has a broad prospect, and the competitive echelon appears. China's e-cigarette industry can be roughly divided into three stages: initial development period (2003-2009), rapid expansion period (2009-2018) and industry reshuffle period (2018-present). At present, China's e-cigarette production and manufacturing has formed a mature industrial chain system, and the industry has broad prospects: (1) the capital side, the capital is optimistic about the industry development, a large number of investment industry enterprises; (2) the production side: the production capacity advantage, the continuous improvement of technical level; (3) the channel end: the online channel closure, capital expansion intensifies the offline channel competition; (4) the consumer end: the e-cigarette market The field base is small and the space is large. In terms of competition pattern, due to the strict control on the domestic sales of imported e-cigarettes, all the e-cigarettes sales brands in China are domestic brands that have obtained the production license of China tobacco company. In addition, at present, China's e-cigarette industry has become a pyramid like competition pattern of three echelons, of which the first echelon is the head enterprises with high industry reputation, large company scale, distinctive product characteristics and strong R & D strength; the second echelon includes enterprises with high industry reputation, small scale, low product popularity, low sales volume and low R & D strength; and the third echelon is composed of enterprises with high industry reputation, small scale, low product popularity, low sales volume and low R & D strength The echelon is the enterprise with very low popularity and very small scale, and the competitiveness level is the worst.
The multi-level supervision system of standards, policies, regulations and associations has been gradually formed to promote the orderly development of the industry. With the gradual expansion of e-cigarette industry market scale, the industry development for the industry perfect regulatory system demand is imminent. At the industry standard level, since 2017, the introduction of e-cigarette industry standards of various organizations has made up for the blank of standard supervision to a certain extent. In addition, the two national standards for e-cigarette have been approved by the National Standards Committee. Among them, the project status of the national standard for e-cigarette has entered the stage of "being approved", which means that the national e-cigarette industry standard will be issued soon, which will effectively regulate the e-cigarette industry standard and development, reduce the frequency of e-cigarette trafficking cases, and further facilitate the orderly development of the industry. At the level of policies and regulations, before 2018, many places in China have promulgated regulations on smoking control, but it has not been clear whether the restricted objects include electronic cigarette products. In August 2018, the notice on prohibiting the sale of e-cigarettes to minors was promulgated. As a clear ban on the sale of e-cigarettes to minors, this is the first time that the state has publicly introduced relevant regulatory policies on the e-cigarette market. China's restrictions on e-cigarettes have gradually expanded from the restrictions on the use of public places and special places to the restrictions on the industrial consumer groups and sales channels. At the level of association organization, in order to standardize the development environment of e-cigarette industry, some powerful, influential and responsible enterprises in the industry have spontaneously established relevant e-cigarette industry associations. In recent years, the national and local governments have also actively established e-cigarette associations to promote the improvement of e-cigarette regulatory regulations.
China's e-cigarette OEM industry chain is mature, and the whole industry chain may become a new focus of enterprise strategic layout. The industry chain of e-cigarette industry includes upstream raw material suppliers (battery suppliers, atomizer suppliers and cigarette oil suppliers, etc.); midstream design manufacturers (professional e-cigarette manufacturing enterprises and the manufacturing departments of international tobacco companies); downstream distributors (convenience stores, KTV, wine bars, supermarkets, etc.), and finally to consumers. At present, the global e-cigarette consumption market is concentrated in Europe and the United States. As the world's largest e-cigarette producer, China's e-cigarette products are mainly exported. Most domestic e-cigarette enterprises are OEM / ODM mode, providing OEM services for international tobacco giants or other e-cigarette brands. Many e-cigarette enterprises have gradually realized the bottleneck of OEM mode, and began to shift the core strategic layout to the whole industry chain. We believe that in the long run, the whole industry chain may become the new focus of the strategic layout of China's e-cigarette enterprises, and products, technology and channels are the core of enterprises' rapid development.