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With a current market size estimated at around USD one trillion in 2022, it is expected to increase at a compound annual growth rate (CAGR) of 5.6 percent until 2030, reaching around USD 1.6 trillion

Complex flavors may overpower nicotine, while simpler PG/VG ratios provide stronger throat hit

The report also calls on states to increase funding for tobacco prevention and cessation programs

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Value Chain Analysis The value chain starts with upstream APIs and excipients for nicotine and prescription therapies (notably varenicline), with meaningful supply concentration in India and China