The global cigarette industry has been in decline for the past five years. Cigarette demand peaked in 2012, with around 6-trillion cigarettes being consumed worldwide. Since then the volume of consumption has declined by 9.2% to 5.4-trillion cigarettes in 2017. The decline in volume has been driven by a number of factors, including rising regulation, higher excise duties, growing consumer health consciousness as well as the availability of cheaper alternatives. The average price of a pack of cigarettes in the UK, for example, has risen by 86% over the last 10 years, reaching £9.97 in 2018, with the majority of the price increase coming from excise duties. The ever-increasing cost of smoking is one of the leading reasons why some choose to quit. Smoking rates in the US and UK are at their lowest levels in years, at 15.5% and 15.8% respectively, measured as a percentage of total population. Vaping has become a popular alternative for smokers seeking to quit the habit, not least becaus...

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