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Competitive dynamics are evolving: Guangdong's white-label factories are now backing convenience-store private labels, leading to a drop in the top five players' market share in the Asia-Pacific e-cigarettes market from 48% two years ago to 42% in 2025

These M&A activities enable companies to reach new consumer segments, scale operations, and respond effectively to growing demand for premium, flavored, and reduced-risk products while enhancing their competitive positioning across both mass-market and specialty categories

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