Casey’s General Stores (NASDAQ: CASY) reported accelerating growth in modern nicotine products during its fiscal third quarter ended January 31, 2026. Nicotine pouch sales increased 31% year over year, while vapor products rose 12%. Although cigarette unit sales continued to decline, management stated that the rate of decline slowed compared to prior quarters.

A new study by the Fraunhofer Institute says the rapidly expanding illicit market for disposable e-cigarettes is undermining European regulation, fuelling youth vaping and causing significant tax losses. The study says the illicit market is worth EUR 6.6 billion in 2026 and is projected to rise to EUR 10.8 billion by 2030. It adds that a significant share of the disposable vape market now operates outside the regulatory framework established by the EU Tobacco Products Directive.

BVTE and BDZ said at a joint press conference in Berlin on March 10 that illegal trade in tobacco products, e-cigarettes and other nicotine products continues to grow in Germany, posing challenges to the rule of law, youth protection, consumer protection and state fiscal authority. The groups said there is still no reliable overall statistic for the illegal trade in tobacco products, e-cigarettes, nicotine pouches and oral nicotine products.

Goldman Sachs Managing Director Bonnie Herzog said the U.S. nicotine market is attractive and growing, with total revenue projected to reach about $67 billion by 2035. She expects cigarettes to account for a smaller share of revenue (47%) as smoke-free revenue expands and becomes a key driver of industry profit growth. Herzog said smoke-free products represent about 48% of U.S. nicotine volumes today and could rise to roughly 75% by 2035.

Cheetham Hill in Greater Manchester has become one of the UK’s most concentrated vape retail clusters, with 54 e-cigarette shops operating along two adjacent streets following a police crackdown on counterfeit goods in the area.