Vaping's Growth (Still) Can't Offset Smoking's Decline

The U.S. Food and Drug Administration (FDA)'s recently authorized three new e-cigarette products from R.J. Reynolds -- the agency's first-ever authorization of its kind. At first glance, it seems like great news for tobacco companies that know cigarette smoking is a doomed business as it can pave the way for the authorization of comparable products from Altria (NYSE: MO) and Philip Morris International (NYSE: PM).

A deeper dive into consumer perceptions and growth outlooks around vaping, however, suggests the recent green light from the nation's top food and drug regulatory body isn't the pivotal moment for the industry it was supposed to be. Tobacco companies are still on the defensive.

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Source Fool.com