The fast-growing e-cigarette market has garnered a great deal of attention lately -- and with good reason. It not only represents the first major change to the tobacco industry in generations, but is estimated to grow 50% this year alone to a whopping $1.5 billion. With scorching growth like that you can be sure huge investments are being made in this budding industry, including bets placed by the kings of tobacco Altria Group (NYSE:MO) and Lorillard (NYSE:LO) . The future winners of the e-cigarette market will no doubt find reward with profits for years to come, but investors need to be careful -- as with any new industry, there are risks. The Motley Fool Consumer Goods Analyst Sean O'Reilly goes over the three ways investors can bet on the future of the e-cigarette market and gives advice on the best way to safely invest in this dynamic new product.

Sean O'Reilly has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.