Where is the Vape Industry Now? And Where is it Heading?
Vape Industry Outlook And Forecast: How Much Will It Grow?
Can you believe the vape industry is going to hit $43 billion by 2023- a massive growth? Yes, if you are a vaper. A market research report published earlier this year speculated vapor products market to grow at a remarkable CAGR of more than 15% in the next five years.
Another report (by BIS Research) has predicted that the e-cigarette and the t-vapor market will reach $86.43 billion by 2025. For vape brands and vape supporters, the figures are overwhelming and surprising at the same time.
Despite the criticism by the anti-vaping community, the vape industry is growing strong with each passing day. Since the introduction of the first modern e-cigarette in the mid-2000s, many people around the world have switched to vaping. The days are not far when vaping will make a severe dent in the harmful tobacco industry.
- Vape Industry (E-cigarette Market)- An Overview
A few years ago, the e-cig market was pretty much non-existent. Not many people know that e-cigarette is the brainchild of Joseph Robinson, who in 1927 revealed the idea of battery-powered devices to replace traditional cigarettes. However, it was Herbert Gilbert who made vaping popular in 1963 by introducing the concept as 'smokeless non-tobacco cigarette'.
The credit to make the first modern electronic cigarette goes to Hon Lik, a pharmacist in China, who developed it in 2003. The first e-cigarette hit the market in 2004. Since then, the vape industry has introduced several upgraded devices to make vaping safe for vapers. Today, vape users have many choices when it comes to choosing e-liquids. Several of the e-liquids currently in the market are nicotine-free.
A big reason behind the growing popularity of vaping is its safer use than tobacco smoking. Many recent scientific studies have concluded vaping to be a safer, healthier, and more cost-effective option than its counterparts. According to them, vaping helps chain-smokers in quitting smoking. Apart from that, vaping has also been found to be non-addictive and free from risks associated with diseases which are common among people who smoke tobacco cigarettes.
Researchers of these study say vaping is safe because e-cigarettes do not contain harmful ingredients usually found in tobacco cigarettes. There are nicotine-free e-juices for people who do not like nicotine. A report released by the World Health Organization (WHO) showed that traditional cigarettes kill over 7 million individuals every year. These deaths include around 9,000,000 individuals who are the victims of passive smoking.
There is not any research or a scientific study which could link vaping to deadly diseases. There is no reported death due to e-cigarette usage. There were a few cases of e-cigarette explosion. However, most of them were due to users' negligence. They were either using the device in the wrong way or ignoring the guidelines of vaping.
The growing awareness about the ill-effects of tobacco cigarettes and increasing e-cigarette safety are driving the global vape market to a new level. This is a big reason vape industry is speculated to reach a massive $43 billion mark by 2023. Vape experts have even predicted that the figures will keep on rising in the coming years.
All kinds of vape products- Mods, hardware, batteries, and e-liquids- are gaining popularity worldwide. Every day, a renowned brand is introducing new and upgraded products to make vaping safer and more flavorsome for users. There is a range of factors that have been helping vape to grow exceptionally. Some of them are:
- New Vape Product Lines: The global vape market is reaping the benefits of the vape products' growth, thanks to popular brands introducing new product lines. The increasing use of these products and flavorsome vape juices are encouraging others to try vaping. Many have already switched to Heat-not -Burn (HnB) devices.
Vape industry of 2016 was valued at $9.1 billion. By the end of 2023, it is expected to reach $43 billion and $49 billion by 2024. People in North America are the largest consumers of e-cigarettes. The region is expected to dominate the trends for years to come. The outcomes is a sigh of relief as North America is also known for its high number of deaths due to tobacco. The United States is currently witnessing the rising demand for vaping and e-juice supplies, and it is expected to grow more in the next few years.
Europe is also witnessing a dramatic rise in e-cigarette trends. They are further aided by EU-TPD laws that restrict the growth of the cigarette industry. Rising awareness of vaping is also increasing the numbers of e-cigarette users in the Asia Pacific.
A report on US e-liquid market estimates the vape market to grow more than $4.77 billion by 2025. The figures are almost double digit CAGR from 2015. According to vape experts, hundreds of e-juice flavors are a major reason behind the overwhelming forecast. Online vape stores with countless e-juice products are helping the vape market of the US to grow more.
- Factors That May Affect Vape Industry
Rising awareness about the dangers of tobacco cigarettes is contributing to the growth of vaping. Moreover, easily available vape products on online stores are garnering the global e-cigarette market growth. The only challenge that may affect the future forecast is heavy taxes by the government. Apart from that, unregulated products and e-juices manufactured in China can affect the regulated vape industry.
Final Words: Can Vape Industry Surpass Estimates?
Researchers have analyzed the past and current vape market trends to speculate $43 billion growth by 2023. There are proofs which say that vaping is at the top and it will grow more in the coming years. Who knows what future hold. However, it's bright for the global vape industry.