how much is the vaping industry worth

Full Answer

How big is the global e-cigarette (vaping) market?

The global e-cigarettes (vaping) market was valued at about $14.05 billion in 2018 and is expected to grow to $29.39 billion at a CAGR of more than 20% through 2022. Read More On The Business Research Company's E-Cigarette (Vaping) Market Report:

What is the future of the vaping industry?

With an increasing shift away from conventional cigarettes towards tobacco alternatives, the vaping industry is projected to have a compound annual growth rate of 19.6% between 2018 and 2023. The result will mean a global projected market value of $45bn USD. But where is the growth coming from?

How e-cigarette flavors boosting the demand for vape products?

The growing concerns over conventional cigarettes among various age groups have boosted the demand for relatively less-toxic e-cigarettes and vape products. Market players are launching various e-liquid flavors in the market to cater to the evolving preferences of customers, thereby stimulating market growth.

Why do so many people vape?

The reason many consumers enjoy vaping is it offers a similar experience of inhaling and exhaling to get a nicotine fix. They’re also more aware of the ingredients and chemicals in both vaping and smoking.

How much money is in the vaping industry?

The U.S. e-cigarette & vape market size was estimated at USD 6.1 billion in 2020 and is expected to reach USD 7.4 billion in 2021....Report AttributeDetailsMarket size value in 2021USD 7.43 billionRevenue forecast in 2028USD 40.25 billionGrowth RateCAGR of 27.3% from 2021 to 2028Base year of estimation20209 more rows

How much is the UK vaping industry worth?

In 2021, the e-cigarette market in the United Kingdom generated a revenue of an estimated 3.4 billion U.S. dollars.

How much money is spent on vaping a year?

Use of electronic cigarettes costs the United States $15 billion annually in health care expenditures – more than $2,000 per person a year – according to a study by researchers at the UC San Francisco School of Nursing.

How much is Vapes worth?

A standard dual-battery mod will cost anywhere between $30 and $90, and a sub ohm tank will generally cost around $30-50. Buying these in a kit will shave the price a bit, bringing it to between $40-100. There are of course more expensive options, but in most cases, these can be considered hobbyist items.

How much is the vape industry worth 2022?

USD 22.45 billionThe global e-cigarette & vape market size was estimated at USD 18.13 billion in 2021 and is expected to reach USD 22.45 billion in 2022.

How many Vapes are sold a year UK?

The number of e-cigarette users grew from around 700,000 in 2012 to 3.6 million in 2019, falling to 3.2 million in 2020, before increasing again in 2021 to 3.6 million. (Table 1).

Which is more expensive vape or cigarette?

The quick and simple answer is that vaping can save you an estimated 92% if you smoke a pack per day. But there will be many factors that can change this estimate.

Is vaping worse than smoking?

1: Vaping is less harmful than smoking, but it's still not safe. E-cigarettes heat nicotine (extracted from tobacco), flavorings and other chemicals to create an aerosol that you inhale. Regular tobacco cigarettes contain 7,000 chemicals, many of which are toxic.

What percentage of people vape?

Key findings. In 2018, 14.9% of adults had ever used an electronic cigarette (e-cigarette), and 3.2% were current e-cigarette users. The prevalence of adults who had ever used an e-cigarette and were current users was highest among men, non-Hispanic white adults, and those aged 18–24.

What is the future of vape industry?

Receive the Sample Report of E-cigarette and Vape Market 2022 to 2030: The worldwide E-cigarette and Vape market is expected to grow at a booming CAGR of 2022-2030, rising from USD billion in 2021 to USD billion in 2030.

Where is vaping most popular?

Vaping is increasing in the majority of high-income countries. E-cigarette use in the US and Europe is higher than in other countries, except for China which has the greatest number of e-cigarette users.

What are the 4 types of vapes?

Vaping devices can be broken down into 4 categories:Cig-A-Likes (First Generation)Vape Pens (Second Generation)Mods (Third Generation)Pod Mods.

How big is the vape market in the UK?

E-cigarette Market Scope in UKReport CoverageDetailsMarket growth 2021-2025$ 1.20 billionMarket structureFragmentedYoY growth (%)12.209 more rows

How many people vape in UK?

Vaping has risen rapidly over the past decade to reach record levels in Great Britain with an estimated 4.3 million people who are regular vapers, according to a report.

What is the future of vaping?

It's safe to say that we can expect even more impressive advancements in vaping technology over the next five years. Mods will become more powerful, tanks will become more efficient, and flavors will become more realistic.

How big is the e-cigarette and vape market?

The global e-cigarette & vape market size was estimated at USD 18.13 billion in 2021 and is expected to reach USD 22.45 billion in 2022. Read More

What is the e-cigarette and vape market growth?

The e-cigarette & vape market is expected to witness a compound annual growth rate of 30.0% from 2022 to 2030 to reach USD 182.84 billion by 2030....

Which device type led the e-cigarette and vape market?

The rechargeable segment in the e-cigarette & vape market accounted for the highest market share of over 40% in 2021. Read More

Which distribution channel dominated the e-cigarette and vape market?

The retail store segment accounted for the highest e-cigarette & vape market share of over 80% in 2021. Read More

Which region accounted for the largest e-cigarette and vape market share?

North America dominated the global e-cigarette & vape market with a share of over 40% in 2021. Read More

Who are the key companies/players in the e-cigarette and vape market?

Key players in the e-cigarette & vape market include Altria Group, Inc.; British American Tobacco; Imperial Brands; International Vapor Group; Japa...

What is the market for vaping in 2020?

North America dominated the global market with a share of over 40% in 2020. The extensive presence of major industry players such as R.J. Reynolds Vapor Company; Philip Morris International Inc.; and JUUL Labs, Inc. is anticipated to drive the regional market growth. Social media platforms are being used extensively for selling e-cigarettes and vaping products. The young population has largely adopted vaping devices as a safe alternative to tobacco, which, in turn, is estimated to boost the adoption of these products. However, the current ban on some e-cigarette flavors including fruit and mint flavors in the U.S. to restrict underage vaping in the country is expected to hamper the growth of the market in the region to a certain extent.

What is the market share of e-cigarettes in 2020?

The retail store segment accounted for the highest market share of over 80% in 2020. E-cigarettes were initially sold in retail outlets such as vape shops and gas stations. These stores helped users to choose from a wide variety of devices and e-liquids. Moreover, vape shops enabled users to try and test these devices before making ...

What is the purpose of Juul Labs marketing campaign?

embarked upon a marketing campaign in January 2019 to educate adult smokers about the ill effects associated with traditional combustible cigarettes and encouraged them to avoid the same and switch to e-cigarettes and vape devices. Such marketing initiatives are anticipated to drive market growth over the forecast period.

What are the flavors of e-cigarettes?

Additionally, various types of flavors such as menthol, tobacco, fruits and nuts, and chocolate are available in the market, which is attracting a large number of customers. These flavors emit aromas when used in an e-cigarette or a vape device. Additionally, the increasing cost-effectiveness of these devices has further enhanced customer adoption and is expected to drive market growth over the forecast period.

What is a Vype iSwitch Maxx?

For instance, in December 2018, British American Tobacco launched two new e-cigarettes called Vype iSwitch Maxx and Vype iSwitch in five of BAT’s VIP stores in London. These new products are powered by distiller plate technology to heat e-liquid.

What is the market share of rechargeable devices in 2020?

The rechargeable segment accounted for the highest market share of over 40% in 2020. The adoption of rechargeable devices is expected to increase as they tend to be affordable in the long run and eliminate the need to re-purchase supplies such as cartridges. Furthermore, customers making DIY e-liquids need not purchase pre-filled cartridges. Rechargeable devices can be used for a longer duration by switching the cartridges containing e-liquid. Moreover, seasoned vapers particularly find it economical to purchase rechargeable e-cigarettes and vapes, which is expected to increase their adoption.

Where are e-cigarettes imported from?

Given that most of the e-cigarettes are imported from other countries such as China, customers find it convenient to purchase e-cigarettes in bulk quantities via online platforms, which is anticipated to drive the Asia Pacific regional market growth. The Europe market is anticipated to register considerable growth over the forecast period. The health bodies in the region are providing acceptance to e-cigarette and vape from vendors such as British American Tobacco Plc’s Vype and Imperial Brands Plc’s Blu in the region as it is a better alternative to tobacco smoking is anticipated to drive the market growth in Europe.

How much is the vaping market worth?

The global e-cigarettes (vaping) market was valued at about $14.05 billion in 2018 and is expected to grow to $29.39 billion at a CAGR of more than 20% through 2022.

Why is the demand for e-cigarettes increasing?

As more users become aware of the ill effects of tobacco smoking and are introduced to new and safer smoking devices , the demand for e-cigarettes is increasing.

Why are e-cigarettes so popular?

Growing awareness about the alternatives to tobacco smoking is driving the market for e-cigarettes. Smoking tobacco is addictive and is a major cause of diseases such as lung and liver cancer, heart disease. E-cigarettes act as a replacement to traditional cigarettes and use non-nicotine solutions to generate smoke. As more users become aware of the ill effects of tobacco smoking and are introduced to new and safer smoking devices, the demand for e-cigarettes is increasing. For example, according to a survey conducted by the US Department of Health and Human Services in 2016, there were twice as many teenagers using vape & e-cigarettes as compared to teenagers who were consuming regular cigarettes.

How much nicotine is in e-liquid?

According to the law, e-liquid manufacturers must limit nicotine content to below 20mg/ml. Also, manufacturers are required to submit all the key product information to concerned authorities in the EU Member States.

How many industry reports does Business Research Company have?

The Business Research Company has published over 300 industry reports, covering over 2400 market segments and 56 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

What are the side effects of using an e-cigarette?

The side effects of using e-cigarettes include nausea, vomiting, abdominal pain, itchiness, dry eyes, cough and nosebleeds. Some of the side effects are caused due to the body's resistance to accept vapor and may take a few days to disappear. These side effects are discouraging the use of e-cigarettes, thus affecting growth of the market.

Why do e-cigarettes have side effects?

Some of the side effects are caused due to the body's resistance to accept vapor and may take a few days to disappear. These side effects are discouraging the use of e-cigarettes, thus affecting growth of the market.

Why are vape mods and e-cigarettes so popular?

E-cigarettes and vape mods usage are rapidly increasing because these devices don’t include any tobacco. Most of the U.S. population is considering these devices as a gateway for quitting smoking. Some of the population is shifting to an e-cigarette and vape mod as an alternative to smoking.

What is electronic vape?

Electronic cigarettes and vape mods, which are an alternative to tobacco products, have been gaining popularity . These sophisticated mechanical devices are designed to deliver the same addictive nicotine, which is in tobacco cigarettes, without the harmful effects of tobacco smoke.

What is rechargeable cigarette?

A rechargeable cigarette is a battery-powered vaping device, which can be reused and refilled. These devices also have interchangeable cartridges, due to which users can try a wider variety of flavors. The modular devices segment is anticipated to register the highest growth over the forecast period.

What is the vape mod segment?

The vape mod segment dominated the market and accounted for more than a 51.0% share of the global revenue in 2020. Increasing demand for customized mods is expected to propel the segment growth over the forecast period. With these mods, customers can automatically control temperature levels. With this flexibility, users can control things, such as temperature, power, as well as vapor production.

Is vaping safer than smoking?

Numerous studies conducted by medical association states that e-cigarettes and vape mods are safer than traditional cigarettes. Also, the market growth is being characterized by the increasing awareness among the young population. Moreover, vendors' focus on customizing options as well as continuous development in the new products is expected to fuel the market growth over the forecast period. Furthermore, the cost-efficiency of these devices has also increased customer acceptance.

Why do people vape?

The reason many consumers enjoy vaping is it offers a similar experience of inhaling and exhaling to get a nicotine fix. They’re also more aware of the ingredients and chemicals in both vaping and smoking. With e-liquids containing only four ingredients, including nicotine, there are significantly less than the 4000+ in cigarettes, many of which are carcinogenic. They’re also more receptive to the options vaping carries including different devices and flavours.

How much is Juul worth?

Juul alone is worth an estimated $16bn and currently carries just one device with the corresponding pods. There are thousands of manufacturers the world over catering to the increased demand for device type and e-liquid flavours.

Is vaping better than smoking?

The success rate of quitting with more conventional methods like patches or gum is significantly lower than that of vaping. A quit attempt with vaping has a 30% success rate, significantly higher than the 4-5% success rate when utilising other methods.

Is vaping a profitable business?

Vaping is a profitable business in western countries. The main reason for gaining popularity is the presence of different types of flavours. In Australia, nicotine is prohibited and non-nicotine vapes are available. This is an additional advantage of using vapes in this country. I want to start an online vapor shop in Sydney. With the help of wholesale vapor suppliers I am able to get the main ingredients for vapor liquids. From your article, I came to know about the point on how to enhance the quality of the product and how to increase the public interest in vaping.

What companies make vapes?

Two notable vape companies included in the report were KangerTech Technology Co., Ltd and IVPS Technology Co. , Ltd. KangerTech is by now a well-known name in the vaping community. It not only releases e-cigarettes under the KangerTech brand name but also under several other names. IVPS is the parent company of the hugely successful SMOK brand of e-cigarettes that sells a wide range of vaping products worldwide.

How much is the e-cigarette market worth in 2028?

The analysis claims that the size of the US e-cigarette market is expected to reach $40.25 billion by 2028. That figure is expected to go even higher, as the analysis predicts revenues to reach $60 billion by 2025.

What are the factors that drive the growth of the e-cigarette market?

Two factors driving the growth of the US e-cigarette market are, according to the report, the popularity of the devices (as well as the waning popularity of combustible cigarettes), along with the heightened interest from younger consumers. Youth interest in vaping has become a minefield for the industry, though. Anti-smoking and anti-vaping groups continue to accuse the industry of marketing to minors and driving up the rates of teens vaping in America.

Where is SMOK based?

t also took into account many different types of companies from large, multinational conglomerates like Altria and Philip Morris International (PMI) to more vape-specific companies like KangerTech and the parent company of SMOK, IVPS Technology, both based in Shenzhen, China.

Is the e-cigarette industry growing?

The e-cigarette industry has always been projected to grow. This growth has even been confirmed by research from the CDC. Its data showed that e-cigarette sales in the US from 2016 to 2019 increase by almost 300%. Smoking rates have been steadily decreasing for many years now, and people are increasingly turning to vaping rather than smoking.

Is the US market the most valuable?

The report concedes that the US market is the most valuable and potentially the most profitable for all the companies involved. One limitation to growth is the tax regulations that are popping up in disparate states across the US. There is no blanket national tax rate, so companies must contend with the tax regimes set up by individual states to do business.

Will the e-cigarette market grow?

The market report said that the e-cigarette market would continue to grow, but some sectors would see more growth than others. Specifically, the demand for customizable and refillable vaping devices, which are more potent than typical disposable or pen-style devices, was expected to grow more than any other sector.

How much money did vapers spend on vaping in 2018?

Vapers in the three countries spent more than $10bn (£8bn) on smokeless tobacco and vaping products in 2018. The White House recently announced that the Food and Drug Administration (FDA) would finalise a plan to stop the sale of all non-tobacco flavours in the world's biggest vaping market.

What are the health risks of vaping?

The World Health Organization has also previously cited several health concerns associated with vaping, pointing out that: 1 The long-term effects are unknown 2 Nicotine in the liquid that is vapourised in an e-cigarette is addictive 3 Users replacing the liquid in refillable e-cigarettes might spill the product on their skin, possibly leading to nicotine poisoning 4 Some sweeter flavours of e-cigarettes are irritants, potentially causing inflammation of the airways

How many vapers will be there in 2021?

Market research group Euromonitor estimates that the number of adults who vape will reach almost 55 million by 2021. 2. Spending on e-cigarettes is growing. The e-cigarette market is expanding, as the number of vapers rises.

What is an open system e-cigarette?

There are two main types of e-cigarette - open and closed system, also known as open and closed tank. In an open system, the liquid that is vapourised can be refilled manually by the user. There is also a removable mouthpiece.

How many smokers are there in the world?

According to the World Health Organization, there has been a small but steady decrease in the estimated number of smokers globally, to just over one billion.

Which state banned e-cigarettes?

In the US, Michigan has become the first state to ban flavoured e-cigarettes, following the reports of deaths and lung illness. Those affected had an average age of 19.

Is the e-cigarette market expanding?

The e-cigarette market is expanding, as the number of vapers rises.