Despite FDA Regulations, The Vaping Industry WILL Survive by Pascal Culverhouse · Published May 13, 2016 · Updated June 15, 2022 The decision to move forward with new FDA regulations has caused widespread doom and gloom in the vaping community.
Full Answer
What is the future of the e-cigarette industry?
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.
What is driving the growth of the e-cigarettes and vaping industry?
Also, the vaping industry has formed various associations to counter the policies against vaping products and regularize the industry for supervision, eventually driving the growth of the market for e-cigarettes and vaping. The rechargeable segment accounted for the highest market share of over 40% in 2021.
What are the challenges to the global vaping market growth?
However, the regulations levied by local authorities across various countries such as the U.S. and India on the sale of vaping products and e-liquids have restrained the market growth. Furthermore, stringent trading laws have made it difficult for retail consumers to import vaping devices for personal consumption.
What is the global e-cigarette and vape market size?
The global e-cigarette and vape market size was valued at USD 18.13 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 30.0% from 2022 to 2030.
What is the future of vape industry?
The global e-cigarette and vape market size was valued at USD 18.13 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 30.0% from 2022 to 2030....Report AttributeDetailsRevenue forecast in 2030USD 182.84 billionGrowth rateCAGR of 30.0% from 2022 to 2030Base year for estimation202111 more rows
Is the vaping industry growing?
Verified Market Research estimates the worldwide vaping market will grow from $10 billion in 2020 to nearly $74 billion by 2028. Mordor Intelligence says the global e-cigarette industry generated nearly $19 billion of revenue last year with about 17% annual growth expected through 2026.
Is the vape industry profitable?
The answer is simple – the demand is increasing alongside the number of businesses in the industry. Many of the shops are enjoying average success, while some get the biggest slice of the cake. The average revenue of a vape shop can go around $26,000 with top earners making $39.000 per month.
How fast is the vape industry growing?
“According to the latest research study, the demand of global E-Cigarette Market size & share in terms of revenue was worth of USD 17,429.5 million in 2021 and it is expected to surpass around USD 42,906.36 million mark, by 2028, growing at a compound annual growth rate (CAGR) of about 16.20% during the forecast period ...
What state Vapes the most?
Millions of Young VapersStateCrude Prevalence (%)1. Oklahoma7.12. Kentucky6.13. Indiana6.04. Tennessee5.946 more rows•Jun 6, 2019
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.
Is the vape business a good business?
The margins of profit on this product are very high with GP between 45% to 65% dependent upon the brand of E-liquid itself and we can see much further growth with our company with financial help as we like to stock the more rare brands which are available to the market and brands people will travel to buy however we do ...
Is a vape shop a good investment?
Yes, a vape shop can be profitable in 2022! Vape businesses can be greatly profitable and successful today because the interest in vaping is tremendous. However, this all depends on how you open and manage your new store. If you do it smart and right, you can expect a grand profit from vaping products.
Are smoke shops profitable 2022?
Estimated at $75 billion in 2021, it's predicted to reach $78.3 billion in 2022. People are buying cigarettes, cigarillos, cigars, and next-generation products at an increasing rate, so if you're ready to strike, the iron is hot.
How large is the vaping market?
Market Overview The e-cigarette market valued USD 23.6 billion in 2021, and is projected to record a CAGR of 13.39% during the forecast period (2022-2027). Regular smoking is linked to a number of severe diseases.
How large is 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 do people spend on Vapes a year?
Researchers at the University of California-San Francisco School of Nursing found the consequences of vaping add up to approximately $15 billion annually nationwide. The study pegs individual costs at $2,024 each year – even greater than estimated health care costs attributed to cigar and smokeless tobacco use. Dr.
How large is 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 large is the vaping market?
Market Overview The e-cigarette market valued USD 23.6 billion in 2021, and is projected to record a CAGR of 13.39% during the forecast period (2022-2027). Regular smoking is linked to a number of severe diseases.
How many teenagers are vaping?
In 2021, more than a quarter (27.6%) of high school e-cigarette users and 8.3% of current middle school e-cigarette users reported vaping daily, according to the 2021 National Youth Tobacco Survey.
How much do people spend on Vapes a year?
Researchers at the University of California-San Francisco School of Nursing found the consequences of vaping add up to approximately $15 billion annually nationwide. The study pegs individual costs at $2,024 each year – even greater than estimated health care costs attributed to cigar and smokeless tobacco use. Dr.
The Road to Vapocalypse
April 15th, 2009 was a Wednesday. It was around 60 and sunny when the shipment of NJOY e-cigarettes arrived at a warehouse in Phoenix. NJOY e-cigarettes look like combustible cigarettes and are marketed to smokers. Founded in 2006, the brand was in 50 countries by 2009, and its parent company, Sottera, was going places.
Why We Should Probably Care..
If the only thing you know about vaping is that it somehow has the transcendental ability to make even Leonardo DiCaprio look like a substitute teacher in a tux, you might be tempted to view all this as a delightful little morality tale: vapers are a bunch of losers, clowns, and loose cannons, and they're getting what they deserve.
The Case Against Vapes, Pt. 1: They Target the Kids!
I'm hanging out at Henley Vaporium, talking to Denholtz. He's a parent, so I wanted to ask him about the uncomfortable link between vaping and teenagers, which has led opponents like the American Lung Association to argue that the industry is "aggressively targeting" youth. Here, the statistics get tricky.
The Case Against Vapes, Pt. 2: They Look Ridiculous!
As the American vaping industry grows up, it's reasonable to expect that the way it presents itself will skew less shit-headed. It's harder to imagine that evolution for vapers themselves. To illustrate the point, I give you...
The Case Against Vapes, Pt. 3: They Keep Blowing Themselves Up!
I was working on this story a couple weeks ago, vaping up a (nicotine-free) storm at my desk for research, when no fewer than a half-dozen co-workers G-chatted me with the same link in rapid succession. It was a link to the story about the Dora the Explorer voice actress who got suspended from her school for vaping.
Conclusion: Vapocalypse Now
It's hard not to feel for vapers. Cigarette smokers don't want them in the huddle. They're mocked online and kicked out of restaurants and bars. Advocates have had little success distancing the technology from the very thing it was invented to replace: the pure, unmitigated evil of Big Tobacco.
What will change in the vaping industry?
As the vaping industry moves forward, changes in technology, regulatory framework, the growth in the cannabis sector, and other factors will shape its development and sustainability. And like any high-growth industry, global and local demands will also determine its future.
How much will vaping industry be worth in 2021?
From a struggling industry several years ago to a growing sector across the world, the vaping industry has made economic strides with global market revenues forecasted to reach USD 32.11 billion by 2021. The growth was precipitated by several major occurrences in the global market in recent years including the introduction of technologically advanced products.
What is included in a vape starter kit?
A typical vaping or e-cigarette starter kit includes a battery, a clearomizer or atomizer, and a charging component. Like many devices, these components are continuously going through a process of refinement as the industry moves forward. Aside from product advancements and growing global demand, other changes are expected to impact the vaping industry years from now.
How much will the cannabis industry make in 2020?
The medicinal and recreational cannabis industry sales are projected to reach $35 billion in 2020 should all states pass laws in support of legalizations. While not all states have moved forward to this next step, still, the cannabis industry has exhibited growth across affiliate businesses with sales of around $6.7 billion in 2016. This industry growth also paved the way for the use of vaporizers and related devices for cannabis products, specifically, by medicinal users looking for a way to discreetly consume the product.
Is vaping going to be competitive?
However, the industry is predicted to go through a competitive phase as more entrepreneurs enter the market. In fact, industry pundits pointed out that while the market has achieved growth over the years, the effects of market competition surfaced with the opening of e-commerce sites, commercial stores specializing in e-cigarette and vaping products, and consequently, the closure of establishments that were not able to survive the competition.
Is Apple a vaporizer?
Technology companies are expanding their sights on the vaping industry. Just recently, Apple applied for a product patent for a vaporizer technology. Since this is beyond Apple’s usual area of focus, the information fueled speculations that the tech giant is also planning to go into the cannabis industry.
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.
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.
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.
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 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.
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 ...
Is there a ban on mint flavor e-cigarettes?
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.
Renewed push for e-cigarette flavor bans
But Pennsylvania’s law wasn’t about stopping the sale, just taxing it. These new efforts are different. New York and New Jersey had already attempted to ban e-cigarette flavors and failed, with the only successful bans passing locally.
Some e-cigarette regulation is needed
While public health officials point to the lack of regulation as one of the biggest problems with vaping, many inside the industry are not scared of it.
Market Competition
Development of Restrictive Or Supportive Regulations
- Aside from market competition, regulatory enforcement will also shape the industry. Last year, the Food and Drug Administration issued a rulingextending their monitoring role over e-cigarettes, vaporizers, vape pens, and other products categorized by the agency. Excluding certain related accessories, FDA’s regulatory power covers processes involved in developing and marketing the…
Advanced Technology
- Technology companies are expanding their sights on the vaping industry. Just recently, Apple applied for a product patentfor a vaporizer technology. Since this is beyond Apple’s usual area of focus, the information fueled speculations that the tech giant is also planning to go into the cannabis industry. There are other industry-related tech companies that are focusing on refining …
Growth from The Cannabis Industry
- The medicinal and recreational cannabis industry sales are projected to reach$35 billion in 2020 should all states pass laws in support of legalizations. While not all states have moved forward to this next step, still, the cannabis industry has exhibited growth across affiliate businesses with sales of around$6.7 billion in 2016. This industry gro...
Demand For Mobile and Connected Devices
- Aside from the introduction of mobile and portable features into e-cigarettes and other vaping devices, customization will also dominate the market of the future. Also, with the increasing popularity and mainstream application of the Internet of Things (IoT), vaping devices that are connectedto a smartphone will also become more accessible to customers. The concept involv…