E-Cig Industry Projected to Generate $39 Billion in Revenue by 2030
The global market for electronic cigarette products is expected to generate $39 billion in revenue by 2030, according to P&S Intelligence. The market intelligence and consulting firm made this projection in a report released earlier this month.
Despite some regulatory restrictions, the vaping industry has been growing at a rapid pace over the past few years. In 2019, the global market for electronic cigarette products was valued at $15.7 billion. A paper from P&S Intelligence released in July this year projected a compound annual growth rate (CAGR) of 9.2 percent annually between 2020 to 2030.
P&S Intelligence noted that one of the main drivers for the revenue growth of the electronic cigarette industry over the years has been the ready availability of vaping products to buyers. E-cigarette brands have been actively partnering with retail stores to make their products accessible to shoppers. There are hundreds of electronic cigarette brands and thousands of e-liquid flavors available for buyers to choose from today. With a variety of e-juice flavors, nicotine strength levels, and devices, it is easier than ever for newbie vapers to find something that appeals to them. The fact that vaping is also becoming more socially acceptable and the increasing tax hike on cigarettes are some other contributing factors to the growth of the industry.
This year has been a tough one for businesses, and the vaping industry has not been spared. There has been a shortage of the supply of electronic cigarette products on the market. It is noteworthy to mention that a vast majority of vaping products are manufactured in China, and the country was on lockdown for several months. Still, the vaping industry remains highly competitive. Manufacturers are releasing new products at a fast pace in a bid to get an edge over the competition. Companies are also focusing on mergers and acquisitions.
P&S Intelligence indicated that online channels for distributing vaping products would record the highest CAGR of 13.7 percent in the coming years. The outbreak of the `coronavirus and the imperative for social distancing may no doubt contribute to an increase in the patronage of online vape shops. Prior to the corona outbreak, brick and mortar vape stores were very popular. They provided vapers the chance to interact with the products they are set to purchase.
P&S Intelligence is not the only company to predict growth in the electronic cigarette industry over the next few years. Market research and consultancy firm Bis Research made a similar prediction a few years ago. According to the report, the firm anticipated that the vaping industry would see an annual CAGR growth rate of 19.34 percent between 2015 and 2025, to bring the value of the market to $46.9 billion.
Europe currently has one of the largest electronic cigarette markets in the world, with Russia, the U.K., and France being among the forerunners. P&S Intelligence predicted that the North American market for vaping products would enjoy one of the fastest growth rates in the future as the use of these alternative nicotine delivery systems become more widespread among young people.
More People Shifting from Smoking Cigarettes
As more people learn about the dangers of smoking cigarettes, they are convinced to try vaping instead. Many vapers are current or ex-smokers. Researchers are still divided on how safe vaping is, especially its long term effects. However, many medical experts agree that it is a better option than smoking.
A study, codenamed VESUVIUS, conducted by researchers at the University of Dundee, revealed that there are ‘clearly early benefits” of switching from smoking to vaping. Some long-term smokers who participated in the study showed dramatic improvement in their vascular health within just one month. According to the researchers, if the rapid recovery of the vascular health of ex-smokers remained consistent over an extended period, then people who switch from smoking to vaping can expect a 13 percent reduced risk of cardiovascular diseases such as heart attack.
“By switching from cigarettes to e-cigarettes we found an average percentage point improvement of 1.5 within just one month. This represents a significant improvement in vascular health,” the chief investigator of the study and professor of Cardiovascular Medicine and Therapeutics, Jacob George, explained. “We also found that, in the short term at least, regardless of whether the e-cigarette does or does not contain nicotine, a person will see vascular health improvements compared to smoking a traditional cigarette.”
About 114 adults contributed to this two-year study. There have been many other promising studies that indicate vaping is a healthier option to smoking. To date, this has been the largest study to compare the effect of vaping and smoking on vascular health.
Shift to Nic Salt and Pod Systems
The rise of nicotine salts e-liquids and low wattage pod devices has made vaping more appealing to transitioning smokers. Pod systems are designed to mimic the sensation of smoking cigarettes. Not only do these devices give you the same restricted, mouth-to-lung draw, they also allow you to vape nicotine salts e-juices, which contain high levels of nicotine.
Nicotine salts is the same kind of nicotine found in tobacco leaves. Nicotine salts e-liquids do not only allow you to enjoy a satisfying high nicotine buzz, but it also provides a smoother throat hit. The JUUL is probably the top pod system on the market today for vaping nic salts e-liquids. However, there are many devices that are equally good.
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