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Vaping Industry Value Projected To Reach $48 Billion By 2023

Vaping Industry Value Projected To Reach $48 Billion By 2023

 

Vaping Industry Value Projected To Reach $48 Billion By 2023

Vapor prods an explosive growth industry in the last decade, making what was once a small, independent-business-focused model into a multi-billion dollar industry that continues to grow year after year. In a recent projection by P&S Market Research, it's projected that the industry could grow to be valued at as much as $48 billion worldwide in just five years, according to EconoTimes.


The projected jump from just a couple billion to almost fifty billion dollars comes as the global e-cigarette market gets multiple growth opportunities in Asian markets and competition from big tobacco companies who are moving away from marketing combustible cigarettes and moving to iQOS (“I-Quit-Ordinary-Smoking”) systems, something that's kind of like vaping but still uses tobacco cigarettes - for the purpose of these projections heat-not-burn is lumped in with more traditional vaping.  


In this article we'll look at two factors: the increased globalization of the industry to the Asian-Pacific region, and the effects of a competitive market from the big tobacco industry.  


Asia-Pacific


One region that investors in the vaping industry are eyeing heavily is the Asia-Pacific market. These large-population countries are becoming increasingly urbanized and have propelled demand for e-cigs in a region known for above-average global smoking rates. In particular, China has been China has been the forerunner in the regional e-cig industry, with an estimated 40.3% share  in 2017. They are the third largest market for e-cigs after the United States and the United Kingdom.

Additionally, ad campaigns in the region have been educating consumers about the benefits of switching from combustible cigarettes to a less harmful alternative, consequently driving the e-cigarette market in these countries.


Competition Driving The Industry


The factors driving the industry in European and North are similar to the Asian and Pacific markets, with the infusion of ad campaigns educating about the harm reduction switching from combustible cigarettes to e-cigarettes. The difference is that some big tobacco companies are taking up the advertisements as their own, and introducing their own e-cigarette products.


While this might seem like it cuts into the vaping industry, it actually means that the e-cig industry has successfully delivered its message that non-combustible e-cigarettes reduce the harm associated with traditional cigarettes.


IQOS systems, which are non-combustible tobacco cigarettes pushed by big tobacco companies like Philip Morris, await approval in the United States, although they have already been available in some European countries and competing with other vaping products. These are also known as “heat-not-burn” vaporizers.

While these projections by market researchers is far from a done deal by 2023. However, it is good news for anyone who’s interested in whether or not vaping is a growth industry.

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