How Fast Is The Vape Industry Growing?

 The vape industry has experienced explosive growth recently, with new products and innovations constantly hitting the market. From e-cigarettes to vape pens and mods, like Aroma King Jewel and bear + aspire, there are plenty of options for consumers looking to enjoy the benefits of vaping. 

In this article, let's explore the latest statistics and trends in the industry's growth and what it means for the future of vaping.

Introduction To The Vape Industry:

The vape industry has become a significant player in the global market, with millions worldwide using vaping products daily. From its humble beginnings as a smoking cessation tool, vaping has evolved into a multi-billion euros industry with a wide range of products and accessories. 

In this article, let's take a closer look at the growth of the vape industry and what's driving its continued success.

The Global Vape Market Size And Growth:

According to a report by Grand View Research, the global vape shop size was valued at 12.4 billion pounds in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 23.8% from 2020 to 2027. 

The report attributes this growth to factors such as the increasing popularity of e-cigarettes as a smoking cessation tool, the growing trend of vaping among young adults, and the availability of a wide range of flavours and nicotine strengths. 

The report also notes that the Asia Pacific region is expected to be the fastest-growing market for vaping products due to the increasing number of smokers in countries like China and India.

Regional Breakdown Of Vape Industry Growth:

While the vape industry is growing at an unprecedented rate globally, the growth is uneven across regions. According to a report by Research and Markets, the Asia Pacific region is expected to be the fastest-growing market for vaping products, with a CAGR of 25.7% from 2020 to 2025. 

This is due to the increasing number of smokers in countries like China and India and the availability of a wide range of flavours and nicotine strengths. North America is also expected to see significant growth, with a CAGR of 22.6% during the same period, driven by the increasing popularity of e-cigarettes as a smoking cessation tool. Europe is expected to have a CAGR of 21.6%, while the rest of the world is expected to have a CAGR of 21.1%.

Key Drivers Of Vape Industry Growth:

The vape industry is experiencing unprecedented growth due to several key drivers. One of the main drivers is the increasing number of smokers looking for alternatives to traditional cigarettes. Vaping is considered a less harmful alternative to smoking, and many smokers are turning to e-cigarettes to quit smoking. 

Another driver is the availability of a wide range of flavours and nicotine strengths, which appeals to a broader audience. Additionally, the increasing popularity of e-cigarettes as a smoking cessation tool is driving growth in the industry. As more research is conducted on the safety and effectiveness of vaping, the industry is expected to continue to grow.

Future Projections For The Vape Industry:

The vape industry is projected to increase in the coming years. According to a report by Grand View Research, the global e-cigarette and vape shop is expected to reach $67.31 billion by 2027. 

This growth is attributed to the increasing number of smokers looking for alternatives to traditional cigarettes, the availability of a wide range of flavours and nicotine strengths, and the increasing popularity of e-cigarettes as a smoking cessation tool. 

However, the industry is also facing regulatory challenges and concerns about the safety of vaping, which could impact its growth in the future.

What Will Be A Vaping Trend In 2023?

Expect a further increase in the total vaping market in 2023, with disposables like Aspire R1 driving most of that growth. Some Mod users will migrate to Pod devices like Bloody mary bm600 and Aspire R1.

Vaping Statistics By Age:

20% of Americans between the ages of 18 and 29 vape, compared to 16% of individuals between the ages of 30 and 64. Less than 0.5% of persons over the age of 65 vapes. 16. Teenagers between the ages of 15 and 17 are 16 times more likely to vape than adults between the ages of 25 and 34.

The United States has the most vaping customers in the world, with 9 million people routinely vaping. The United Kingdom comes in second place, with 3 million vapers. With 2.4 million vapers, France has the third-largest vaping population.

Conclusion:

Electronic cigarettes like Aspire R1 and others appear far safer than traditional cigarettes. As a result, market growth has been nothing short of phenomenal in recent years. The electronic cigarette and vape market will be worth more than 20 billion pounds by 2021.