Welcome to our monthly review of Vape! In this series, we’ll be delving into the latest happenings in the Vape space, including market trends, new developments, and policy changes around the globe.
Global Market Size and Growth Trends
- According to a report by Grand View Research, the global Vape and vapor market size is estimated to be USD 28.17 billion in 2023 and is projected to grow at a CAGR of 30.6% from 2023 to 2030 to reach USD 182.84 billion by 2030.
- Another study predicts that the Vape market size will grow at a CAGR of 18.09% between 2023 and 2028, adding $35.9 billion.
Product and Technology Innovation
- Advances in Vape technology, such as pod systems and squonk mods, have grown in popularity and gained user adoption in recent years.
- Rechargeable devices are gaining popularity due to their affordability and reduced need for ongoing supply purchases (e.g., vape cartridges).
Health and Safety
- Vape are considered a safer alternative to traditional cigarettes, especially among young people.
- Popularity as a smoking cessation tool has also increased due to the ability to deliver nicotine without producing the harmful byproducts of tobacco smoke.
Market Challenges and Opportunities
- The Vape market is responding to concerns about addiction and toxic substances, and its market trajectory highlights its role in catering to evolving consumer preferences and health consciousness.
- Consumers’ concern about the health risks of Vape is gradually increasing, and the demand for transparency but quality of raw materials is also very strict, which has pushed the industry to develop in the direction of more standardization and transparency.
As the global tobacco market gradually transforms to healthier alternatives, Vape, as an emerging category, are gaining more and more favor among consumers. Meanwhile, with the continuous advancement of technology and changes in the market, the structure of the Vape industry chain may also change, bringing new development opportunities for the industry.
