What is the market size of the vape industry?
Currently, the market is predicted to reach a total value of $50 billion by the year 2025. At VaporFi, we are focused on staying on the cutting edge of the industry and providing our customers with the highest quality products available.
What is the future of the vaping industry?
With an increasing shift away from conventional cigarettes towards tobacco alternatives, the vaping industry is projected to have a compound annual growth rate of 19.6% between 2018 and 2023. The result will mean a global projected market value of $45bn USD. But where is the growth coming from?
What is driving the growth of the vape shop segment?
These shops assisted customers in selecting from a wide range of devices and e-liquids. Furthermore, vape shops allowing customers to try out and test these devices before making a purchase decision is expected to drive the retail store segment growth over the forecast period. To learn more about this report, request a free sample copy
What is the forecast period of e-cigarette and vape market research report?
The global e-cigarette and vape market size was valued at USD 10,261.8 million in 2018 and is expected to grow at a CAGR of 24.9% from 2019 to 2025. The industry is expected to gain traction over the forecast period.
How big of an industry is vaping?
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.
How much is the vape industry worth?
Report Overview. The U.S. e-cigarette & vape market size was valued at USD 6.09 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 27.3% from 2021 to 2028.
How much is the vaping industry worth 2022?
Revenue in the E-Cigarettes segment amounts to US$22.95bn in 2022. The market is expected to grow annually by 4.18% (CAGR 2022-2027). In global comparison, most revenue is generated in the United States (US$7,640.00m in 2022).
How many Vapes are sold a year 2021?
The vast majority (69.8%) of this increase was from sales of disposable products. From February 2020 to March 2021, sales of disposable e-cigarettes increased by nearly 200% (from 2.8 million to 7.8 million units).
How big is the US vape market?
The United States e-cigarette and vape market attained a value of around USD 12.8 billion in 2020. The industry is further expected to grow in the forecast period of 2022-2027 at a CAGR of nearly 25% to reach approximately USD 48.9 billion by 2026....Competitive Landscape.REPORT FEATURESDETAILSForecast Period2022-202714 more rows
How many Vapes are sold a year?
The e-cigarette maker's sales have skyrocketed in recent years, going from 2.2 million devices sold in 2016 to 16.2 million in 2017. This growth was in part due to increased sales of a small e-cigarette that resembles a USB flash drive.
Is vaping on the rise?
About 37% of 12th graders reported vaping in 2018, compared with 28% in 2017. Vaping of each substance that was asked about increased. This includes nicotine, flavored liquids, marijuana, and hash oil. “Vaping is reversing hard-fought declines in the number of adolescents who use nicotine,” says Dr.
What is the future of vaping?
In 2019, the global vape and e-cig market size were estimated to be USD 12.41 billion, but it's projected to grow at a compounded annual growth rate of 23.8 percent in the future. From 2020 to 2027, the industry will attain traction over the forecast period.
What are the statistics on vaping?
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.
Are vape shops 2021 profitable?
How much profit can a vape shop make? The average vape shop reports approximately $26,000 in monthly sales. If your monthly expenses are $10,000, your business would realize an annual profit of $120,000.
Is vape a good business?
You Can Still Run A Profitable Vape Shop In 2022 After all, there are now plenty of competitors operating in the market and some may be well established. But entrepreneurs are often surprised to find that it is still perfectly possible to make a very healthy profit if you create a sound business!
How many cigarettes is 2000 puffs?
Each Supreme disposable device comes with 50mg/ml (5%) of salt nicotine. By volume, this is the equivalent of about 10 packs of cigarettes worth of nicotine. Enough for at least a week of use for the average pack-a-day smoker.
How big is the e-cigarette and vape market?
The global e-cigarette & vape market size was estimated at USD 18.13 billion in 2021 and is expected to reach USD 22.45 billion in 2022. Read More
What is the e-cigarette and vape market growth?
The e-cigarette & vape market is expected to witness a compound annual growth rate of 30.0% from 2022 to 2030 to reach USD 182.84 billion by 2030....
Which device type led the e-cigarette and vape market?
The rechargeable segment in the e-cigarette & vape market accounted for the highest market share of over 40% in 2021. Read More
Which distribution channel dominated the e-cigarette and vape market?
The retail store segment accounted for the highest e-cigarette & vape market share of over 80% in 2021. Read More
Which region accounted for the largest e-cigarette and vape market share?
North America dominated the global e-cigarette & vape market with a share of over 40% in 2021. Read More
Who are the key companies/players in the e-cigarette and vape market?
Key players in the e-cigarette & vape market include Altria Group, Inc.; British American Tobacco; Imperial Brands; International Vapor Group; Japa...
High Street vs. Online
With an increasing focus on online sales for many industries, the same cannot be said for vaping. Due to the nature of vaping itself, high street stores are key in driving revenue. Conventional cigarettes limit users to tobacco or menthol. E-cigarettes on the other hand have different models, a wide range of e-liquid flavours and strengths.
Areas of Growth
Innovation is a huge part of the vaping industry’s success. With the amount of ongoing research, new product variations and advancements in technology, e-cigarettes have changed significantly since their inception back in 2003. Juul alone is worth an estimated $16bn and currently carries just one device with the corresponding pods.
Consumers
With increased awareness and concern over the ill effects of smoking, consumption of tobacco has decreased and safer alternatives have gained traction and popularity very rapidly. The success rate of quitting with more conventional methods like patches or gum is significantly lower than that of vaping.
The USA vs. the UK
With regulations in the US coming from local governing bodies and the FDA, there are some limitations on the industry that aren’t an issue in the UK. The likes of the Florida flavour ban, effective January 2019, concerns over teen “Juuling” and vaping being classified as smoking has meant e-cig users in America face more limitations.
What is Juul Labs?
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.
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.
What is a Vype iSwitch Maxx?
For instance, in December 2018, British American Tobacco launched two new e-cigarettes called Vype iSwitch Maxx and Vype iSwitch in five of BAT’s VIP stores in London. These new products are powered by distiller plate technology to heat e-liquid.
Why are online marketplaces important?
The benefits offered by online marketplaces, in terms of competitive pricing, convenience, and access to a wider variety of products, are encouraging people to purchase e-cigarette and vape online. Furthermore, websites offer a large variety of products as compared to retail stores. Moreover, sellers have their own websites from where users can ...
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.
Why are vape pens so popular?
The reason for this is that pens are refillable and can make use of the multitude of e-liquids on the market. This allows for a totally customizable user experience.
Why are mods called mods?
MODs are so named because they allow a user more control over their vaping experience. Features include temperature controls, regulated charging, and improved safety features such as short-circuit protection.
What is the vape industry?
The vape industry is one driven not just by market needs, but by innovation as well. Unlike many industries, vaping is entirely open to new ideas and is focused on implementing new concepts.
How much is vaping worth in 2025?
Currently, the market is predicted to reach a total value of $50 billion by the year 2025.
What are the current design trends?
Technology: current design trends point to a further increase in hardware efficiency and overall modification ability. MODs themselves will likely become smaller in overall size, more efficient, more user-friendly, safer, and easier to modify to fit user needs and desires.
When was vaping invented?
The technology behind vaping traces itself to the first electronic cigarette developed by Herbert Gilbert, which he patented in 1963. Despite being developed in the 1960s, electronic cigarettes did not become a publicly-sold product until 2003.
Who invented the e-cigarette?
That year, Hong Kong pharmacist Hon Lik was looking for a safer alternative to smoking and patented the first modern e-cig. The product soon became very popular in China and then worldwide. Vaporizer technology is constantly changing and evolving to create a better user experience.
What is rechargeable cigarette?
A rechargeable cigarette is a battery-powered vaping device, which can be reused and refilled. These devices also have interchangeable cartridges, due to which users can try a wider variety of flavors. The modular devices segment is anticipated to register the highest growth over the forecast period.
Why are vape mods and e-cigarettes so popular?
E-cigarettes and vape mods usage are rapidly increasing because these devices don’t include any tobacco. Most of the U.S. population is considering these devices as a gateway for quitting smoking. Some of the population is shifting to an e-cigarette and vape mod as an alternative to smoking.
What is the vape mod segment?
The vape mod segment dominated the market and accounted for more than a 51.0% share of the global revenue in 2020. Increasing demand for customized mods is expected to propel the segment growth over the forecast period. With these mods, customers can automatically control temperature levels. With this flexibility, users can control things, such as temperature, power, as well as vapor production.
What is electronic vape?
Electronic cigarettes and vape mods, which are an alternative to tobacco products, have been gaining popularity . These sophisticated mechanical devices are designed to deliver the same addictive nicotine, which is in tobacco cigarettes, without the harmful effects of tobacco smoke.
What is the retail store segment?
The retail store segment led the market and accounted for more than 84.0% share of the global revenue in 2020. Retail stores allow customers to try out numerous e-liquid flavors and check the various kinds of vaporizers available in the market. Users choose to visit these retail stores to make these purchases. This, as a result, the popularity of retail stores is increasing across several states of the U.S.
What flavors are available in e-liquids?
The e-liquids are easily available in numerous flavors such as menthol, chocolate, fruit and nuts, and tobacco, which is expected to encourage the usage of e-liquids. Moreover, the availability of e-liquids with a low level of toxicants is further expected to propel the segment growth.
Which segment is anticipated to register the fastest over the forecast period?
The online segment is anticipated to register the fastest over the forecast period. Numerous vendors in the U.S. are opting for online channels as their preferred distribution channel over the retail stores due to stringent regulations about the sale and distribution of e-cigarettes.
Vaping Health Facts & Stats
Only 6% of adult Americans ignore the negative effects of e-cigarettes on one’s health. About 59% of the surveyed have heard a lot about vaping and smoking e-cigarettes possibly leading to respiratory problems. Finally, 14% claim they’re vaguely informed about the topic.
E-Cigarettes and Vape Industry Statistics
Vuse came in second with approximately 24% of total nicotine vaping product sales, followed by blu (6%). Njoy reached no more than 2%, while all other brands reached about 1%.
Vaping Statistics Among Young People in the US
Official CDC data from 2020 reveal that 19.6% of American high-schoolers use the e-cigarette. What’s even more concerning is that almost two-fifths of them (38.9%) reported using it frequently. Moreover, 22.5% of the frequent smokers used e-cigarettes on a daily basis, while the rest of them vaped more than 20 days in 30 days.
Conclusion
The COVID-19 pandemic gave us a new perspective on the health consequences that our everyday habits leave. Still, many parents can breathe a sigh of relief as the use of vaping products has been slowing down for the first time, hand-in-hand with traditional smoking.
VAPE MENTORS BLOG
Read this if you want to skip MBA school and go right into the vape industry.
Low Cost vs. Premium Pricing
These next Tweets apply mostly to manufacturers and juice brands. To sum up: pick either low cost, high volume or low volume, high cost. DO NOT try to please everybody by being in the “middle”.
The Ansoff Matrix
Use this matrix to assess the current status of your business, then decide how you want to grow.
Marketing
There’s no better visual guide than this one out there, and no better way to understand marketing than the 7 P’s.
Finance
Use these concepts to determine whether you should open a new vape shop, invest in a PMTA, or make renovations to your shop.
Reading Profit & Loss statements
A big part of finance is being able to understand companies based on their documents filed. Here’s a profit & loss (P&L) statement… pic.twitter.com/WAZmpFVVlX
Financial Modeling
Next: Financial Modeling, we use it to accurately forecast future earnings performance of a company https://t.co/lnY57zyQhq pic.twitter.com/QisMZkAJQV