Despite heavy criticism from anti-e-cig organizations, vapor products remain the number one choice for those seeking less harmful alternatives to smoking. Just how big is the vape industry? Here’s what to expect from the global vapor market by the year 2023.
PBNewsire recently released a Global Vapor Market Forecast and Outlook for 2018-2023. There’s no doubt the vapor industry will play a leading role in the harm reduction community, failing to recognize the importance of this tool could be detrimental to the health and well-being millions across the globe.
A safer alternative to combustible tobacco products plays a vital role in raising health awareness. E-cig and other heat-not-burn products are expected to surpass the $43 billion mark by 2023, a 15% growth rate from 2017.
Worldwide e-cigarettes and other smokeless tobacco products are helping reduce tobacco-related diseases, by eliminating known cancer causing toxicants and other dangerous chemicals from the equation. Users can now get their nicotine fix from a vape juice with 6 ingredients or less.
Smoking continues to be held responsible for smoking-related cancer, respiratory diseases, and heart disease. These factors are contributors to the decline of cigarette sales on a global scale. The tobacco industry has taken note of the harm-reduction trend, and has made attempts to address the masses with their own electronic products. Companies like Imperial Tobacco, Philip Morris International, and British American Tobacco have all shifted their focus toward the development e-cig type products.
ENDS and HnB devices, used to heat liquid flavored e-juices with nicotine or tobacco, are the best way to deliver nicotine to the end-user. These products are now available online through e-commerce, or at local brick and mortar retail fronts, making it easier than ever for smokers to make the transition.
In 2017, North America was the largest e-cig market globally, a market that has since been jeopardized by the FDA nationally and other regulatory measures on the state level. In Europe, despite having lost business to the North American retailers, vapor is still expected to account for more than 30% of the market by 2023. Vapor products continue to be restricted in many countries like Latin America, Saudi Arabia, Brazil, and Argentina.
So what’s enabling such rapid growth in the global vaping market? Currently, the leading enablers are:
- Increased consumer awareness
- Distributive networks increase
- Increased marketplace promotions
Unfortunately, the global vapor market continues to be heavily restrained by the following:
- Government regulation
- Increased public concern
- Direct market competition
Major players in the global vapor market currently:
- Altria Group
- British American Tobacco
- Imperial Brands
- Japan Tobacco International
- JUUL Labs
- Pax Labs
- Philip Morris International
As it stands today, the vapor and HnB industries continue to be a key factor in hundreds of thousands of successful ‘quits’ worldwide. The potential impact of such a powerful tool should not be taken lightly. With a $43+ billion future forecast, electronic harm reduction products have the potential to positively effect a billion people’s lives.
Regulatory measures taken by the FDA and other organizations could single-handedly reverse years of progress made by the vapor industry. Traditional means of cessation, although effective in some cases, simply cannot compare to e-cigs. Choosing to limit the availability of flavored e-juices, HnB products, and e-cigs would be detrimental to society.