The e-cigarette market has grown considerably in the last decade. As of 2019, the global market size was $15.7 billion and is projected to hit $39.0 billion by 2030, an increase of 9.2%.
As vaping technology is taking shape, there are rising concerns among consumers over the health hazards posed by traditional cigarettes. Most smokers are turning to vape as an effective way to quit smoking. This might play a significant role in propelling the market even further. These factors combined will boost the market size.
Below is a comprehensive analysis of the e-cigarette and vape market size, plus the market’s analysis and forecast from 2023 to 2030.
A Soaring Demand For Vaporizers
Vaporizers have contributed the most significant market share of the e-cigarette market since 2019. There will be a massive demand for vaporizers in the coming years. Many factors explain this demand. For instance, the moderate cost of these vaping devices will increase their market share. The devices are also flexible since they allow users to use a variety of flavors.
However, it’s anticipated that consumers will be more cautious and keen on getting a top-quality e-juice from zamplebox. Manufacturers will have to collaborate with researchers to enhance the quality of their e-juices.
Although vaping products’ demand will generally grow, there will be a significant change in consumer preferences. The candy and fruit-flavored e-juices are expected to top over others like the tobacco flavors.
Youths Will Be the Major Consumers in the e-cigarette Market
Vaping has grown in popularity among the young more than other age groups. Young people aged 16-24 years were the primary income generator in the market in 2019. Many reasons explain the rising popularity of vaping among young people.
Most youths believe e-cigarettes are safe and less harmful than tobacco. Besides, the wide variety of e-liquids make it enjoyable and appealing to young people.
Vaping or owning vape accessories is also regarded as a fashion statement as opposed to smoking. These factors, coupled with e-cigarettes’ relative affordability, are some of the reasons e-cigarettes will continue to be popular among the young in the coming decade.
Biggest E-cig Market
The US and Europe have the biggest vape markets. These regions spent over $10 billion on vaping products in 2018, and the trend is set to grow.
In 2019, North America was the leading consumer of e-cigarette. The participation of key industry players is among the factors fueling this growth. Furthermore, the youth are adopting vaping in large numbers. Although there will be significant growth, the restrictions on some e-cig vapors might slow the growth in the US to some extent.
Europe is expected to grow considerably within the next ten years. Vaping in this region is becoming a trend, especially as many health bodies favor it over smoking. With e-cigarette usage increasing across Europe, the continent will be the biggest e-cigarette market. Nevertheless, the strict regulations and insufficient awareness about vaping are likely to hinder the growth.
The use of e-cigarettes is particularly high in France and the United Kingdom – driven by the high demand of users aged between thirty and forty-four years old.
France is found to hold the largest e-cigarette market. It’s expected that the number of vape shops in the country will increase from 141 in 2013 to more than 500 this year. Also, tobacco companies in the UK, including Imperial PLC, are creating cigarette alternatives due to the decline in the demand for traditional cigarettes.
Because of these, Europe is believed to be not only the largest but also the fastest-growing e-cigarette market.
Online Sales Will Drive The E-cigarette Market
The online market is the leading contributor to global e-cigarette sales. In light of these, e-cigarette manufacturers will exploit online platforms to sell their products. It’s expected that most consumers will continue purchasing online due to the convenience.
For example, Vapestore.com.au is successfully selling vape products including vaping kits, vape accessories, and e-liquids in their online store.
Manufacturers will leverage e-commerce to sell their products and introduce new products altogether. Plus, they will use social networks for marketing their products. The internet will be the primary driver of the market throughout the forecast period.
For example, many former smokers will require a high concentration of nicotine. Fortunately, it’s easy to provide pods with more potent nicotine e-liquids, increasing the peak concentration of nicotine in the blood. As a result, it allows users to feel more satisfied and would prefer these pods over the regular e-liquid.
Male Consumers Will Dominate The Market
Male consumers dominated the e-cigarette market in 2019. About 53% of tobacco smokers had tried vaping as of 2019. In general, more males had tried e-cigarettes than females. e-cigarettes will be significantly popular among young males as the switch to e-cigarettes continues in the coming decade.
A Wider Portfolio of e-cigarette Flavors
The demand for e-cigarettes has prompted manufacturers to introduce a wide variety of flavored products. Currently, there are different flavors of e-cigarettes. They include menthol, chocolate, mint, bubble gum, and cola. Some manufacturers also include fruit fusions in their products.
The evolving tastes of consumers have driven the need to manufacture different e-liquid flavors all over the world. There are even botanical and tobacco flavors to choose from. There’s a large proportion of younger people that prefer alcohol, fruit, and similarly-flavored e-liquids.
Consumers in Europe, the US, and North America, in general, are showing a preference for flavored e-cigarettes. Manufacturers are expected to respond to market demand by introducing new flavors in the coming years. As a result, the global e-cigarette market will record a massive portfolio of flavors in the forecast period.
There’s also an evolving trend concerning customization of e-liquid flavors in the markets. Users can mix different flavors that will come in a kit. Popular flavors in the high street include champagne and tiramisu.
Increased acceptance of e-cigarettes
Smoking is illegal in most public places all over the world. The ban compels smokers to leave public places each time they want to smoke. Smokers are now shifting to e-cigarettes for this reason. e-cigarettes don’t produce smoke, unlike ordinary cigarettes. They are hence socially accepted across the globe. The trend will dominate the market throughout the forecast period. The move will boost sales as more people opt for e-cigarettes.
e-cigarettes Wil Be Easily Available
e-cigarettes will be readily available as their popularity increases. Furthermore, the thriving smokeless cigarette market is likely to attract many players. The competition will stiffen, and manufacturers will have to focus on new ways of availing their products to the consumers. E-cig and vape products will be available in most places, from online stores to retail outlets.
Many things will shape the E-commerce market between 2023 to 2030. Although the e-cig market regulation is still uncertain in some jurisdictions, the current trend indicates positive growth. But with most traditional cigarette consumers in favor of e-cigs, the e-cigarette market will remain popular.
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