Global vape market status in 2019
According to the "vape Global Market Report 2020" report of ResearchAndMarkets.com, the global vape market is worth US $ 11.73 billion in 2019. It is expected that the compound annual growth rate (CAGR) of this market will reach 17% by 2023. The market value is 21.4 billion US dollars.
The vape market covered in this report is divided into disposable, rechargeable, and modular vapes by product type. It is also divided into tobacco, flavoring, nicotine-free e-liquid by ingredients, and through distribution channels into specialized vape stores, online, supermarkets, tobacco experts, etc.
Among smokers, the increased awareness of health problems caused by smoking is driving the growth of the vape market. For example, in December 2018, British American Tobacco (BAT) released the Vype iSwitch and Vype iSwitch Maxx based on Puretech blade technology, which involved the use of ultra-thin stainless steel blades to heat e-liquid and generate steam.
According to reports, steam products do not burn tobacco, and the content of toxic substances in the steam is significantly lower than the smoke produced when burning tobacco. Therefore, the report states that vape has reduced risk characteristics compared to traditional cigarettes.
Government regulations on vape bans are becoming increasingly strict, which limits the growth of the vape market. The report says that many countries prohibit the sale and manufacture of vapes to protect young people and children from the harmful effects and addiction of vapes.
The report states that in December 2019, the Indian government passed the "Prohibition of vape (production, manufacturing, sales, distribution, import, export, transportation, storage and advertising) Act 2019", which implements the vape ban . The government bans vape because manufacturing companies are promoting vape to get people out of smoking habits, but research shows that most people are addicted to vape.
In the vape market, there is an increasing trend of mergers and acquisitions between traditional cigarette and vape manufacturers. Traditional cigarette manufacturing companies and vape manufacturers are collaborating to develop products or improve their position in the global market.
In July 2017, British American Tobacco acquired Renault of the United States for $ 49 billion. The acquisition will help British American Tobacco develop steadily in high-growth emerging markets and high-margin developed markets.
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