Vape market will exceed 34 billion

Although the technology of vapes is not very mature, the research on the use of vapes is still not widespread. However, in terms of market reaction, the market share of vapes is increasing year by year, and this trend has been maintained in recent years. The traditional cigarette market is declining year by year. Therefore, we have reason to believe that sales in the vape market will continue to break the previous record.

Vapes were originally seen as a healthier and more environmentally friendly alternative to traditional cigarettes. But today, its rapidly growing business value and trend culture are attracting more attention and controversy. In particular, high-power electronic cigarettes, which use high power and large smoke as a selling point, can not only play the role of ordinary electronic cigarettes, but also be used for playing, such as spitting smoke rings.

According to Euromonitor International, the global vape market is expected to increase from 700 million pounds in 2010 to 12 billion pounds in 2020, with an average annual growth rate of 17%. The number of vape users will also increase from 7 million in 2011 to 55 million in 2021.

Electronic cigarettes were originally born in the Chinese market. In 2003, Chinese pharmacist Hon Lik invented the initial version of mainstream vapes today. Due to the high customization of vapes, e-liquid manufacturers have invented many flavors of e-liquid in order to cater to users' preferences. In addition to tobacco flavors, there are also fruits, foods and beverages. It has more flavors to choose from than traditional cigarettes, and it has no tar and is less harmful.

From 2006 to 2007, vapes were imported into Europe and the United States for the first time, but they quickly became the largest consumer market for vapes. According to a 2016 statistics, the world's great 10 vape consumer markets are the United States, Japan, the United Kingdom, Sweden, Italy, Algeria, Norway, India, Germany, and China.

Although China's vape manufacturers produce around 90% of the world's vape products, the domestic consumer market is still small. According to research, the European and American markets account for 80% of China's vape export share, and less than 10% of vape products are digested domestically.

At the same time, the number of people who consume traditional cigarettes is rapidly declining, from 64% in 2013 to 43% in 2016, which means that many traditional smokers are turning to vapes.

Vapes can be popular for a variety of reasons. In addition to health, nearly half of the users simply prefer multiple tastes. Tobacco taste is not the most popular taste in many countries. For example, in South Korea and Russia, 30% of people most often choose fruit flavors. In the UK, fruit flavors are also hot-selling products, while China prefers single-flavored fruits. They are pursuing the reduction of fruit flavors. Generally, the better the degree of reduction, the more popular it is.

In 2016, China's vape output reached 1.21 billion, the market consumption was only about 3 billion, the electronic cigarette smoking accounted for about 70%, the electronic e-liquid was about 30%, and the cigarette industry sales revenue was 1,370.60 million yuan. This means that the Chinese vape market currently accounts for less than 1% of the tobacco industry.

For the time being, even in the next few years, the vape market has indeed reached 34 billion US dollars, which is only a fraction of the current traditional cigarettes. However, as far as the trend is concerned, it must not be underestimated. 34 billion is only a reference to the current development of the vape market. If there is a good opportunity, the vape market will become even bigger.

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