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The Global Vape Market to Reach Revenues of Over $60 Billion During the Period 2020 −2025

The Global Vape Market to Reach Revenues of Over $60 Billion During the Period 2020 −2025CHICAGOFeb. 26, 2020 /PRNewswire/ — According to Arizton‘s recent research report, Vape Market – Global Outlook and Forecast 2020-2025 is expected to grow at a CAGR of approximately 15% during the period 2019−2025.

Key Highlights Offered in the Report: 

  1. The global vape market would realize an absolute growth of 590% – a phenomenal leap of over $49 billion revenue between 2015 and 2025.
  2. Buoyed by a growing shift in preferences for next-generation smoking products and the demand for HnB tobacco among smoking population, the overall revenue of vape products will reach over $57 billion by 2025.
  3. Registering a high growth CAGR of about 6% during 2019-2025, the global market for e-vapor accounted for a majority share in 2019. However, HnB products are set to displace e-vapor products by 2022.
  4. Contributing over 55% of the market revenue in 2019, the US, Japan, & South Korea, offer lucrative market potential for vapor products’ vendors.
  5. Decades-old established distribution networks of tobacco products has helped Big Tobacco companies to gain an upper hand over pure-play companies. However, small vape and tobacco shops continue to dominate with about 34% share of the retail markets worldwide.

Key Offerings:

  • Market Size & Forecast by Revenue | 2019−2025
  • Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
  • Market Segmentation – A detailed analysis by E-vapor, HnB tobacco, distribution, and geography
  • Competitive Landscape – Profile of 5 key vendors and 28 other vendors

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Vape Market – Segmentation

  • E-liquids were the largest revenue-generating product category of the global vape market in 2019. The major reason behind high market shares can be attributed to the increased proliferation of Vapor/Tank/Mods (VTM).
  • The rise in demand for these products has enabled companies to bring innovations in products and spend more on promotion. The industry is also growing quickly in Europe, especially the UK, ItalyPoland, and France. The market value of heat-not-burn products is expected to grow twice in Western Europe than Eastern Europe.
  • Changes are spurred by expanding competition, accelerating digitization, constant disintermediation, and consumerization of expectations. B2B commerce is witnessing the increase in expectations that are associated mainly with B2C, such as transparent pricing and communities and social connections.

Market Segmentation by E-vapor

  • E-liquids
    • Pre-filled Cartridges
    • Refill Bottles
  • Open Tanks Systems
  • Closed Tank Systems
  • Cig-a-likes
    • Disposables
    • Rechargeables
  • Consumables
    • E-cigarettes Batteries
    • Atomizers/cartomizers/clearomizers

Market Segmentation by HnB Tabacco 

  • HnB Devices
    • Direct/Indirect Heating
    • Hybrid/Infused
  • HnB Consumables
    • Tobacco Sticks
    • Tobacco Capsules and Cartridges

Market Segmentation by Distribution  

  • Retail
    • Convenience Stores
    • Vape Stores
    • Tobacco Stores
    • Grocery Stores
    • Drug Stores
    • Others
  • Online

Vape Market – Dynamics

The vapor product market is witnessing the introduction of many new varieties of flavors in e-cigarettes, VTMs, and personal vaporizers. Vapor products are marketed as potentially less harmful products than tobacco cigarettes and are more economical because of their low cost. The popularity of vape shops in tier I and tier II cities has boosted the demand for a variety of e-juices with different flavors such as chocolate, mint, menthol, watermelon, and pink bubble gum, among others. Currently, studies reveal that there are more than 8,000 different flavors of e-juices available in the global market with over 100 flavors being added every month in the US alone. Vendors are introducing new varieties to attract new customers. For instance, VPR Brands, a leading e-cigarette manufacturer introduced new HELIUM brand e-liquid in the US, the UK, and Chinese markets in July 2019.

Key Drivers and Trends fueling Market Growth:

  • Shifting Consumer Perception of Smoking Combustible Cigarettes
  • Growing Distribution Network
  • Shift from Smoking toward Vaping
  • Increasing Marketing & Promotional Efforts

Vape Market – Geography

The global vape market is growing at a tremendous rate. The US vapor market is consistently increasing after the authorization of the sale of HnB products by the FDA in the country. This is expected to help North America to increase its share as smokers in the US are becoming health conscious. One of the major influencing factors propelling growth is the increasing availability of vapor products in vape shops and over the internet. The tremendous popularity of VTMs and the availability of low-cost vaping devices in these regions will help North America to dominate the market during the forecast period. With retail giants such as Wal-Mart, Kroger, and Costco stocking vapor products, these products are increasingly witnessing a surge in their popularity in the region. Apart from mass distributors, tobacco shops, grocery shops, drug stores, online channels are also offering vapor products in the region. These factors are expected to drive the vape market revenue.

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Market Segmentation by Geography

  • Europe
    • UK
    • Poland
    • France
    • Spain
    • Italy
    • Germany
    • Russia
    • Romania
    • Czech Republi
  • APAC
    • China
    • Japan
    • South Korea
    • Australia and New Zealand
    • Malaysia
  • North America
    • US
    • Canada
  • MEA
    • Egypt
    • South Africa
    • UAE
  • Latin America

Major Vendors

  • Altria Group
  • British American Tobacco (BAT)
  • Imperial Brands
  • Japan Tobacco International (JTI)
  • Philip Morris International (PMI)

Other vendors include – RJ Reynolds Vapor Company (RJRVC), Ballantyne Brands, CB Distributors, ECIG (Formerly known as Victory Electronic Cigarettes), Gamucci, Gilla, International Vapor Group, Joyetech Co, KangerTech Technology, Mainstream Cannabis Innovations Group (mCig Group), Nicotek, NJOY, PAX Labs, RR Chemicals, Totally Wicked E-liquid, Vape Holdings, Vapor Hub International, VPR Brands, White Cloud (Leads by Sales), XEO International, KT&G (Korea Tomorrow& Global Corporation), Shenzhen AVBAD Technology Company Ltd., Vapor Tobacco Manufacturing, Shenzhen Royal Tobacco Industrial Limited (Royal Tobacco), Jouz, Shenzhen Yukan Intelligent Technology Co., Ltd., Sichuan China Tobacco Industry Co., Ltd., Marvel International Tobacco Group.

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The Global Vape Market to Reach Revenues of Over $60 Billion During the Period 2020 −2025

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The Global Vape Market to Reach Revenues of Over $60 Billion During the Period 2020 −2025