According to a new research report published by Prophecy Market Insights, the global vape market accounted for USD 22.45 billion in 2022 and is expected to reach USD 391.1 billion by 2032, at a projected CAGR of 31.1%. The report states that growing health concerns over the use of traditional tobacco cigarettes is driving the growth of the target market. The growing popularity of e-cigarettes and vaping market has created lucrative opportunities for reusable, disposable, and customizable vapes. The growing demand in the vape market is expected to emerge in the coming years with newly launched innovative products with various flavors and innovative technologies.
An electronic cigarette is a device that generates vapor or aerosol by heating a liquid containing nicotine or other chemicals, which can simulate the smoking process of traditional cigarettes. vapes are considered a harm-reducing alternative that can help smokers quit or reduce the risk of inhaling harmful substances.vapes are also popular with young people and hipsters because they come in a variety of flavors, forms and functions.
Currently, the United States is the largest vape market in the world, accounting for 48% of the global market share in 2019, followed by Western Europe, Asia Pacific and Eastern Europe. China is the world’s largest producer of vapes, accounting for about 95% of global production, of which more than 90% are exported. However, compared with foreign countries, China’s vape consumption market is still small, accounting for only about 3% of the global market share.
In recent years, China has implemented a series of regulatory policies on the vape industry, prohibiting the sale of vapes to minors, prohibiting the sale and advertising of vapes on online platforms, and formulating relevant standards and norms. These policies are aimed at protecting consumer health and public interests, and promoting the standardized development of the industry. At the same time, these policies have also brought challenges and opportunities to the industry, forcing companies to strengthen product quality, innovation capabilities and channel construction.
It is reported that there are thousands of vape companies in China, most of which are concentrated in the Pearl River Delta region represented by Shenzhen. These enterprises mainly adopt OEM and ODM business models to provide product design, manufacturing and export services for overseas brands. At the same time, some companies have begun to build their own brands and expand domestic and foreign markets through online and offline channels. For example, ISK is one of the famous vape brands in China. It will obtain the Chinese e-cigarette production license in 2022, and will launch the world’s first real disposable electronic lung suction product in 2022. ISK Vape disposable electronic cigarettes have been exported to More than 50 countries around the world, aiming to consolidate ISK Vape’s position as a global leader in the market for lung-inhaled disposable vape.
