21 March 2019, The global vaping market is likely to witness steady growth in the years to come owing to rising health awareness among consumers and increasing number of vape shops. Traditional smoking products contain many cancer-causing elements. This has encouraged the government and private organizations to spread awareness regarding health hazards of tobacco and reduce its consumption. Vaping is considered to be a safe alternative to traditional cigarettes as it is less toxic. Moreover, effects of vaping products are same to that of nicotine replacement therapy (NRT), which, in turn, can supplement market growth in the coming years.
Moreover, smoke released from burning tobacco is harmful to environment. Vaping products reduce the amount of smoke and leave mist, which gets dissolved easily in the air. In addition, they avoid the need for disposing cigarette butts and flicking ash, thereby encouraging safe smoking. Vaping products, such as e-cigarettes, can be effective for quitting smoking, as they are less harmful and release vapor, instead of smoke. Therefore, rising awareness regarding safe, smokeless, and ash-free tobacco is anticipated to boost market growth in the years to come.
Furthermore, launch of new vaping devices is likely to boost market growth in the years to come. In addition, flavor and fragrance manufacturers are focusing on the introduction of new flavors. Different flavors, such as mint, bubble gum, menthol, cola, and mixtures of other fruits, are gaining traction among consumers. This trend is expected to increase the demand for these products in the years to come. For instance, Xiaomi launched MIJIA A&D E-Cigarette that comprises collagen, coenzyme Q10, zero calories, along with vitamin A, C, B6, and B12. It also contains other micro-nutrients, which are beneficial to the body. The A&D cigarette is based on smart automatic induction air flow control and has a lifespan of maximum 500 vaping. The device has an LED light which glows if the user takes a puff and turns off when released.
However, awareness campaigns conducted by the government organizations to avoid use of vamping products, especially among teenagers, are expected to restrict market growth. For instance, in 2018, the U.S. Food and Drug Administration (FDA) launched “The Real Cost” Youth E-Cigarette Prevention Campaign with an aim to educate kids regarding the dangers of e-cigarettes.
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Various vaping products are available in the market, however, demand for e-cigarettes is likely to increase in the coming years. Different types of e-cigarettes include modular, disposable, rechargeable, and automatic. Automatic e-cigarettes are activated by inhaling, thereby offering similar experience of traditional smoking. Ease in usage of these cigarettes has increased their popularity among the users. Various components used in vaping include atomizer, method of delivery (MOD), cartomizer, and e-liquid. MOD holds a prominent share in the market. Availability of MODs in different designs, such as regulated and unregulated (box), has increased the demand for e-cigarettes.
E-liquid is anticipated to witness strong growth in the coming years. This could be attributed to introduction of numerous flavors, including tobacco, fruit, dessert, and mixed flavors. Growth of Do-it-Yourself (DIY) trend, where consumers develop their own e-liquid by blending flavors can boost the segment’s growth in the years to come.
North America is one of the lucrative regional markets due to increasing use of vaping devices as an alternative to conventional cigarette and existence of key players. The U.S. is a major contributor to regional market growth. Canada is projected to exhibit remarkable growth in the coming years due to increasing efforts by the government to encourage the practice of these devices, instead of cigarette. Asia Pacific is likely to exhibit fast growth in the coming years due to increasing awareness regarding vaping products.
Some of the key companies operating in the vaping market are International Vapor Group; Reynolds American Inc.; Philip Morris International Inc.; British American Tobacco; and International Vapor Group.
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