Vape Productions is Incredibly Strong Market Status and Future Expectation
The journey of vape recently getting recognised and respect since they are not as stable as they are now. All the disagreements and doubts about vape slowly faded away where there one by one research studies being approved where to show the anti-vapers, vaping is better than smoking. Year by year there are “newborn” vapers and drastically increase the vapers’ population around the world. In the United Kingdom for example, the population or the percentage of vape users increased starting from 2012 and achieved 60% in 2016 while their share also rising from 2.7% in 2010 to 17.95% in 2017. Besides in 2014, 70% new American users started vaping. Comes to the Asian country, China and Japan are the country which actively participate in vaping world as 95% of all e-cigarette are produced in Shenzhen,China which also represent tobacco biggest market yet, still there are countries which still on the fence about the vape activities in their countries such as Indonesia, Malaysia, and Vietnam.
Production line in an electronic cigarettes factory in Shenzhen, southern Chinese province of Guangdong, REUTERS,Tyrone Siu, 2018
PR Newswire which based in the New York City, distributing news, monitoring and marketing update to their readers published a news release on last March 2018 about the current vape market and its future entitled “Global E-cigarette and T-vapor market to reach $86.43 billion by 2025 with BIS Research Reports (Business Intelligence and Strategy). Their news together with the all the researches is a worth interesting reading.
In the news published by them with the report, e-cigarette and t-vapor (tobacco vapor) market in 2016 is $11.43 billion and expected to keep growing over $86.43 billion by the year of 2025, in Compound Annual Growth Rate (CAGR) recorded an increment of 23.25%f from 2017 to 2025. CAGR shows the rate of return of an investment over a certain period of time. The ultimate reason why people are changing from smoking to vaping is because vape is the great alternative to smoking cigarette and the benefits spread which make vape widen their market day to day.
The disease carried by smoking activities is the main actor which responsible to the cause of stoppable death worldwide. For about 500,000 deaths filed because of the smoking consequences just in the United State only. With horrible death rate of smoking disease effect, the health organizations and governments planning to stop all the smoking products right away. Best alternative to harmful cigarette are E-Cigarette and tobacco vapor, their products being praised and gives a bright upcoming for the tobacco industry. The fact that these products mimicking the look and the result of cigarettes but, they are clearly to have less harmful substances than cigarettes.
10 million loyal vape users in the U.S for now in 2018 while, the population of users in the U.K increase from 700,000 in 2012 to 3 million this year. A surprisingly rapid number of users within 6 years. Not to forget the rate of smoking have been in a drop state for the worldwide for example, U.K.’s smoking population dropped from 20% in 2007 to 16% in 2016.
Said Abdul Wahid, Lead Analyst at BIS Research, “The e-cigarette and t-vaporizer market is going to be driven by the urgent need to reduce global tobacco related mortality and morbidity. In terms of the products available in the market, open tank system are the predominant product type with 53% market share. However, tobacco vapor products enjoyed phenomenal success in the countries where they have been introduced and are expected to generate revenue worth $39 billion by 2025. Retail channels such as convenience store, vape shops and tobacco shops have been the primary distribution channel for most manufacturers, however, online channels are gaining popularity” like us Vapechi
This report is a meticulous compilation of research on more than 150 players in the market ecosystem and draws upon insights from the in-depth interviews with the key opinion leaders of more than 60 leading companies, market participants, and vendors. The report also profiles 15 companies including several key players such as, Japan Tobacco Inc., British American Tobacco, JUUL, Njoy, PAX Labs, Eleaf, Philip Morris International, Altria and Nicopure Labs among others. (BIS Research,2018)
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