Vaping is one of the fastest-growing industries in the past few years. It has been growing much faster than anyone expected, and today, many new companies make vaping products reaching the markets every year. If you’re looking to make some money by investing, vaping is a safe bet.
The current trends show that big tobacco is looking to invest vast amounts of money into vape products, especially those that contain CBD and THC. 2021 is looking to be one of the best years for investing in the vape business. Stay with us, and we’ll tell you everything you need to know.
The Size of The Vape Market
The vape market is only gaining speed. It’s expected to reach a whopping 20.5 billion by 2028. Today’s market is worth around 6.09 billion, but it shows an annual growth rate of 27.3% in the next seven years. In other words, it’s going to grow at a steady pace, at least until the end of the decade. The biggest reason is that millions of passionate smokers are looking for a safer alternative to their unhealthy habits.
Another reason why vaping is expanding so quickly is the new technologies used in vape pen production. Newer devices are made to provide almost the same experience as smoking but without the harmful effects of tobacco smoke. Today, every vaper can fully customize their device and experiment with different flavors. There are thousands of options available, making vaping even more popular. The current predictions about the future of markets are very good.
The increasing health concerns surrounding smoking are the most significant force that keeps driving the vape industry forward. As most new vapers are people looking to quit smoking, it’s safe to say that the industry won’t slow down any time soon. As the US keeps implementing new laws and regulations, the FDA is only starting to look for long-term effects of vaping. Without enough evidence about vaping being unhealthy, the number of users will surely grow soon.
Current Market Insights
The vape market has a few different types of products that are quickly gaining popularity. They are vape devices, e-juices, and vape pen components. Product distribution is also gaining momentum, and all of these insights should be enough to give you a quick look into the future. Here are more details about the current market insights or you can visit zamplebox.com for more details.
Products
Rechargeable devices are currently leading the market with a 45% share in the global revenue of 2020. Rechargeable e-cigarettes are very affordable, and they are by far the most popular type of vape products used all over the world. Users can simply recharge the batteries and switch the cartridge to get a few more days of vaping. Of course, many different flavors keep attracting new users all over the world.
Modular devices are also trendy, and they are forecasted to grow faster than all other vaping products. These devices have large batteries and can hold more e-liquid. They also allow complete control over the temperature, wattage, voltage, and so on. We expect to see more of these devices in stores all over the globe soon.
Components
Vape mods currently dominate the vaping market with 51% of shares of the global revenue in 2020. The increased demand for custom mods will surely drive this part of the industry forward faster than all others. Mods allow users to customize their vaping experience to their preference fully. Users can control the intake, temperature, power, and vapor production, making vaping even more popular.
The e-liquid market is also growing very quickly, as new manufacturers keep popping up worldwide. Since the need for new flavors won’t go down in the near future, and the fact that e-liquids are becoming more available across the globe, this market will also grow steadily soon, giving you a perfect opportunity to invest.
Key Companies Market Share Insights
The biggest names in the industry keep improving their overall strategy by investing in product innovation, partnerships, acquisitions, and geographical expansion. They are doing everything to create a stronger foothold in the market, and they keep pushing products through shops and online stores. The companies you should consider investing in are the following:
- Imperial Brands
- Japan Tobacco Inc.
- Philip Morris International
- British American Tobacco
- NicQuid
- Shenzhen IVPS Technology Co. LTD.
Final Words
The vaping industry is growing steadily and is showing no signs of stopping. The companies above are all worth investing in, as they are the leading names who are driving the entire industry forward. According to the current state of the market, they will surely outgrow all expectations in the next few years, so now is a perfect time if you’re thinking about investing in the vaping industry.