The following is a guest post that gives us a look into the future of the vaping industry. As usual, the content of guest posts are solely from the author.
Global Vaping Market Forecast to Skyrocket to $61.4bn
Soaring demand for e-cigarettes and the e-liquid refills they contain is set to power the global vaping market ahead to a valuation of $61.4 billion in the next few years, new research shows.
That represents strong growth of around 20.8% up to 2025, as more people take up vaping instead of smoking and smokers try to ditch their unhealthy habit by trying e-cigarettes, the report, by Research and Markets, said.
The study uncovered current trends in the global e-cigarette and vaporizer market, including widescale improvements in vaping devices and the technology they use, and overall innovation in products.
Researchers broke down the vaping sector by atomizers, e-liquids, cartomizer, cartridge, clearomizer and rebuildable atomizer, and examined each in terms of spend, trends and possible projections. It also focused on the distribution channels, including retail and online, and where and how people got their vaping supplies — whether from a traditional vape shop or an online vape shop.
Tobacco: A Dying Industry?
While all this good vaping news may seem to spell doom for Big Tobacco, that’s really not the case. Cigarette companies are hardly running out of puff, even as more people turn to vaping. In fact, collectively, the tobacco industry’s revenues and profits are greater than ever — around $35.1 billion in profits for the top six tobacco companies.
All that smoking is causing 7 million deaths around the world each year, according to the World Health Organisation. That includes people who have never smoked, but inhale the smoke of people near them. That’s around 890,000 secondhand-smoke fatalities annually. It’s not surprising that this casual pastime is the leading cause of preventable death globally.
But, as the Western world increasingly stubs out tobacco due to its killer effects, and moves to vaping or nothing at all, people in the so-called developing world are most at risk. “Nearly 80% of the more than 1 billion smokers worldwide live in low- and middle-income countries, where the burden of tobacco-related illness and death is heaviest,” says the WHO.
Vaping Over Smoking
The Research and Markets big $61.4 billion forecast for the value of the global e-cigarette market goes much further than research published last year that put the figure at around half that. The substantial leap in the estimated worth of this fast-emerging industry may be attributable to a growing body of scientific and medical research showing that vaping is much healthier than smoking. Up until relatively recently, debate had raged over the risks of vaping, but in-depth studies say the risks to human health are almost negligible.
Possibly the biggest boost for vaping in recent times has come from the prestigious Royal College of Physicians in the United Kingdom. Following an extensive study into vaping and any associated risks to health, it said e-cigarettes “should be widely promoted as a substitute for smoking.”
And now, a new study, from an Italian university says vaping is “5,700 times less dangerous than smoking” and it therefore concludes that “electronic cigarettes are safer than traditional cigarettes.” It’s for these reasons that countries around the world are currently promoting e-cigarettes as a way to get off tobacco, and move ahead with plans to make their countries almost entirely smoke-free.
Big tobacco may still be alive — and thriving in some areas — but it’s a safe bet that vaping is playing a big catch-up game. Maybe one day soon, it may even overtake smoking, as people in less fortunate regions of the world learn about the dangers through governmental campaigns.