Vaping Industry Growth and Trends for 2017
The vaping industry continues to grow, expand and rake in the sales. Industry forecasts expect sales to hit $4.4 billion in 2017, with an increase of up to $10 billion by 2020. The continued growth may be at least partly attributed to a number of trends impacting the industry. These include an increase in technologies and competition, a shift in public perception and health concerns, the ever-growing vaping community, and the legalization of marijuana.
Increase in Technology, Competition
With increasing research and development in technology, new vaping devices and other electronic nicotine delivery systems (ENDS) are consistently hitting the market. And they’re hitting it on a global scale.
While some e-juice manufacturers and vaping device companies remain relatively local, many are still able to reach consumers across the world. And other companies are setting up exclusive vaping shops in multiple locations, typically targeting North America, Europe and Asia.
The increased competition across the board has made investing in new technologies a must for companies that want to stay ahead of the pack. E-liquid manufacturers have followed suit by continuously creating new flavors and experiences to ensure their brand remains on the cutting edge of what’s new, now and coveted by consumers.
Shift in Public Perception, Health Concerns
As traditional smoking continues to be demonized for its deadly side effects, the vaping industry is easily picking up the slack. The same is holding true in the arena of public perception, with smoking largely viewed as a socially taboo behavior – but vaping as one that has become socially acceptable.
Big tobacco companies are reacting to this shift, no doubt likewise propelled by the notable decline in the tobacco industry. Industry sales fell between 2 and 2.5 percent in 2016, with a 3.5 percent dip expected for 2017.
They, too, are investing in research and development of new technologies to replace combustible cigarettes with a less harmful alternative. Some of these investments are resulting in mergers and partnerships with companies with the know-how and capabilities in the latest technologies.
Innovations coming out of the industry are aligning with the overall change in lifestyle and preferences people are making. In 2015, approximately 56 percent of all adult smokers in the UK made the decision to quit smoking, with health officials giving notable credit to the vaping industry.
Unlike the U.S. where vaping and e-liquid companies are banned from mentioning any health benefits of vaping, Britain has a largely vape-friendly stance. Even with the restrictive U.S. regulations that continue to downplay vaping benefits, some still view vaping as a less harmful alternative and are inclined to choose it. Research and even physicians have backed up the stance.
The ever-growing vaping community is another trend serving to fortify the industry. Whether they serve for vape and e-liquid companies to do business or for local folks to engage in cloud chasing competitions, community events are a regular part of the vaping world.
Large annual conferences are already part of the industry’s fabric, with smaller, local activities and groups constantly popping up across the nation. The online vaping community is likewise going strong, with loads of forums, discussion and information.
The vaping community showed its strength last year with a rise in vaping activism, and that trend shows no signs of slowing down.
Legalization of Marijuana
The legalization of marijuana across an increasing number of states in the U.S. has also been having an impact on the vaping industry. States that have made marijuana legal have seen a rise in the number of vape stores within their borders.
While those seeking vaping devices for marijuana use may not be interested in tobacco e-liquid, or any e-liquid, they do have several other options. Marijuana oil cartridges can be used for vaping, while dry herb vaporizers can also be used.
Rise of Common Sense
One more trend that seems to have finally landed within the vaping industry is that of common sense. While agencies, such as the FDA, are still aiming to enact additional regulations on the industry, there appears to be a glimmer of hope that vaping will no longer be pegged as the evil entity it was first made out to be.
This trend would be a beneficial one not only for tobacco e-liquid companies, e-liquid manufacturers and the industry as a whole, but for people who are now no longer scared off by intense negativity and can instead decide for themselves.