The vaping industry is a fast-growing market that has had its fair share of scrutiny over recent history. It can be said that the industry is a victim of its success.
Back before vaping became so popular, there was virtually no tight regulation and microscopic surveillance. And while Business Matters does not condone underage vaping in anyway, it is undeniable that the products are highly popular among that demographic.
Nowadays, thanks to numerous reported cases of health damages as a product of e-cigarettes vaping, the vaping industry has become mired in controversies and government regulations.
Despite all these troubles, however, the industry continues to remain highly popular, with a market size valued at about 12.5 billion dollars in the year 2019.
More Facts and Figures
The vaping industry’s large current market size isn’t by any means its only interesting number. Apart from this, it is expected to expand at a staggering rate of 23.8%, all things being equal, from 2020 to 2027, with e-liquids producers and marketplaces like Aqua Vape dominating most of the market share.
The force behind the Drive
The proposed increase is due to its increasing popularity among millennials and the invention of numerous organic options in contrast to the established chemical-based variation popular at the moment.
Another proposed reason for the current and projected profitability of the industry is its continual technological advancements in terms of the quality and durability of the products, and a further special emphasis on safety.
E-Cigarettes and E-Liquids
The major product of the vaping industry is e-liquids and e-cigarettes. E-cigarettes are vaping instruments such as pens and other devices, through which mostly nicotine-based solutions can be vaporized to get the same feeling as though one had smoked a real cigarette, without having to worry about the adverse effects that come with actually smoking one.
Most claims made on both sides of the vaping issue are largely controversial. It is also worth noting that there may be reasons to suggest that vaping itself is dangerous to a certain age demographic.
To combat the onslaught of scrutiny and pressure on the integrity of their market, the vaping industry had to come together to form various associations, such as the Consumer Advocates for Smoke-Free Alternatives Association.
The aim is that these associations should be able to carry out definitive studies and invent measures which would be strong enough to convince the public and the government of the safety of e-liquids and e-cigarettes.
Despite being banned in numerous countries, and strictly regulated in some, the vaping industry remains squarely on its path to larger market capitalization. There have been loses, though, without a doubt, but the growth remains visible. This may be due to the increase in popularity brought about by the scrutiny, the unavoidable appeal of its elegance to the millennials, or even to its continual adaptations and technological improvement.
Either way, the vaping industry is a very fascinating one at the moment. And its future is very well worth following, at the very least.