3 Key Vape Industry Trends in 2016
This year has been a challenging year for the vape industry, almost certainly its most challenging yet. With regulations coming into effect in various parts of the world that could prove to have significant consequences on the growth of the global industry, and a ceaseless war between differing schools of thought over the health implications of vaping, there has been enough controversy in the vape world to shroud the whole thing in smoke.
That being said, there are seemingly continuous trends happening that shine a positive light on its potential as an exciting, innovative space for entrepreneurship - and on its expected future growth.
Here we’ll take a look at some of those vaping trends and how they are influencing the vape market in 2016...
3 Vaping Trends Influencing The Vape Industry In 2016
Here at Vaporesso, we've highlighted 3 vaping trends which are having an influence on our industry. Let's take a look at them in more detail here.
Vaping to quit smoking
Quitting smoking is still the number one driver of growth in the vape industry. 31% of smokers who tried vaping to quit smoking, ditch cigarettes within six months of having first tried it out. That’s an incredibly fast turnover rate and makes for a massive amount of people entering the vape market. In fact, as a relative minor compared to the tobacco industry, there were already some 2.5 million vapers (people who vape) in the US.
These figures are set only to continue rising as more and more people become aware of the positive health benefits of vaping and the evidence that backs it up.
Vape sales soaring into the clouds
Despite the regulatory obstacles that the industry was faced with this year, it is still expected to grow at an exponential rate. Having been the new kid on the nicotine block as from 2008, when it was just a $20 million industry, the vape industry is now a $2bn industry and is projected to have recorded $10bn in sales by 2017.
There is an undeniable upward curve in global vape sales. Bloomberg goes as far as to predict that the industry would have recorded $100bn in global sales by 2020 and nearly $500bn by 2030.
These sales trends certainly indicate that vaping is no longer a small scale industry. The projected growth gives assurance to those who occupy various spaces of the market, such as vape distributors, that the opportunity for growth and turning a profit is undoubtedly there.
The legalization of marijuana
The legalization of marijuana in many states across the US - a number which is steadily growing as more and more states adopt and create laws to make it legal - has resulted in a surge in the number of vape stores in these areas. This is a trend that rides the wave of a flood of new users who are seeking new and exciting ways to enjoy their marijuana. Dry herb vaporizers, or those for wax and oils are a focus area for growth and innovation in the market. And the flood seems likely to only continue spreading across the US, making it possible for more and more vape shop owners to enjoy success in these regions.
These trends indicate that despite being a tough year for the vape industry worldwide, there continues to be significant growth enough for the industry to state its presence as a competitive industry.
Have your say...
Which vaping trends are you seeing? Do you agree with our picks, or not? Please share them, and your questions, by leaving a comment below for our community.
Post by Eve Wang , 19 Oct 2016