The vaping industry is growing. As it faces different forms of regulation, new companies are gaining ground in the space. It’s an exciting time to be someone who vapes and is around the vaping culture. You have lots of flavours to try and all sorts of amazing vape devices on the market, and as vaping becomes more accepted, it will undoubtedly continue to spur development and growth in unique ways.
Here are eleven emerging vaping industry trends in the future:
Trend #1: The Vaping Industry Is Growing
Worldwide, roughly 15 million vapes every day. The industry is valued at just over $24 billion annually. By comparison, Canada’s legal adult-use cannabis industry is currently only valued at about $4 billion. Projections suggest the value of the vaping industry will only increase in the years to come, set to rise to a massive $183 billion by the end of the decade.
Trend #2: The US Dominates Vaping Numbers
The largest market for vaping is still the United States. They are the primary consumer of e-cigarettes and vape juice and hold more market share than anyone. The youth population has been paving the way for adoption, considering it a sign of status, attractiveness, and trend. Targeting youths is becoming the go-to marketing strategy for some brands in response to this.
Trend #3: The Effort To Keep Vape Juices Affordable
A key selling point of vape juice Canada, especially in comparison with cigarettes, is that even exotic e-liquids and vape juices are still inexpensive compared to traditional smoking. The rechargeable nature of vape devices also makes them a very cost-effective purchase. New vaping companies know this and continue to work hard to keep costs down.
Trend #4: Under-25 Is Vaping More, Over-25 Is Vaping Less
The demographic with the most buying power in North America’s vaping industry is the under-25. A recent Health Canada survey showed that almost 1 in every five young people under age 25 had vaped at least once in the last 30 days compared to only 1 in 20 people aged 25 and older.
Trend #5: Reasons Why Young People Are Vaping
Understanding why young people are vaping is key for brands to know how to market to the demographic, and it’s one of the more important vaping industry trends we are aware of. The predominant reason young people vape is to reduce stress, with roughly a third of young vape users reporting that as their primary reason. The other reported reasons young people vape are to stop smoking tobacco cigarettes, partially or fully replace cannabis use, because they enjoy vaping, or are curious.
Trend #6: 40% Of Vape Users Continue Smoking
According to several recent surveys, we know that there is a portion of people who vape that continue to smoke traditional cigarettes. As one digs into the data, one discovers a significant overlap between vaping and cigarettes. Many brands have identified cross-marketing opportunities, with vape brands targeting cigarette users and building target customer profiles.
Trend #7: Vaping Is Marketed As Less Risky Than Smoking
Many companies invest in marketing and messaging, arguing that vaping is less risky than smoking tobacco cigarettes. Knowing what we know about the damage smoking can do to the body and the fatalities it causes, there is no questioning that e-cigarettes and vaping provide a more enjoyable experience and can be argued as a far less dangerous alternative.
Trend #8: So Many Vape Juice Flavors To Choose From
You can buy over 3,000 vape juice flavours in the United States alone. Seemingly every day, this grows. It certainly does every year. Heavy uptake by young people has meant flavours targeting specific demographics, from fruity to smoky flavours, some more comical and funny, and available in various aesthetics.
Trend #9: Lots Of Competition In The Vaping Market
Even though there are regulatory challenges locally, nationally, and internationally, players in the vape industry are expanding at a breakneck pace. Rivalries are heating up. Competition is increasing. For consumers, this is great news as it means they will be presented with more choices and, ultimately, better products. For a company operating in the vaping industry, trends suggest they will have to work harder and smarter to find and hold on to customers.
Trend #10: Anyone Can Buy Vape Juice Online
The ease of buying vape devices and e-liquids online is where the industry has been thriving. Instead of shopping in-store, where selection is limited, anyone can find premium vape juices in various flavours and fragrances online. The majority of vape juice sales occur through online vendors.
Trend #11: Efforts To Continue To Regulate Vaping
Many jurisdictions are trying to find the best way to regulate vaping but are encountering impossibilities. With lots of sales happening online, age verification isn’t always required, nor is the quality of the product. More growth online means an industry that will be incredibly difficult to regulate. It’s not clear yet how well trying to regulate vaping will go.