The global vaping and e-cigarette market was valued at $24.19 billion in 2021. That number is projected to reach $93.94 billion by 2030, registering a CAGR of 16.27 percent from 2022 to 2030, according to Straits Research.
In a recent report for market participants in the vaping industry, the demand for diversely flavored products represents a “lucrative opportunity.” Similarly, technological developments in the industry are anticipated to contribute to the sector’s growth.
“The vaping industry has established numerous organizations to oppose anti-vaping legislation and to regulate the sector for monitoring and promoting the development of the e-cigarette and vaping markets, which are anticipated to boost the smokeless cigarettes market’s key trends and opportunities during the period 2022-2030,” a release states. “In recent years, regional government bans on the sale of vaping products and e-liquids in countries such as the United States and India have hindered the expansion of the smokeless cigarette sector.”
The Asia-Pacific market size for e-cigarettes is predicted to expand at a CAGR of 16.2 percent between 2022 and 2030. The report states it is anticipated that the presence of established product manufacturers in China and the rising demographic advantage for retailers would contribute to expanding the vaping industry in the region.
The European vaping industry is anticipated to expand significantly during the forecast period. “E-cigarettes and vaping products from companies such as BAT’s Vype and Imperial Brands Blu have been certified by European health regulators as a healthier alternative to tobacco smoking, which is expected to promote the growth of the smokeless cigarettes industry in Europe,” the report states.