Vaping is now one of the most common ways to consume nicotine, shisha, or marijuana-based substances. Over the past few years, it has transcended being a social activity into becoming a cultural phenomenon. There are several contributing factors which consistently add to the ever-growing popularity of vaping, and this shows no signs of decreasing.
Let’s take a look at the numbers
In a study conducted by Grand View Research, the global e-cigarette and vape market was valued at USD 18.13 billion in 2021 and is expected to expand at a compound annual growth rate of 30.0% from 2022 to 2030. In the UK alone, the vaping industry is estimated to be worth £3M.
Once outlawed, countries in North America and Europe made the decision to legalise e-cigarettes- this resulted in a sharp rise in vape sales and the gradual growth of the overall vape and e-cigarette market. The lifting of legal restrictions led to the birth of several vape businesses, which specialise in different aspects of the vape industry, ranging from liquid production to device manufacturing.
Market trends are constantly evolving, which presents opportunities for vape businesses to seize the initiative and develop products which will enable them to become frontrunners in their respective fields. Creating unique concepts such as new flavours and vape styles can prove an extremely profitable business strategy.
Popular UK-based vape company E-Liquids is a prevalent example of the ever-expanding vape industry. Staying ahead of the curve with innovative products, their business has grown exponentially and has progressed into one of the nation’s leading vape brands.
“We’re delighted with the progress we have made on E-liquids.com since our inception in 2020. The rise in demand for all things connected to vaping is stronger than ever. We’re proud to have consistently developed our business model into what it is today in such a short space of time. We have helped a lot of people make the switch from smoking to vaping and we enjoy the responsibility our brand possesses. We look forward to expanding our company even further and in the process, helping people live healthier, more productive lives.”
- Vinod Kumar, Head of digital marketing at E-Liquids.com
Contributing Factors
The fact that e-cigarettes and vapes are safer than the traditional method of smoking is a driving force behind these figures, particularly amongst younger people.
Ease to Use / Healthy
As well as younger people, long-term smokers who often struggled to quit found that switching to vaping and e-cigarettes was an easier and ultimately healthier process.
The Emergence of COVID-19
The COVID-19 pandemic had a significant impact on the vaping market. When in lockdown, vapes and e-cigarettes were still accessible and the convenience of smoking them indoors played a big part in consumer numbers vastly growing. Lockdown meant those who weren’t deemed key workers had to work from home, this led to a spike in disposable sales as smoking traditional cigarettes indoors isn’t as practical or sustainable long-term.
Developments within the Industry
Disposables have become one of the leading methods of vaping for a number of key reasons. One is they are extremely easy to use, even easier than smoking traditional cigarettes as no lighter is required. Disposables are also growing in availability, when e-cigarettes were first introduced, only certain stores would stock vaping products. Now, disposables are available to buy from several locations nationwide.
A market leader in disposable devices is Elf Bar. Since 2018, Elf Bar has risen to the top of the competitive disposable vape market. This is largely down to their meticulous preparation and the manufacturing of their products, from the way they are built, to the technology used to create a distinct taste. With over 30 flavoured devices provided to users, Elf Bar proves that having a wide selection of flavours can be beneficial to the development of any disposable brand.
The Rise in Popularity of CBD
The growing usage of CBD cannot be underestimated in regard to the growth of the vaping industry. CBD, short for Cannabidiol, is a chemical extracted from the cannabis Sativa plant. When applied medicinally, i.e., in the form of an ointment, CBD interacts with neuroreceptors in your endocannabinoid system which sends signals between your cells. This can aid with movement, and mood and boost your immune system.
CBD has become a common aid to help the user with their ailments, ranging from pain relief to help with anxiousness and depressive thoughts. CBD can be taken a number of ways, but recently vaping has proved to be a popular method of use.
According to ASH (Action on Smoking and Health), an estimated 63% of young people (18–25-year-olds) in Britain are either active vapers or have tried vaping at some point. Whilst it is reported that up to 58% of young people suffer from poor mental health. CBD, which is commonly used to help ease the effects of poor mental health, can be ingested through vaping. This is a key aspect of vaping which cannot be overlooked.
The Global Cannabidiol market is projected to generate over £690 million in annual sales as of 2021, staggeringly, this is more than double the £314 million in sales recorded in 2020. The ascension of CBD has seemingly gone hand-in-hand with the monumental expansion of the vape market.
Social Standing
Traditional cigarettes don’t alter much in appearance, whereas vapes, particularly disposables, come in different shapes and sizes. In addition to this, they are available in a variety of colours, further adding to their popularity and ultimately, their convenience to use.
Vaping is also permitted in certain social settings, such as restaurants and indoor festivals, whereas smoking is explicitly forbidden. There are a few reasons why this is the case, the main reason being the odour produced by cigarettes is widely regarded to be distasteful, whilst vape devices, despite producing vapour clouds, do not leave behind such smells.
“Customers who happen to smoke don’t need to be left out in the cold anymore when they visit my cocktail bar which is called Aluna. And those who don’t smoke aren’t greeted with the stale smell of cigarettes with the introduction of Vaping in restaurant and bar settings. People can enjoy cocktails & food without disrupting their social setting. The focus is on having a good night out only!”
- Naomi Aly, Marketing & Business Development Manager for Aluna.uk.com
Vaping is also popular among social media influencers, with several having endorsed different types of vape products. Such is the following of some influencers; their endorsements naturally lead to an increase in disposable sales – particularly among young people who are estimated to make up 89% of TikTok users.
The vaping market has seen extraordinary growth and all signs point to an already thriving industry becoming even stronger. With each brand making efforts to overtake its competitors, vape users worldwide will continue to benefit from new trends, new market strategies and newly developed products.
