According to the press release sent out by P&S Intelligence, the global vape market is estimated to reach almost $45 billion (over £34 billion) by 2023.
It says: “the growth in the market will be led by factors such as increasing health concerns among the smokers, demand for smokeless and ashless vaping, and surge in the number of vape shops and designated stores.”
Out of all device types, P&S believes the regulated and mech mod sector (predominantly independent) will be the fastest growing, experiencing a compound annual growth rate (CAGR) of 22%.
Despite being available in supermarkets, online, and tobacconists, the company states that it was the brick and mortar vape shop that produced the highest revenue during 2017.
P&S hold optimism that, as mentioned in last week’s coverage of the Smokefree Foundation report, China will drive the value of global sales over the next five years.
The report is very positive about vaping and supports the notion that it helps smokers to quit combustible tobacco products: “E-cigarettes eliminate the risk of cancer and prevent the intake of more than 4,000 chemicals.”
“They are considered to be less toxic and safer than conventional cigarettes,” and it is this reduction in harm that will provide “ample growth opportunities for market players in the coming years.”
The research firm anticipates that innovations and advancements in technology will pave the way for next-generation products – further driving market growth.
But how has the UK market changed? A study conducted on behalf of Cancer Research UK hoped to find out.
Lead author Loren Kock, University College London, explained the purpose of the research: “E-cigarettes have the potential either to decrease or increase health inequalities depending on levels of smoking cessation, so we wanted to explore the associations between socioeconomic status and e-cigarettes and whether that changed over time.”
“Our research indicates that from 2014 to 2016, e-cigarette use among smokers was generally higher among those from more affluent socioeconomic groups, with disadvantaged groups around half as likely to use an e-cigarette in 2014, but this gap was no longer evident in 2017.”
Vaping increased in all socioeconomic groups of long-term ex-smokers, but was most common in those from more socioeconomically disadvantaged groups, who were more than twice as likely to be vaping compared with the most affluent group.
“We know e-cigarettes can help people who have recently attempted to quit smoking remain abstinent from cigarettes, but it is important to understand more about the use of e-cigarettes by long-term ex-smokers.”
“If e-cigarettes can prevent long-term ex-smokers from smoking again, then greater use by more disadvantaged smokers could help reduce the current substantial inequalities in tobacco smoking. However, if they don’t prevent long-term relapse they may increase inequalities, because while smoking e-cigarettes is far safer than smoking tobacco, it is not without risk.”
Cancer Research UK’s George Butterworth commented: “Smoking fuels the health inequalities between rich and poor. So it is good to see that e-cigarettes are helping people to quit smoking whatever social background they are from.”