The wild ride of the vaping market has seen plenty of ups and downs in the last decade. A market that looked set to reach the upper stratosphere has been somewhat curtailed by increasingly stringent regulations coming out of the United States, but overall, growth remains impressive.
In many ways, the vaping industry is now reaching a crossroads. Solid evidence has long shown that e-cigarettes don’t have to harmful tar of traditional cigarettes. Still, there are growing concerns over how advertising and social media campaigns target children. Here, we look at the latest report on the vaping industry in 2022.
Innovation is Improving Rapidly
It seems unbelievable to think that the first e-cigarette only appeared in 2003, making this juggernaut of an industry just shy of twenty years old. During that time, we have seen dramatic innovation that has completely redefined vaping.
There’s never been a great variety, whether small, discreet vapes that hold RELX pods UK or larger mod vapes that users can modify to individual preferences.
But advancements in this industry are by no means done. Numerous vape innovations are already hovering on the horizon, such as Bluetooth or voice activation, better digital displays, and titanium coils for better conductivity and prolonged life.
Business is Good
Despite the legal issues, which we’ll come to shortly, the vaping industry is still thundering along. It has a global market value of $18.1 billion in 2021, which analysts predict will rise to over $180 billion by 2030. While a lot could happen over the next decade, it would appear as if the vaping industry is undoubtedly on the right track.
In terms of people vaping, numbers are also only going one way. There are now an estimated 2.7 million adult vapers in the United Kingdom alone, with worldwide figures estimated at over 50 million. There have been some fluctuations over the last couple of years, but generally, it’s an industry showing solid year-on-year growth.
However, it’s certainly not all good news for the vaping industry. Enough negative reports are swirling around for many to be already declaring the end of the industry insight.
Much of this has come out of the United States, where the Food and Drug Administration (FDA) has begun aggressively targeting certain companies that it believes have been unduly marketing their products to minors. One company appears close to settling a $440 million lawsuit brought by as many as 33 states on behalf of teenagers and children who claim to have been misled by the company’s marketing.
Indeed, youth vaping is causing the industry the biggest headache. Several recent studies have reasserted that vaping is substantially less harmful than smoking. Still, almost all would agree that the industry needs to do much more to address the rapid rise in e-cigarette use among children and how they market vapes.
It’s clear that despite concentrated efforts to curtail the vaping industry, it’s not going anywhere anytime soon. However, recent investigations into how advertising campaigns potentially target children have brought the topic front and center in the mainstream media.
There will likely be significant changes in vape technology and advertising in the coming years. Still, overall it seems highly plausible that their popularity will continue to grow steadily, at least in the short to mid-term.
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