Vape Industry Market Seen Growing At A 27.3% CAGR Through 2030 In US And Already Exceeding $7.4 Billion As Strategic Mergers, Higher Vapor Pro-duction And E-Liquids Drive Growth
Grand View Research’s new report shows that e-cigarettes and vaping are headed for a bright future in the US. It says that the industry is already at $7.4 billion in America and growing at a CAGR rate of 27.3% through 2030. As a greater number of US states legalize cannabis and e-cigarettes and vaping goes mainstream, NASDAQ and NYSE publicly listed stocks are being closely watched by investors. Driving factors are innovation, strategic mergers, the success of e-cigarettes and strong popularity with a young demographic.
StockMarketPress is a media company which is spotlighting the cannabis industry analyzing how growth in cannabis legalization by state in 2022 could impact companies and investors. Some of the stocks it recently reported on include Aurora Cannabis Inc. (NYSE:ACB) (TSX: ACB), Supreme Cannabis Co. (OTC: SPRWF), The Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF), OrganiGram Holdings Inc. (NASDAQ: OGI), Canopy Growth Corp. (NASDAQ: CGC) CBD Unlimited, Inc. (OTC PINK: EDXC),).
Wall Street investors are watching the growth of publicly listed NASDAQ and NYSE stocks. Grand View Research sees the vape and e-cigarette market in the U.S. growing by a 27.3% CAGR through 2028, and already reaching $7.3 billion in the U.S. in 2021.
One reason why vaping is so popular and growing is the use of use of customized mods, which enable the user to automatically control temperature levels. Also popular are the numerous flavors such as menthol, chocolate, fruit and nuts.They encourage the use of e-liquids.
On a distribution channel basis, vaping is growing through an 84% retail store segment. This means it is selling off of specialty store shelves — expanding through destination-shopping strong growth. Consumer are dedicated buyers.
As a result, consumers can try different flavors, e-cigarette brands and become more regular customers. This is why vaping is growing quickly in the US.
The Grand View Research report also finds that the e-liquid products have a low level of toxicants and offer a price benefit vs. tobacco products. Their availability in several price ranges will help propel growth, particularly among younger users.
While some used online orders for electronic smoking devices during the lockdown of the pandemic, social media is playing a key role in marketing — even as the bulk of sales are made off of brick-and-mortar shelves at retail.
Lithium-ion batteries which are rechargeable are driving the sale of electronic vaping smoking devices, the research shows. Philip Morris has already launched the next generation of IQOS-heated tobacco products. Grand View finds.
Major brand players in the e-cigarette and vape market worldwide include Reynolds America, Inc., Imperial Brands and Altria Group, Inc.
Source: Stock Market Press
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