The vape market is witnessing a shift from smoking to vaping. Veteran vapors and heavy smokers have started to switch to bulky vapor mods. It is expected that the vapor products market would be driven further by VTMs and personal vaporizers during the forecast period. Disposables and rechargeable e-cigarettes are witnessing a decline in their revenue as well as popularity worldwide as VTMs offer flexibility in terms of filling e-juices and are proving cost-effective in the long run. Unlike disposables and rechargeable e-cigarettes that can be refilled only with the company's own brand of cartridges, VTMs, and personal vaporizers can be refilled with e-juices produced by any company. Hence, vaping is substantially cost-effective in the long run than traditional tobacco cigarettes and disposables/rechargeable e-cigarettes, which is expected to affect the market during the forecast period.
Another important reason for the popularity of vapor products is the availability of different flavors in the market. The market has been witnessing the introduction of new flavors and their blends regularly, which, in turn, has been driving the growth. However, e-liquids with flavors of fruits, beverages, and sweets have been gaining share over traditional tobacco flavor. Further, many countries, such as Australia and Canada have banned nicotine-loaded vapor products. Thus, e-liquids with a variety of flavors containing zero nicotine have become popular among vapers.
The following factors are likely to contribute to the growth of the vape market during the forecast period:
• Shift from Smoking toward Vaping
• Increased Market Consolidation
• Increasing Availability of Variety of E-juices