The Vape Market is heading for a boom

A report published P&S Market Research on January 2nd of this year predicted that global e-cigarette sales should reach the 48 billion dollar mark by 2023.

A number of reasons explain this expected growth in the vape industry in the next few years. The number of traditional cigarette consumers switching to healthier alternatives is expected to increase dramatically. As a result, the number of specialised vape shops should grow in tandem.

Today, there are a number of alternative products developed to help smokers quit. The most recent example is heat-not-burn tobacco. The IQOS is Philip Morris’s flagship product in this category. Since its launch, the IQOS has been met with huge success where it is marketed.

Still, e-cigs are currently at the top of the charts when it comes to substitute products for traditional cigarettes. The rage of flavours and equipment available plays a large part in this.

Asian markets boosting global numbers

China is the world’s leading market for vaping. In 2024, the Asian giant boasted the largest e-cig consumer base in the world. Indeed, with 40.3% of the world’s vape enthusiasts, the country is a clear leader. There are many reasons for this enthusiasm.

China is the birthplace of the world’s e-cig production, and the huge population creates many opportunities for customer conquest.

The next few years should hold big changes to this position. According to the Chinese Centre for Disease Control and Prevention, half of current students aged 13 to 15 have tried e-cigarettes. Furthermore, 1.2% of surveyed students declared having vaped in the last 30 days.

Only 3.1% of women are smokers in China, however, a large majority of these female smokers only became addicted to tobacco in the past 5 years. This portion represents a new potential market for e-cig sales.

Currently, 30,3% of the Chinese population smokes, that is to say 360 million individuals. Each year, 700,000 deaths are attributed to tobacco consumption. The government has decided to launch an awareness campaign for this reason. The objective is to encourage the use of cigarette substitutes.

A change in the behaviour for only 1% of China’s smokers would represent a 5 billion dollar increase in vape industry sales every year.