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2020 was a tough year, not just for the vaping industry but for nearly all sectors. The coronavirus pandemic affected most vaping companies as many were unable to produce and deliver vape hardware. However, 2021 is here, and there might be good things on the horizon for the vaping community to look forward to.
Overall, the market is expected to recover and keep soaring, which has been the trend in the past few years. Many research companies predict better outcomes in the vaping industry in 2021 and beyond, but perhaps you’re wondering how this future looks like.
Vapor vanity is the best place to get all the industry news, deals, and products in the vape industry. But here, we’ll look at the industry trends so that you can know what to expect in the future.
For the last year, coronavirus led to the suspension of most events. These events create a perfect platform for you to enjoy your vaping hobby with like-minded individuals and also a chance to find out new kits and flavors. Such events play a significant role in promoting the vaping culture and introducing the latest brands.
One thing that will shape the future of the vaping industry is the enforcement of regulations. The FDA has been extending its monitoring role over vaporizers, vape pens, e-cigarettes, and other items classified by the agency. FDA roles include observing procedures involved in the development and marketing of these products from manufacture to promotion.
Some regulations such as bans and prohibitions on some products may harm upcoming companies, but they are expected to enhance users’ safety.
Most technology companies are expanding their efforts towards the vape industry. The internet of things IoT is a network of tangible objects implanted with sensors and software that enables them to communicate and exchange data with other objects.
Technology is already playing a big role in enhancing the experience in the vaping industry. Today, the latest vape mods come with Bluetooth technology enabling the user to lock their vape remotely. Through this technology, users can keep the device safe away from children.
These technological advances( internet and Bluetooth connectivity) and further improvement on the device's features like battery charge, ease of use, and cleaning will enhance the vaping experience.
Research is also underway to develop voice-controlled vapes, and hopefully, by the end of this year, they will be up in the market.
In 2019, the global vape and e-cig market size were estimated to be USD 12.41 billion, but it's projected to grow at a compounded annual growth rate of 23.8 percent in the future. From 2020 to 2027, the industry will attain traction over the forecast period. This is due to the increase in product demand from millennials. In response to this demand, vape companies will increase production, and many other companies will join the industry, leading to more products attracting more users.
Awareness among the young population has further increased the market size of this industry. Besides, the ongoing research confirming that e-cigarettes are safer options than traditional cigarettes may encourage more people to switch from smoking to vaping.
Although some countries have implemented strict regulations likely to slow growth in the vaping industry, several unions have come forward to defend the industry. If the restrictions are loosened, it will increase the flow of vaping products, thereby boosting its growth.
An increase in import cost would increase homegrown flavors. Due to high importation costs and other challenges, some users resort to growing their own cannabis at home. The increase in flavor options in the market is likely to increase the consumption rate.
Besides, vape shops now allow potential buyers to sample their products and buy refills. The flavors in the market range from simple sweet ones like vanilla and chocolate to complex ones made from blending different varieties. Customization of flavors is also on the rise and is expected to appeal to more people.
When vaping first went mainstream, it was only available through physical vape shops. So, users had to travel there to buy products or replacements. But that’s not the case anymore. With the online market exploding, many traditional retailers are going online to withstand stiff competition.
The covid-19 outbreak was a blessing in disguise to online retailers, and it has changed the online shopping scene forever. Most retailers have established a presence online selling vape-related supplies, and the trend will keep rising. That means more availability of vape products to the public, prompting industry growth.
Year after year, vaping has grown while the use of traditional cigarettes continues dwindling. Coming from a COVID ravaged year, it's anticipated that the number of vape users will surpass the numbers from the previous years. With many people embracing vaping, stakeholders can look forward to strong industry growth in the foreseeable future.