Data disclosed by Grand View Research, a market research database with business intelligence capabilities, shows that the innovation of the entire e-cigarette industry will bring significant growth during 2020-27.
In 2019, the global e-cigarette and vape market was worth US$12.41 billion, but it has since faced major setbacks, first due to the vaping epidemic among teenagers and the EVALI outbreak in North America, and then due to the COVID pandemic. Nevertheless, according to Grand View Research, the market is expected to grow at a compound annual growth rate of 23.8% from now to 2027.
The main reason for this expected growth is the provision of a variety of electronic products and innovative electronic cigarette products. This is due to the development of new brands and different technologies, such as the emergence of nicotine pods and heated tobacco products in recent years. The main markets for e-cigarettes include France, the United Kingdom and the United States.
Harmful harsh permits and restrictions
At the same time, other entities hope that the US market will be hit, because the local Family Smoking Prevention and Tobacco Control Act requires all vape products to obtain a PreMarket Tobacco Authorization (PMTA) application before they can be sold nationwide. Regrettably, the PMTA process is designed for product manufacturers who can afford the time and financial costs that come with it, which puts many small businesses into trouble.
In addition, reports from around the world indicate that the new wave of stringent e-cigarette regulations is causing vaper to resort to illegal channels to obtain its preferred and unavailable products. A recent study conducted by researchers at the University of East Anglia in the United Kingdom found that the recent EU e-cigarette restrictions, the Tobacco Products Directive (TPD), have pushed many smokers into the black market.
