Vapes Market: By Product Type (Cartridges, Refill / E-Juice, All-in-one Disposable, All-in-one Rechargeable) By Ingredient Type (Nicotine, Cannabis, CBD Oils) By Application (Medical, Recreational) By Distribution Channel (Online, Offline) and Geography  

Vapes Market size was valued at USD x million in 2022 and is poised to grow at a CAGR of 16.2% from 2023-2029. The global vapes market, also known as the E-cigarette or electronic cigarette market refers to the industry that manufactures and distributes electronic devices designed to deliver nicotine or other substances to users in the form of vapor. Key components of the vapes include a battery, a heating element (atomizer or coil), a cartridge or tank to hold the E-liquid or vape juice, and a mouthpiece through which the user inhales the vapor. The e-liquids used in vapes come in a variety of flavours and nicotine levels to accommodate diverse user preferences. The rising desire for smokeless and tobacco-free alternatives to regular cigarettes is one of the key drivers of the global vapes industry. When compared to smoking combustible tobacco products, vaping is generally seen as a less dangerous choice, leading to its rising use as a smoking cessation aid or harm reduction technique. Furthermore, technological improvements and the increased availability of innovative and user-friendly vape devices have had a beneficial influence on the vapes business. The industry is seeing the launch of new and innovative devices, including as pod systems and vape pens that provide customers with improved performance and convenience. In addition, expansion of cannabis and cannabidiol (CBD) vape products as well as increased online sales presents potential opportunities for the growth and development of the global vapes market. However, concerns regarding the long-term health effects of vaping and the potential risks associated with the use of e-cigarettes, especially among youth, remain key restraints for the global vapes market. Various market players are adapting different strategies to develop innovative vape products that further contribute the growth and development of the global vapes market. For instance, in July 2022, Philip Morris launched an affordable and fancy disposable vape, VEEBA.

Vapes Market Key Developments:

• In July 2023, Imperial Tobacco has launched three new flavours, Tropical Mix, Apple Ice and Mint Ice under its vape product, Blu Bar range.
• In February 2023, Coast launched new Cannabis Vapes, Delta 8 vapes with intergalactic flavors.