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The vape market is developing rapidly in recent years. In this article, VPFIT, a top vape manufacturer will present you an in-depth research about the growth of the vape market.
According to the data of the “World Tobacco Development Report of 2023“, the growth rate of global vape sales has rebounded.
The sales value of Chinese vape gets a year-on-year increase of 20.0% to US $ 23.65 billion in 2022.
Viewing from the category, open pod vapes and e-liquids market value increases to $8.72 billion, a 8.1% year-on-year growth. In addition, closed pod vape increases $14.93 billion, a 28.2% year-on-year growth. Among them, disposable vapes sales increase to 2.55 billion US dollars, which is nearly doubled year-on-year.
Viewing from the perspective of the market, the United States (US $ 9 billion), the United Kingdom ($ 50.03 billion) and Canada (US $ 1.98 billion) are the top three markets in the world.
At present, China has formed an extremely complete vape industry chain with Guangdong as its core. There are hundreds to thousands vape manufacturers in Guangdong, China. In recent years, with the gradual rise of vape devices worldwide, the export volume of China vapes has increased rapidly, and the trade volume has continued to expand.
From the perspective of production, Chinese vape manufacturers produce more than 95% of the vape products in the world. In addition, 90% of these China vapes are exported to other countries in the world.
The market value is close to 20 billion yuan.
With the continuous progress of China’s product technology and the expansion of the scope of vaping devices, the vapes also emerge endlessly. This also make China vape maintains a very high speed growth in market size. Data show that in 2021, the retail sales of vapes in China were about 19.7 billion yuan, a 36% year -on-year increase.
Compared with the global market size of 80 billion US dollars, China’s domestic vape market is still small. Therefore, the huge overseas vape consumer market has driven the production and export of Chinese vapes. About 90% of vapes in China are used for exports.
In addition, data show that in 2021, the export value of China vape was about 138.3 billion yuan, an increase of 180% year-on-year. It is expected that the export scale will continue to grow, and by 2024, the export value will reach 340.2 billion yuan.
China’s vape industry has a broad prospect and is expected to continue to grow rapidly in the next few years. This is because the market demand of vapes in the world is still very large. And China, as a large vape producer, has first-class manufacturing capabilities and cost advantages. The vape manufacturer in China should grasp this important opportunity.
In addition, the competitiveness of Chinese vape companies in the international market is gradually increasing. Thus the export scale and market share of vapes from China are expected to continue to expand.
Moreover, China’s vape industry has benefited from the growth of the global vape market. Chinese vape manufacturers have competitive advantages in terms of technology research and development, production capacity and cost control. Thus China vapes are expected to occupy a place in the global market.