(I-BusinessNews.Com, March 15, 2019 ) A recent study of Fact.MR estimates sales of pod vapes to reach 500 million units in 2019, and register a Y-o-Y growth of 18.5% over 2018. Growth of the pod vapes market can be attributed to the rising concerns about the adverse impact of smoking on health and availability of a multitude of flavored pod vapes.
High nicotine concentration in pod vape flavors has been a key concern among consumers, with several studies linking use of the vaping systems with respiratory ailments and cancer. Regulatory authorities are taking efforts towards curbing the sales of pod vapes, to arrest increasing incidences of nicotine addiction among teenagers. This has prompted pod vapes manufacturers to launch flavors with low nicotine concentration to reduce the adverse impact of vaping on human health.
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The pod vapes market has matured in recent years, driven by a combination of industry-specific and macroeconomic factors. Pod vapes are gaining increasing traction owing to their compact, portable size, and effective nicotine delivery. Initially, vape pens and mods the products launched for vaping enthusiasts and to build an extensive network of consumers. However, consumers are finding vape pens extremely inefficient in nicotine delivery, while mods are being perceived as complicated to operate.
Pod vapes continue to gain popularity, as consumer preference for these effective alternatives grows in light of their nicotine delivery and simpler operations. Coupled with the benefits of nicotine salts, pod vapes are gaining a mass appeal among the population trying to quit smoking, and individuals who used to smoke earlier. Relative affordability of pod vapes compared to cigarettes is another factor driving their market growth.
Demand for open pod vapes continues to surge as these provide consumers with the convenience of trying a variety of flavors by simply refilling the cartridge with vape juice. Sales of open pod vapes surpassed 250 Mn units in 2018, according to the study.
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Substantial Investments by Tobacco Companies to keep Market Growth Robust
To capitalize on the growing demand for pod vapes and e-cigarettes, numerous tobacco companies are venturing into the market with new product launches. A significant decline in the demand for cigarettes is prompting tobacco companies to enter the vaping market. Tobacco companies are leveraging the positive consumer perception of pod vapes to maximize their profits. In order to market vaping products, multiple tobacco companies are funding researches to compare the harmful effects of e-cigarettes and normal cigarettes.
British American Tobacco recently conducted a study wherein the company used 3D modeling to compare the effects of cigarettes and e-cigarettes on the lungs. The study concluded a notable reduction in lung inflammation after the use of e-cigarettes. Along similar lines, numerous different researches are identifying pod vapes as a healthy alternative to cigarettes. Consequentially, a growing number of leading tobacco players such as Altria, Reynolds America, and British American Tobacco are launching their own line of pod vapes to consolidate their position in the market.
As the trend of the marijuana legalization continues to spread around the world, it is highly likely that new lucrative opportunities are imminent for the players in the pod vapes market. Altria, the manufacturer of Marlboro cigarettes, bought a 10% stake in the Canadian marijuana production firm at US$ 1.8 billion alluding to the anticipated boom in the industry. Â
The Fact.MR report also tracks the pod vapes market for the period 2018-2027. The pod vapes market is projected to grow at 18.8% CAGR through 2027.
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