Throwback several years, who would have ever thought that the struggling vaping industry would have made it this far? Well, guess what? The vaping industry has been turning ripples into waves, and it is now the talk of the town! The industry’s growth has not failed to get the attention of even the most conservative communities. It is estimated that by the year 2021, the global revenues from the vape industry will be over $32 billion. These figures, according to wall street Journal, could get better if the technological advances in that sector continue.
Although tobacco cigarettes are more profitable and generate more revenue, governments are expected to support vaping as it is healthier for the public health. This will trigger a global increase in demand for vaporizers and e-cigs, hence the explosion of the market. Therefore, what trends are expected in the vaping industry?
Market Competition
With the formulation of vaping friendly policies by governments globally, comes the increase in the number of users. This will increase the global demand of vaporizers hence new businesses and companies will emerge to satiate the demand. The rise of different companies and brands will also increase the competition in the global market. New innovations will be introduced as companies struggle to stay at the top of the food chain.
Market expansions will see the development of new specialized stores, e-commercial sites and vaping markets. Vaping industry will end up as one of the top employers in most countries.
Evolution of Laws and Regulations
As the vaping industry take a new shape, laws and regulations will fall in line with it. Initially, countries will formulate policies to regulate and limit the development of the industry. These formulations will provide a blanket-cover as nations monitor the effects of the new invention.
Later, more supportive policies will be developed, as governments seek to reap from the new goldmine. These policies will determine how competitive a country is in the global vaping market and how much revenue it will be drawing from it. The supportive policies will see the establishment of research centers across the globe as well as innovation centers.
Today, only developed countries such as the US, Canada and UK implemented it supportive laws by legalizing vaping. The evolution is gradual, and other nations will fall in line with time.
Technological Advancement
As is expected, the increase in demand and market competitions will increase the need for innovation. Top brands and companies will strive to remain on top of the chain and to achieve this; they will have to advance the vaping technology. Production of vaporizers will have to be increased to handle the high demand, and new vaporizer models will have to be created; all which requires new technologies.
Development of Smart Vaping Apps
Vaping has never been this convenient! Imagine customizing your vape kit using your mobile phone, you got everything right on your hands. No more pressing of buttons every time you turn on your vaporizer, turn it on via your smartphone and you will be good to go. This app will be improved over the years with every introduction of a new gadget.
The future of the vape industry has never been this bright. With millions of dollars being invested in the sector, it is expected that the growth would have doubled in two years’ time. The time to invest in it is right now.
The Global Legalization of Marijuana
The marijuana industry is expected to reach its optimum point by the year 2022. Several nations have already legalized marijuana. These nations are Canada, South Africa and some states in the United States. As vaping introduces healthier and safer options of consuming cannabis, other countries would not hesitate to legalize the drug.
Marijuana has no known health effects but has great medicinal benefits. With proper regulations, the marijuana industry can be a source of revenue to these governments. The vaping industry is, therefore, set to revolutionize the cannabis sector.