The global vape cartridge market is estimated to reach USD 2.2 billion, by 2025, and is projected to grow at a CAGR of 21.4% from 2019 to 2025, according to a new report by Million Insights. Increasing consumer preference towards vape products as an option to tobacco is mainly contributing to market growth. Vape products do not contain ash and tar that are highly present in traditional cigarettes. Consumer can customize nicotine content by varying the power output and airflow of vape cartridge. All these key features are anticipated to drive the demand for the product.
Manufacturers are developing products such as low-powered pod vapes. however, mods with high power are suitable for cloud chasing. Vapor volumes are adjusted by varying the power output, coil type, and airflow. Furthermore, customization in the product is also contributing to market growth.
The growing trend of smoking vape among young adults owing to its attractive look is boosting product demand. In addition, various medical associations have said that e-cigarette and vape are safer than regular cigarettes. However, stringent government policies in countries such as Germany and U.S. are expected to hinder the market growth.
Market Share Insights
Leading players in the market include HONEY; BRITE LABS; The Bloom Brand; Arbor Pacific Inc.; Evolab; Airo Vapor; Orchid Essentials; Cura CS; Eel River Family Farm; and Loudpack. Top players in the market are focusing on strategies such as mergers and acquisitions to expand their product portfolio and to gain traction among consumers. For instance, in 2019, Curaleaf acquired Select, a renowned cannabis wholesaler brand, to expand its product line.
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Product Insights
Depending on the product type the vape cartridge market is bifurcated into plastic, glass, and metal. The plastic segment accounted for the largest revenue of USD 312.4 million in 2018. The plastic-based cartridge is available in all hypermarkets and convenience stores. Plastic cartridges capacity ranges between 0.5 ml to 1ml. Moreover, a large chunk of middle age group in countries such as Japan, Brazil, and Mexico prefer smoking cartridges over this type of product.
The glass product segment is projected to grow at the highest CAGR of 22.8% over the forecasted period. Glass based cartridge keeps the flavor and test of vape unchanged. This cartridge has different flavors and it does not contaminate the liquid by materials such as terpene leaching and burnt coils. It also helps in maintaining the viscosity of the liquid. Moreover, increasing consumer inclination towards premium products is anticipated to boost the demand for the product in the next few years.
Regional Insights
In 2018, North America held the largest market share of over 43.7% in the overall market. Youngsters prefer e-cigarettes and vape cartridges over tobacco products. Furthermore, it is found that, one in every five smokers in the U.S. smoke vape cartridges and pens along with tobacco. According to the survey by National youth tobacco, consumption of e-cigarettes among students is increased by 1.5 million in 2018. The introduction of various flavors and vape liquids is expected to boost the market.
Asia Pacific is anticipated to grow at the highest CAGR of 26.2% over the forecasted period. The increasing smokers’ population in countries like Malaysia, Japan, the Philippines, and China is supporting the demand for the product. In 2017, it is found that over 13 million Chinese people use vape products.
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