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.
The glass cartridge is projected to grow at a CAGR of over 22.8% over the forecasted period. Consumers prefer glass-based product over plastic products. Glass vape allows to adjust the level of nicotine and smoke. These key benefits are anticipated to boost the product demand in the next few years.
In 2018, offline channel segment contributed to the revenue of over USD 447.9 million. Offline channel is comprised of hypermarkets and convenience stores. Hypermarkets offer these products with options such as try and buy the product and provide membership offers. Moreover, these add-on benefits with customer engagement activities are expected to spur the market growth.
Asia Pacific is projected to grow at the CAGR of over 26.2% during the forecasted period. High consumer spending on health products and high demand for the product from countries like Malaysia, South Korea, China, and Japan is boosting the vape cartridge market growth. Moreover, government policies regarding tobacco smoking are influencing the consumer to look for alternative options.
Major players in the market include HONEY, BRITE LABS, The Bloom Brand, Arbor Pacific Inc., Evolab; Airo Vapor, Orchid Essentials, and Cura CS. Major manufacturers in the market focus on strategic partnerships and mergers & acquisitions to enhance their reach across the globe. For instance, in 2019, CaniBrands have partnered with company called Sonder to expand its distribution network.
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Further key findings from the report suggest:
• In 2018, the plastic segment attributed to revenue of 312.4 million. The glass segment is anticipated to exceed at a CAGR of around 22.8% over the forecasted period.
• Based on the distribution channel, online segment is expected to grow at the CAGR of over 24.7% during the forecasted period.
• North America led the market with revenue of 249.8 million in the year 2018.
Million Insights has segmented the global vape cartridge market based on product, distribution channel, and region:
Vape Cartridge Product Outlook (Revenue, USD Million, 2015 - 2025)
Vape Cartridge Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Vape Cartridge Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa