The research institute predicts that the U.S. vape market will exceed $34.1 billion in 2031

The U.S. vape market will have a compound annual growth rate (CAGR) of 16.1% from 2022 to 2031. In 2020, the market value of the US e-cigarette market is $6.698 billion, and it is expected that by 2031, this figure will exceed $34.1 billion.

 

Recently, a report on the United States electronic cigarette market has been released by the scientific research institution “Alliance MarketResearch”, and it is expected that the United States electronic cigarette market will grow from 2022 to 2031. (CAGR)16.1%. By 2020, the market value of the U.S. vape market will reach $6.698 billion, and it is expected to exceed $34.1 billion by 2031.

 

The Centers for Disease Control and Prevention (CDC) reports that vapes have become the most commonly used cigarette product among young people in the United States; In the four cycles, sales of e-cigarettes increased by more than 122.2%, which is a significant increase.

 

The U.S. Food and Drug Administration says that because there are no cigarettes in e-cigarettes, but most contain nicotine from cigarettes (FDA) classifies e-cigarettes as “tobacco products.” On January 2, 2020, the FDA published a policy for implementing e-cigarette flavors, which was implemented on February 6. Ban the sale and distribution in the United States of e-cigarette brands based on flexible flavors (except cigarette and mint flavors). To prevent the prevalence of vapes among youth, total e-cigarette sales increased by 122.2% from September 14, 2014, to May 17, 2020, from 7.7 million to 17.1 million.

 

According to the Centers for Disease Control and Prevention, 3.7 percent of adults in the United States use e-cigarettes; The population of nicotine addiction syndrome is increasing, and the vape market cannot live without its influence.

 

Based on the sales channel segment of the US vape market, the target market of professional vape shops holds the highest market share in 2020, with a compound annual growth rate of 16.6% from 2022 to 2031.

 

According to the survey, 3.7 percent of adults in the United States currently use vapes. In 2019, 36.9% of e-cigarette users also smoked, 39.5% were former smokers, and 23.6% had never smoked.

 

The report predicts that increasing awareness of the harmful effects of tobacco and the advantages of vapes are expected to drive the growth of the vape market in the United States.