In 2024, the world stage is set for a pivotal year of elections. With polls opening globally, and regulatory change on the horizon, what can the vaping industry expect? Here are our takeaways on what’s in store for the year ahead, drawing from Plxsur’s market insights and the latest data from ECigIntelligence…
Despite heightened restrictions, the global vaping market has not just survived but thrived and is projected to grow a further $2 billion in 2024, with an estimated value of $28.3 billion. While the regulatory landscape is tightening, it’s clear the demand for alternatives to traditional cigarettes remains robust. We see this as an opportunity to continue our endeavour to shape the industry’s future, forging a louder, unified voice championing responsible business practices and elevated standards.
The upcoming EU elections could significantly influence the vaping landscape, but the multi-country nature of these elections makes it challenging to predict its impact precisely, particularly on matters such as tobacco control. While that picture shapes up, we know governments remain focused on reducing smoking rates in their countries. Data consistently shows that vapes are the primary tool used by smokers to quit or reduce smoking, affirming our commitment towards advocating for evidence-based and responsible regulation versus outright bans.
Research indicates that a crucial aspect of the 2024 regulatory landscape centres around the dominance of disposables, which have acted as the primary – and at times, sole – driver of industry growth. Despite the greater cost to themselves and the environment, consumers continue to choose disposable products. However, findings in ECigIntelligence “What’s in store for 2024? A look at expected regulation in the year ahead” suggest a change on the horizon with the rise in pre-filled and open pod category launches, which better protect people and the planet.
With the growing uptake in vaping globally, effective regulation has become increasingly crucial. Research indicates that possible flavour bans could be on the horizon, with Slovenia considering action in 2024, and Canada considering restricting to tobacco, mint, and menthol flavours. We know that flavours may be one of many factors that support smokers to move completely to vaping. As such we will continue to remain focused on advocating for evidence-based and responsible regulation versus outright bans.
To get a full picture of the vaping industry in 2024, check out ECigIntelligence report here
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