Vape Cartridge Market Size, Share, Global Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Vape Cartridge Market


The global vape cartridge market size was valued at USD 571.1 million in 2018. Rising concerns over cardiovascular disorders, along with increased occurrences of cancer deaths at the global level, is expected to play a key role in increasing the use of vape cartridge as a conventional tobacco alternative. Additionally, increased availability of various flavor variants of vape cartridge through offline as well as online channels has played a key role in promoting the products penetration among the millennials over the next few years.

The consumers have been shifting towards vape cartridges due to the ability to control daily nicotine dosage. Companies offer e-juice with a large number of variants ranging from high-strength nicotine to nicotine free. The buyers can choose the exact amount of nicotine they require to vape. Another advantage of this vape cartridge is the ability to control over the exhale vapor amount.

The industry participants are designing smaller devices such as pod vapes with low vapor, although the high-powered mods are better suited for cloud chasing. Vapor volumes can be adjustable by changing the airflow, power output, and coil type. Furthermore, the customization options offered by various manufacturers and rapid new product development are expected to expand the market size for vape cartridges over the next few years.
The culture of smoking vape cartridge is developing among the millennial generation due to its attractive looks and less harming nature. Increasing consumer awareness with respect to various studies conducted by medical associations that term vape and e-cigarette as safer than traditional cigarettes. Strict government regulations on manufacturing vape cartridge in countries including U.S. and Germany is expected to have a negative impact on the industry growth. It has been observed that many countries have banned the sale and distribution of vapor products.

Product Insights of Vape Cartridge Market

Plastic emerged as the largest segment in 2018 with a revenue of USD 312.4 million. The product is budget friendly and easily available in convenience stores and hypermarkets. Buyers prefer to purchase this product as it is convenient and lightweight. Most common capacity of plastic vape cartridges ranges from 0.5ml to 1ml. However, a large number of the middle class population in countries including China, Japan, Mexico, and Brazil who need stylish smoking alternatives like vape cartridges is expected to remain the key buyers.

The glass segment is expected to be the fastest growing segment, expanding at a CAGR of 22.8% from 2019 to 2025. Major advantage of using glass vape cartridge is that it does not ruin the test and flavor of the vape. It allows the consumer to enjoy the proper flavor of different liquids without contaminated by the cartridge materials including burnt coils and terpene leaching into plastic. Furthermore, the product does not melt while heating and maintain the viscosity of the liquid. Shifting inclination of consumers towards premium products in developed economies including U.S., U.K., Germany, and France will promote the demand for glass vape cartridges in the upcoming years.

Distribution Channel Insights

Offline channel was the largest segment with a revenue of USD 447.9 million in 2018. Vape shops provide consumers to test the e-liquid and device before making the purchase decision. As a result, consumers can experience the advantages and disadvantages of a range of vape cartridges with respect to their brands. Furthermore, a large number of contract manufacturers are available in this market, which increases the number of local brands. It has been observed that a large number of the middle class population prefers to purchase vape cartridges of local brands due to their access to offline stores.

The online segment is expected to be the fastest growing distribution channel, expanding at a CAGR of 24.7% from 2019 to 2025. These channels provide various add-on services including free cashbacks and membership, easy return options, and doorstep delivery services. E-commerce websites analyze the purchase trend of consumers and provide different offers and discounts as per their preferences for vape cartridges. Moreover, increasing number of online campaigns on Facebook, YouTube, and Instagram to increase consumer engagement by key manufacturers will increase the sales through online channels in the next few years.

Regional Insights of Vape Cartridge Market

North America dominated the vape cartridge market, accounting for 43.7% share of the overall revenue in 2018. A large number of younger audience prefers to consume vape cartridge and e-cigarette over conventional tobacco products. It has been observed that North Americans prefer to vape due to its less harming features and as a style statement. One out of five U.S. smokers smoke both tobacco and vape pen and cartridges. As per the National Youth Tobacco Survey, e-cigarette consumption among the student population has increased around 1.5 million from 2017 to 2018. However, key manufacturers of vape cartridges are introducing appealing flavors and tastes of vape liquids, which will drive the North America market in the upcoming years.

Asia Pacific is estimated to be the fastest growing market with a CAGR of 26.2% from 2019 to 2025. Growing smokers population is driving the consumption of vape products in Japan, China, Malaysia, and Philippines. In 2017, it has been observed that around 13 million population use vape products in China. Consumers across South Korea and Philippines also consume these products. As per the report of Business Mirror, around 4% of Filipinos consume e-cigarettes and vape cartridge on a regular or occasional basis.

Market Share Insights of Vape Cartridge Market

Major players operating in this market include HONEY; The Bloom Brand; BRITE LABS; Arbor Pacific Inc.; Airo Vapor; Cura CS; Evolab; Orchid Essentials; Loudpack; and Eel River Family Farm. Companies are adopting strategies including mergers and acquisitions to increase their revenue as well as market share. For instance, in May 2019, U.S. based company Curaleaf acquired a leading cannabis wholesale brand Select to expand their market reach. This deal was done with the transaction amount of USD 948.8 million. Similarly, in January 2019, Massachusetts based cannabis company Tilt Holdings Inc. acquired Arizona-based Jupiter Research for USD 210 million.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Vape Cartridge Market Research Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global vape cartridge market report on the basis of product, distribution channel, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  
Plastic
  
Glass
  
Metal

Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)

  
Online
  
Offline