Latest market research report: U.S. vaping market to be valued at up to $34.1 billion by 2031

According to a recent research report from Allied Market Research, the U.S. vaping market was valued at $6.6989 billion in 2020 and is expected to reach $34.1373 billion by 2031, with a compound annual growth rate (CAGR) of 16.1% from 2022 to 2031.<\/p>

Additionally, among the ten leading players in the vaping market summarized in the report, two companies from Shenzhen made the list: "Yijiate (Shenzhen) Electronic Technology Co., Ltd." and "Shenzhen Aiveipusi Technology Co., Ltd." The former's representative products include aspire, while the latter's representative products include SMOK and KOOPOR.<\/p>

The other companies include Altria Inc., British American Tobacco P.L.C., Geekvape, Imperial Brands PLC, Japan Tobacco Inc., Njoy, Inc., Swisher, and White Cloud Electronic Cigarettes.<\/p>

The report explains that vaping devices are considered alternatives to traditional cigarettes because they offer benefits such as being smoke-free, non-polluting, reducing health issues, and allowing smoking in public places. Therefore, the increasing awareness of the harmful effects of traditional cigarettes and the reduction of tar and carbon monoxide intake through vaping are expected to drive the growth of the U.S. vaping industry.<\/p>

According to a report from the Centers for Disease Control and Prevention, e-cigarettes are the most commonly used tobacco product among U.S. teenagers. From September 14, 2014, to May 17, 2020, total e-cigarette sales in the U.S. increased by 122.2%, from 7.7 million to 17.1 million units every four weeks. To prevent the epidemic of e-cigarette use among teenagers, the U.S. Food and Drug Administration (FDA) announced an enforcement policy on flavored e-cigarettes on January 2, 2020, which took effect on February 6, 2020, banning the sale and distribution of cartridge-based flavored e-cigarette products (except for tobacco and menthol flavors).<\/p>

The widespread adoption of e-cigarettes among consumers as an alternative for quitting smoking is due to their relatively lower harm compared to cigarettes while satisfying consumers' nicotine needs. According to a 2020 report from the Centers for Disease Control and Prevention, 3.7% of U.S. adults currently use e-cigarettes. In 2019, among all e-cigarette users, 36.9% were also smokers, 39.5% had previously smoked, and 23.6% had never smoked. According to an article from the Australian Tobacco Harm Reduction Association, the long-term risks of vaping are at least 95% lower than smoking. An article from the National Library of Medicine states that when e-cigarettes and nicotine replacement therapies are accompanied by behavioral support, U.S. e-cigarettes are more effective for smoking cessation than nicotine replacement therapies. Therefore, the increasing awareness of the harmful effects of traditional cigarettes and the reduction of tar and carbon monoxide intake through vaping are expected to drive the growth of the U.S. vaping market.