Global Vape Cartridge Market - 2022-2029

Global Vape Cartridge Market - 2022-2029

Market Overview

Vape cartridge market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 30% during the forecast period (2022-2029).

Cannabis cartridges, also called vape cartridges or vape carts, are a way to inhale marijuana and other cannabis products. Most commonly, they are pre-filled with cannabis that contains THC. Vape cartridge helps in controlling the dosage of nicotine. Companies also offer nicotine and nicotine-free e-juices. Consumers can choose accurate nicotine content for vape. A vape cartridge also helps in controlling the amount of vapor to be exhaled. The growing interest in vape cartridges as an alternative to conventional tobacco is anticipated to be significantly influenced by rising worries about cardiovascular problems and an uptick in cancer mortality worldwide. The growing accessibility of several vape cartridge flavor varieties through offline and online channels has also been a major factor in promoting the product's spread among millennials in the forecast period.

Market Dynamics:

Upsurge in demand for vape cartridges to facilitate abstinence from smoking

The demand for vape cartridges has risen due to smoking cessation. With the support of vape cartridge pens, many individuals worldwide have tried to prevent smoking cigarettes. According to reports, individuals are switching to vape cartridge pens to quit smoking since it has been established that smoking has a long-term negative impact on everyone's health. According to the U.S. Department of Health & Human Services, 55.0 million or 61.7 percent of adult smokers who smoked had stopped smoking as of 2018. Furthermore, 65.3 percent of teenagers (middle and high school students) who used tobacco products in 2021 stated that they thought about quitting entirely.

Moreover, vapes only contain a small quantity of nicotine (produced from a tobacco plant) and produce a pleasant-smelling aerosol; millennials tend to use them more frequently. These devices run on batteries and have a longer lifespan than lighting conventional cigarettes. Additionally, the fact that millennials use vapes more frequently than sticks create a significant possibility for the market to grow throughout the forecast period.

However, in many other countries, stringent government regulations on the production of vape cartridges are anticipated to have restrained the industry's growth. Some countries prohibit the distribution and marketing of vapor products. Moreover, in 2019, an outbreak occurred in the United States of a very serious lung disease associated with vaping devices. It is yet unknown what started this outbreak, whether nicotine- or THC-containing e-fluids are to blame, and whether consumers bought the harmful products ""off the street"" or from stores. These claims indirectly impede market sales.

Market Segmentation:

Plastic segment accounted for the highest share in global vape cartridge market

In 2021, the plastic segment had the highest revenue share of more than XX percent. The products made of plastic are inexpensive and easily accessible in supermarkets and convenience stores. Customers favor buying this product because it is portable and light. The most popular size for plastic vape cartridges is between 0.5 and 1 ml. However, it is anticipated that the major consumers will continue to be a sizable portion of the middle-class population in nations like China, Japan, and Brazil who require fashionable smoking alternatives like vape cartridges.

In 2021, the offline channel segment had the highest revenue share of more than XX percent. Before making a purchase, vape shops allow customers to test the e-liquid and the device. Consequently, customers can learn the benefits and drawbacks of various vape cartridges about their brands. Additionally, this market has a sizable number of contract producers, which raises the number of local brands. Because they have access to offline retailers, it has been shown that a sizable portion of the middle-class population chooses to buy vape cartridges from local brands.

Geographical Penetration:

North America is the dominating region during the forecast period

In 2021, North America had the highest revenue share of almost XX percent. The majority of the younger population prefers to use electronic cigarettes and vape cartridges instead of traditional tobacco products. Due to its less harmful characteristics and as a fashion statement, it has been found that North Americans prefer to vape. One in five smokers in the United States uses both tobacco and vape pens and cartridges. National Youth Tobacco Survey 2021 data shows more than 2 million U.S. youth currently use E-cigarettes. Of that, nearly 85% of use flavored E-cigars. However, major vape cartridge producers will drive the North American vape market by introducing enticing flavors and tastes of vape liquids.

Competitive Landscape:

The major vape cartridge market report covers Eel River Family Farm, Loudpack, Inc., Orchid Essentials, Evolab, Cura Cs LLC, Airo Vapor, Arbor Pacific Inc., Orchid Essentials, Absolute Extracts, Honey Vape, and Brite Labs, among other domestic and global players. Companies are adopting strategies, including mergers and acquisitions, to increase their revenue and market share. For example, Orchid Ventures, Inc., a multi-state cannabis innovation company, has launched three new product lines in California and Oregon in September 2020. The Orchid Brands team has been hard at work creating three new lines of vape products since the vape panic of 2019. These goods have been created and will be marketed to various customer groups. First, Orchid Vibes is a reasonably priced package that includes a recently created PurTec Summit cartridge. It introduces more modern terpene profiles like Mimosa and Purple Punch. The new product lines are currently being introduced into the Oregon market through an Orchid Licensee, Tine Trading Company, and in California through collaborations with contract manufacturers and the expanding distribution network of the business.

COVID-19 Impact:

Negative impact on the global vape cartridge market

According to data, vaping affects lung function, which raises the probability of COVID-19 infection and the severity of COVID-19 outcomes. Smoking tobacco is bad for both the respiratory system and general health. Due to prolonged exposure to burnt tobacco, people who use tobacco cigarettes and e-cigarettes (dual usage) may be at increased risk. By frequently touching one's mouth to one's mouth, exchanging vaping items with others, using these devices in public places, and other factors, vaping products may further raise the chance of COVID-19 infection. The World Health Organization (WHO) also agrees that the hand-to-mouth action of vaping may raise the risk of infection. To further lower the risk of infection, the British Columbia (BC) Centre for Disease Control suggests vaping outside and keeping a distance of two meters from others. They advise cutting back on or giving up vaping to reduce risk due to the higher risk of COVID-19 problems in those who use e-cigarettes. These elements indicate that the pandemic had a negative impact globally on the market.

The global vape cartridge market report would provide an access to approximately 53 market data tables, 41 figures and 170 pages