A recent study of Fact.MR estimates sales of pod vapes to reach 500 million units in 2019, and register a Y-o-Y growth of 18.5% over 2018. Growth of the pod vapes market can be attributed to the rising concerns about the adverse impact of smoking on health and availability of a multitude of flavored pod vapes.
A list of all the key market drivers bolstering the pod vapes market growth has been presented in the report. Additionally, a region-wise and segment-wise analysis of the pod vapes market has been provided. The report also offers a competitive landscape assessment of the pod vapes market.
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The pod vapes market is likely to remain moderately fragmented with leading market players focusing on their product portfolio expansion and R&D-driven collaboration with mid-sized companies that offer innovative and state-of-the-art products. Moreover, companies are striving towards integrating advanced electronics into newer models, in a bid to provide improved battery life and substantially reduce the levels of nicotine. Some of the key developments in the pod vapes market have been listed below:
- To capitalize on the growing demand for cigarette alternatives, British American Tobacco Plc launched its first-ever vaping device Vype iSwitch in the UK, in 2018.
- Imperial Tobacco, a subsidiary of the Imperial Brands added Myblu to its range of blu e-cigarettes line. Myblu was branded as a high-performance pod vape which requires only 20 minutes to fully recharge and offers unique features such as one-step click and go which allows consumers to switch between flavors instantly.
- FlavourArt srl, a leader in the production of e-cigarette flavors announced it would be investing more than 4 million euros in expanding and upgrading its manufacturing capabilities. The company revealed that the investments will be used for expanding production sites, research and development, and marketing and sales.
- With concerns surrounding the high levels of nicotine concentration in vape pods on the rise, JUUL announced the launch of new e-cigarette flavors with 40 percent less nicotine. The company will be launching two flavors namely Virginia tobacco and mint with less concentration of nicotine.
- With demand for cigarette alternatives on the rise, Altria Inc. acquired a 35% stake in JUUL at the valuation of US$ 12.8 billion in December 2018.
Some of the leading players profiled in the report include Japan Tobacco Inc. and Shenzhen iSmoka Electronics Co Ltd. Other companies operating in the pod vapes market are Shenzhen Joye Technology Co Ltd., Shenzhen Kanger Technology Co Ltd., and Shenzhen IVPS Technology Co. Ltd.
Pod vapes have gained widespread popularity among high school and college students. According to a recent report by the National Institutes of Health, the number of 12th graders using pod vapes increased by more than 37% in 2018. Aggressive marketing through social media platforms and the introduction of various flavors including orange, mint, coffee, Bavarian cream, and cotton candy, have been driving the popularity of pod vapes in the recent past. On the other hand, consumers looking to quit smoking are switching to pod vapes for their nicotine intake. According to recent studies, pod vapes are relatively less harmful than normal cigarettes and have a lower concentration of toxic chemicals that can lead to the development of cancer and other health conditions. Pod vapes combined with other therapies are being marketed as an effective solution to help people quit smoking.
Nicotine salts are gradually gaining traction in the pod vapes market with manufacturers preferring the use of these salts over e-liquids. Increasing the concentration of nicotine in normal vape juices are associated with throat infections and diseases. Nicotine salts have emerged as a comparably safer alternative for providing higher levels of nicotine concentration while easing the sensation on the throat. Additionally, combining nicotine salts with benzoic acid is allowing manufacturers to reduce the size of pod vapes comprehensively, as these facilitate reducing pH levels and the temperature required for its vaporization. The combination also allows for the efficient absorption of nicotine in blood inducing a sensation equivalent to smoking a cigarette. Manufacturers are leveraging the benefits associated with nicotine salts to launch affordable pod vapes, marketing them as a healthy alternative for smokers.
Pod vapes sales are expected to significantly benefit from marijuana and CBD legalization that has been gaining increased palpability. Numerous researches have suggested that marijuana and CBD hold potential in relieving pain, reducing depression and anxiety, alleviating symptoms related to cancer, managing & treating neurological diseases, and improving cardiovascular health. Growing consumer awareness about the health benefits associated with CBD and marijuana is causing an increase in the demand for legalization of these substances around the world. While Canada became the second country in history to legalize recreational use of cannabis, a growing number of states in the USA are decriminalizing the use of medical marijuana. Further, the United States Government legalized the production of CBD from hemp farming in 2018. This is likely to pave gateways to lucrative opportunities for pod vapes manufacturers, who are already marketing products such as CBD oil, e-juices and THC vape juices in the US and Canada.
Multiple health conditions have been linked with pod vapes, such as respiratory diseases, increased risk of cancer, and frequent manifestation of asthma attacks. Moreover, recent studies allude increasing susceptibility of addiction to other drugs trailing nicotine addiction, which has raised concerns regarding health impacts of pod vapes. Regulatory authorities worldwide are imposing stringent regulations on pod vapes. The American Food and Drug Administration recently considered banning pod vapes and other e-cigarettes to curb their use among teenagers.
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