As of September 2023, analysis from Ecigintelligence indicates that the U.S. remains the largest vaping market globally. In recent years, the market has rebounded from EVALI crisis 'the e-cigarette, or vapingproduct use-associated lung injury' and the market contraction due to the Covid-19 pandemic, particularly experiencing unprecedented growth in the latter stages of the pandemic. This growth has been especially significant in the disposable vaping sector, which accounted for 52% of the market share in 2023.
Despite stringent federal regulations, market growth momentum remains strong. At present, most vaping products are still awaiting premarket tobacco product application (PMTA) approval from the Food and Drug Administration (FDA), or have not yet submitted a PMTA application. Although the FDA has made it clear that its regulatory focus is on products that have not submitted a PMTA, the disposable vaping market is primarily dominated by fruit-flavored products. However, due to various factors, only a handful of products have been able to circumvent FDA approval.
In addition to federal restrictions, states are also expected to impose more vaping-related restrictions before 2024. This regulatory environment may impact the market, including potential sales declines, fewer new brands entering the market, and the influence of environmental factors on public policy debates.
In the e-liquid market, brands such as Monster Vape Labs, Juice Head, Naked 100, and Twist E-Liquids hold leading positions. For vaping devices, Elf Bar/EBCreate, Juul, Vuse, and Hyde are market dominators.
In 2023, disposable vaping products have already taken half of the market, with a market value share reaching 52%. From 2020 to 2023, the average e-liquid capacity of disposable devices in the U.S. increased from 2.01ml to 11.02ml, indicating a growing market demand for products with larger capacities. Meanwhile, the average e-liquid capacity of disposable devices in Canada and the UK is also on the rise, though at a slightly lower rate than in the U.S.
From a technological perspective, the functionality of disposable vaping devices continues to evolve. Improvements in pod systems and e-liquid compatibility make the products more attractive to consumers. The physical retail channels are also changing, mainly large chain stores and specialty shops, which offer a wider range of products to attract consumers.
In summary, despite increasingly strict regulations, the U.S. vaping market remains vibrant with significant growth potential.