Development of vape in the United States in 2024: market trends, regulatory changes and future prospects
With the improvement of global health awareness and the popularity of smoking alternatives, vape has become one of the important choices for American consumers. By 2024, the US vape market is expected to reach new heights, while facing a more complex regulatory environment and market competition. We try to explore in depth the development trends, regulatory changes, and future business opportunities of the US vape industry in 2024.
1. US vape market size in 2024
(1) Market size continues to grow
According to industry reports, the US vape market size is expected to exceed US$15 billion in 2024 and maintain steady growth. This growth is mainly due to the following factors:
Driven by young consumers: Young people aged 21-35 are the main consumer group of vape, and they are more inclined to try trendy products.
Increased health awareness: Compared with traditional cigarettes, vaping is considered a "healthier" alternative, attracting a large number of users who want to quit smoking or reduce tobacco intake.
(2) Competition landscape of major brands
In 2024, the US vape market is still dominated by some well-known brands, such as the market-leading brand Yocan, which launched a number of new innovative design products in 2024: 510 thread battery. and frequent updates and upgrades. These brands have occupied most of the market share through innovative product design, strong marketing strategies, and extensive distribution networks. However, small and medium-sized brands are also rising rapidly through differentiation strategies (such as focusing on CBD vape or environmentally friendly design).
2. Changes in regulations and policies
(1) Strict supervision by the FDA
In 2024, the US Food and Drug Administration (FDA) will further strengthen its supervision of the vape industry. The following are the main changes:
PMTA certification requirements: All vape products must pass the FDA's premarket tobacco application (PMTA) certification, otherwise they will be banned from sale. This regulation has caused many small businesses to exit the market.
Flavor restrictions: In order to reduce the appeal of vaping to teenagers, the FDA prohibits the sale of most fruit-flavored and dessert-flavored vapes, and only allows tobacco-flavored and mint-flavored products.
Legal controversy over CBD products: Although industrial hemp (THC content less than 0.3%) has been legalized, the regulation of CBD vapes remains vague, and some states even completely ban it.
(2) Differences at the state level
Although the federal government has established a unified regulatory framework, the attitudes of different states towards vapes vary greatly. For example:
Relaxed states: California, Colorado, and other states have relatively loose regulations on vapes and CBD products.
Strict states: Idaho, South Dakota, and other states have more restrictions on vapes, or even completely ban them.
(3) Environmental protection and sustainability
With the increase in environmental awareness, more and more brands are beginning to pay attention to the sustainability of their products. For example:
Reusable devices: Reduce the impact of disposable vapes on the environment.
Degradable materials: Use environmentally friendly materials to make shells and accessories.
3. Changes in consumer behavior
(1) Consumer preferences
Consumers (especially Generation Z)'s demand for vapes mainly focuses on the following aspects:
Fashion design: Vapes with cool appearance and strong portability are more popular.
Social attributes: vape has gradually become a social tool, especially in music festivals, parties, and other occasions.
4. Challenges and future prospects
(1) Pressure from public opinion
Although vaping is considered to be an alternative to traditional cigarettes, the public still has doubts about its safety.
(2) Industry consolidation and reshuffle
With the strengthening of FDA supervision, many small businesses will be eliminated and industry consolidation is inevitable. Large brands will further expand their market share through mergers acquisitions and cooperation.
(3) Future development direction
Looking forward, the US vape industry may show the following trends:
Technology-driven: More intelligent and personalized products will enter the market.
Global expansion: US brands will accelerate the development of international markets, especially in Europe and Asia.
Regulations improvement: With the deepening of scientific research, vape regulatory policies will become more scientific and transparent.
In 2024, the US vape market will find a balance between growth and regulation. Despite strict regulations and fierce competition, technological innovation and changes in consumer demand have brought new opportunities to the industry. Both entrepreneurs and investors need to pay close attention to market trends and seize the potential of this field.
