AN international research organisation is forecasting the vape market to grow despite the challenges brought about by the COVID-19 pandemic and uncertainty over regulations.
At the Virtual E-Cigarette Summit 2020, Tim Phillips who is the managing director of London-based ECigIntelligence expects the Asia-Pacific region to experience growth this year despite the world facing a health crisis and although the vape market is concentrated in the US and Europe.
The global vape market, which like many industries has been hit by COVID-19 pandemic, is worth some US$12.7 bil annually.
Phillips based his assessment on signs that more people are switching from traditional cigarettes to alternatives.
Despite strict regulations that some Asia-Pacific markets – notably Australia, South Korea, and Indonesia are adopting – Phillips foresees the vape market experiencing moderate growth due to factors like the positive public health opinion on vape and its increasing popularity as a way to quit smoking.
This sentiment was echoed by the Malaysian Vape Chamber of Commerce (MVCC) in its recently launched Study on the Malaysian Vaping Industry report which found that consumers switch to vape as a means to quit smoking cigarettes or because it is less harmful.
In tandem with the growing vape ecosystem in Malaysia, the MVCC has urged Putrajaya to introduce comprehensive regulations and standards on devices and vape e-liquids, especially those with nicotine as many other developed countries have done.
“Countries like the UK, New Zealand and Canada recognise the role vape plays in helping smokers kick the habit and in exposing them to less harm than traditional cigarettes,” MVCC president Syed Azaudin Syed Ahmad pointed out.
“We don’t have to reinvent the wheel; we can build on the work of other countries not just for the sake of consumers, but also in the interest of the local vape industry supply chain which can contribute greatly to the country’s economy.”
The Study on the Malaysian Vaping Industry has found that the vape industry in Malaysia is worth RM2.27 bil annually, involving some 3,300 businesses and 15,000 employees. – Feb 10, 2021