There are now fewer smokers in the United States than there were many years ago. In a January 2018 press release, the Centers for Disease Control and Prevention claimed that cigarette smoking among adults decreased to 15.5 percent in 2016 from 20.9 percent in 2005. In that same period, the number of adults who have quit smoking increased from 50.8 percent in 2005 to 59 percent in 2016.
While there are a lot of reasons why people choose to quit smoking, one reason may be the steadily growing trend of vaping, which businesses advertise as a healthier, tobacco-free option to help curb smoking addiction. According to the World Health Organization, while the number of smokers worldwide has decreased to 1.1 billion in 2018 from 1.14 billion in 2000, the number of “vapers” have increased from seven million in 2011 to 35 million in 2016.
With the vaping industry growing, would it be a lucrative venture for franchisers and entrepreneurs setting up their own businesses? Based on the growth in the past few years, it may be.
The Vaping Industry
Franchisees and entrepreneurs may benefit from the increasing number of vapers. Based on data from Euromonitor International, the vaping industry is worth $22.6 billion in 2018, up from $4.2 billion in 2013. The United States dominates the industry with a market net worth of almost $13 billion, followed by Japan with $2 billion.
Business analysts say that the industry will only grow. Vapetrotter News compiled global forecasts and found that analysts predict the vaping industry will reach $43 billion up to $44.5 billion by 2023 to 2024.
Franchising a Vaping Business
According to VaporFi, the booming vape industry may see more businesses entering the market and more franchisees taking up vape franchise opportunities to get a share of the lucrative venture. While it may be an industry with a high worth, customers will want to do business with well-known brand names. Business owners may also benefit from operating under a recognized brand name.
The vaping industry may promise high profits for franchisees and entrepreneurs entering the market. However, it may be more beneficial for those new entrants to operate under a well-known brand name and study the industry with seasoned partners before they can achieve their success.