Vape is the new tobacco – and you might notice there’s a vape shop at every corner. There’s a good reason behind this. Vaping is a booming industry, as franchisevape.com points out. The site also mentions that there is a global projection of more than $6.8 billion in sales by the end of 2018. If you have the means and the guts to put up your own business, a vape shop may be a good option.
Large Market, Bright Future
The vaping industry is showing no signs of slowing down. Back in 2016, there were about 35 million vapers worldwide, and the US comprised the largest market. In fact, according to Yelp, for every bowling alley in the US, there are about 2.7 vape shops or four for every comic book store. By 2025, the global sales of the industry are expected to reach about $61.4 billion, as reported by PR Newswire; this marks a huge increase from the 2018 projection.
Pleasure, but with Less Guilt
Generally, market experts credit the popularity of vaping to the decline of smoking. According to the Centers for Disease Control and Prevention, smoking has declined from 20.9 percent in 2005 to 15.5 percent in 2016.
The society has been moving toward a health-conscious life and looking for healthier and safer alternatives to their habits – including smoking. The demand for vapes will increase as people start to use such electronic alternatives to cigarettes as a crutch to quit cigarette smoking.
Considering all these things, you can see that vape shops have the potential to bring a big return on investments, especially for investors who make their move at this opportune moment. As with any other industry, demand often shapes supply: The demand for vapes will shape the future of e-cigarettes. And, all things considered, this demand still appears to be on a strong upward trend.