Recently, the latest data released by the General Administration of Customs of China and international tobacco giants PMI and BAT Malaysia outline the new trend of the global vape market.
Export “volume increase and price drop”
According to customs data, China’s total vape exports in the first half of 2024 reached US$5.381 billion, a year-on-year decrease of 1.82% from US$5.481 billion in the same period last year. Although the total export volume has declined slightly, the export volume has shown an upward trend, reflecting the market trend of “volume increase and price drop”.
Among the major export markets, the United States maintained a growth of more than 10%, while the UAE in the Middle East also had a growth of nearly 10%. However, traditional markets such as the United Kingdom, South Korea, Germany, Malaysia and Canada experienced a year-on-year decline in growth. It is worth noting that Australia and the Philippines fell out of the top ten exporting countries due to stricter regulations, with Australia falling by 90.12% and the Philippines falling by 25.69%.
At the same time, emerging markets performed well. Exports to New Zealand and South Africa reached US$61.55 million and US$50.89 million, respectively, up more than 50% year-on-year, showing great growth potential.
Smokeless products business continues to grow
PMI’s second quarter 2024 financial report shows that the company’s net income reached US$9.5 billion, up 5.6% year-on-year. It is worth noting that the smokeless business accounts for 38.1% of the company’s total revenue, an increase of 2.7 percentage points from the same period last year. Among them, oral smokeless products have grown particularly rapidly, with a year-on-year growth of more than 20%.
In the field of vapes, PMI’s VEEV brand has taken a leading position in the closed cartridge market segment in five European markets within 12 months of its launch. In addition, the company’s heated tobacco product IQOS is estimated to have 30.8 million users, with significant progress in Japan, Europe, South Korea and some low- and middle-income markets.
Data from the first half of 2024 show that the global vape market is undergoing transformation. Major exporting countries face price pressures and market diversification challenges. At the same time, international tobacco companies are vigorously developing new products such as vapes to cope with the slowdown in traditional business growth. In the future, as policies and consumer preferences change, the competitive landscape of the vape industry may be reconstructed.
The latest data on the global vape market in 2024 reveals a vibrant and changing industry landscape, which also brings new opportunities and challenges to China’s leading brand Veehoo vapes. This market change provides Veehoo vapes with an opportunity to expand into the international market.
Under this market dynamic, as a well-known domestic brand, Veehoo vapes will continue to be committed to product innovation and quality improvement to meet the challenges of international market competition. At the same time, with the transformation of the global vape market and the development of new products by international tobacco companies, Veehoo vapes will actively take advantage of this trend to continuously expand market share and enhance brand influence.
Data from the first half of 2024 show that the global vape market is undergoing a transformation. With changes in policies and consumer preferences, the competitive landscape of the vape industry may be reconstructed. Veehoo vapes will meet this challenge at a steady pace, adhere to the concept of quality first, continue to innovate, provide consumers with safer and higher-quality vape products, and help the healthy development of the vape industry.
Tags: 2024 Global vape Market Trends，China’s total vape exports in 2024，veehoo vape
