Bloomberg Report: U.S. e-cig market largest in the world
American consumers spend more money on e-cigs and vaping devices than any other country in the world, according to a recently shared article on the Bloomberg Report website. Making up approximately 43 percent of a currently estimated $8 billion global market, the United States vaping community spends nearly three times as much money on vaping products than their friends in the United Kingdom, the second place market. UK vaping accounts for about 13 percent of worldwide sales.
The study was conducted by Euromonitor International (EI) and also reveals that the sales from tobacco cigarettes and other products are in sharp decline in recent years. Meanwhile, the electronic cigarette market is booming by double-digits annually. In 2015, tobacco cigarette sales dropped a whopping 2 percent while the vaping industry witnessed a 21% increase. At these current rates, EI scientists estimate that the global vaping market will reach $20 billion by the year 2020, less than four years away.
These new statistics seem to support many of the allegations made by the U.S. vaping community regarding the recently announced FDA e-cig regulations last May. Many feel that the FDA is simply trying to take advantage of the newly emerging vaping industry as a way to increase agency revenues through unwarranted regulatory actions and overly aggressive taxation. Why else would the FDA require electronic cigarettes to undergo the very same approval process as Big Tobacco when e-cigs and vaping products are essentially 100% tobacco-free?
FDA e-cig regulations: Follow the money
In light of these new statistics from the EI study, the FDA’s insistence to classifying e-cigs and vaping devices as “tobacco products” begins to take on an entirely different meaning. While the FDA has been busy selling the American public on the notion that e-cigs act as a gateway to teen smoking, the agency has also been largely successful in tricking the entire country into believing that electronic cigarettes and tobacco cigarettes are essentially one-in-the-same. With a $20-billion-dollar industry ripe for the plucking in less than four years, the FDA may be more interested in making a quick buck off of the backs of local vape shop owners than in truly protecting the public health of American teenagers.
(Related Article: FDA E-CIG REGULATIONS: USING 911 SCARE TACTICS TO KILL AMERICANS FOR PROFIT)