According to the data of the General Administration of Customs of China, the export value of vape products (including vapes and similar personal electronic atomization devices, and other nicotine-containing non-combustion inhalation products) reached US$1.0 billion in July 2024, an increase of 8.08% year-on-year and 0.36% month-on-month, and the export volume was 28,400 tons, an increase of 12.46% year-on-year and 0.64% month-on-month. The export unit price was US$43.81/kg, a decrease of -0.28% month-on-month and -3.90% year-on-year; the average price of “vapes and similar personal electronic atomization devices” was US$5.0/unit. This data shows that despite the uncertainty of the global economic environment, China’s vape exports have maintained a growth trend. However, the export unit price has shown a downward trend, which may be related to factors such as fierce market competition and cost control.
From the perspective of export destinations, the top five export destinations (the United States, the United Kingdom, Russia, Germany, and South Korea) accounted for 62.9% of the total export value. Specifically:
The United States
is still the largest export market for Chinese vapes, with exports reaching US$305 million in July, accounting for 30.5% of total exports, up 19.3% year-on-year, but down 4.3% month-on-month. This shows that the demand for vapes in the US market remains strong, but is affected by some short-term factors, such as seasonal fluctuations or policy adjustments.
Seasonal factors: vape exports may be affected by seasonal factors, such as the alternation of peak and off-season consumption. Although July is not a traditional off-season, seasonal fluctuations may still have a certain impact on export data.
Policy adjustments: The United States has strict regulatory policies on vapes, and policy adjustments may have a direct impact on market demand. For example, the FDA’s approval speed for vape products, changes in tax policies, and restrictions on vape sales in various states may all affect the sales of vapes in the US market.
Market competition: As the vape market continues to mature, not only is the competition between Chinese companies in the United States increasingly fierce, but local US vape brands and vape products from other countries are also competing for market share, which may cause a certain impact on the sales of Chinese vapes in the US market.
Changes in consumer preferences: Changes in consumer preferences are also an important factor affecting vape exports. For example, consumers may have new demands for new vape products, vapes with different flavors or functions, which may lead to a decline in sales of traditional vape products.
Russia
The Russian market performed particularly well in July, with total exports reaching US$95.9 million, up 23.7% month-on-month and 232.2% year-on-year. This may be related to the rapid growth of the domestic vape market in Russia and the increased competitiveness of Chinese vape products in this market. It is said that the current Russian market has liberalized import policies and no longer has too many restrictions, which may be the main reason for the growth. Although the Russian market faces some policy uncertainties, such as economic sanctions and currency depreciation, these factors have not completely hindered the development of the vape market. On the contrary, some brands have successfully responded to market challenges and achieved rapid growth by innovating business models, optimizing cost control and strengthening cooperation with local distributors.
Emerging markets have grown significantly
Malaysia’s exports ranked seventh, reaching US$30.04 million, down 19.5% year-on-year and up 1.6% month-on-month. According to the data of the Malaysian Adult Tobacco Survey 2023, the number of vape users in Malaysia has increased by 600% in the past 12 years. In addition, the export volume of Bolivia in South America increased by 2142.4% month-on-month, showing an extremely strong growth momentum. As a South American country, the rapid growth of Bolivia’s vape market may be driven by a variety of factors, including increased consumer acceptance of vape products, increased market demand, and possible changes in the policy environment. Libya in North Africa also showed strong growth, with exports increasing by 706.16% month-on-month. The rapid growth of Libya’s vape market may indicate the huge demand potential for vape products in the region, and it is expected to become one of the important vape export markets in the future.
Analysis of the reasons for the growth of emerging markets
Increased consumer demand: With the popularization of vape knowledge and the improvement of consumers’ health awareness around the world, more and more people are beginning to try and accept vape products.
Changes in the policy environment: The relatively loose regulatory policies of some emerging market countries provide a more favorable environment for the entry and sales of vape products.
Market competition pattern: Compared with the traditional tobacco market, the vape market is still in a rapid development stage, and the competition pattern has not yet been fully formed. Emerging markets are becoming an important battlefield for Chinese vape companies to expand overseas business and increase market share.
In summary, the July vape export data shows that the rise of emerging markets is one of the important manifestations of Chinese companies’ remarkable achievements in expanding new markets. With the continuous development of the global vape market and the gradual improvement of regulatory policies, emerging markets will continue to be an important growth point for vape exports. At the same time, we must also pay attention to the challenges and opportunities brought by policy changes in mature markets at any time. “Persistence and perseverance, deep cultivation and innovation”, the export data in July has shown us what mentality and actions we should take to better cope with the changes in the global vape market pattern and stand out in the competition.
According to the latest data released by the General Administration of Customs of China, in July 2024, China’s vape export market once again showed an active trend, showing a series of eye-catching data. At this moment full of changes and opportunities, let’s take Veehoo vapes as an example to explore the changes in the overseas market pattern behind this data.
Veehoo vape: Seize emerging markets and explore global opportunities
Veehoo vape, as a leader in China’s vape industry, has been committed to product innovation and quality control. The export data in July once again proved the competitiveness and influence of Veehoo vape in the international market, and revealed the development trend and future opportunities of China’s vape industry.
Analysis of changes in overseas market structure
Russian market: The rapid growth of the Russian market has brought new business opportunities for Veehoo vape. With the vigorous development of the domestic vape market in Russia, the sales of Veehoo vape in this market have continued to rise. By flexibly responding to changes in the policy environment and working closely with local dealers, Veehoo vape has successfully gained more market share and achieved substantial growth.
Emerging markets: The rise of emerging markets such as Malaysia, Bolivia, and Libya has opened up new growth space for Veehoo vape. The rapid growth of these markets is due to the increase in consumer demand, changes in the policy environment, and the evolution of the competitive landscape of the global vape market. Veehoo vape has actively expanded into emerging markets with its own brand strength and product advantages, and has achieved remarkable results.
Future Outlook
With the continuous development of the global vape market and changes in regulatory policies, Veehoo will continue to be committed to product innovation and market expansion, seize more market share and maintain competitive advantages. At the same time, Veehoo will also pay close attention to the trends of mature markets, flexibly respond to challenges, continuously enhance brand influence and competitiveness, and achieve long-term and stable development in the global vape market.
Against the background of intensified competition in the global vape market, Veehoo will adhere to the development concept of “persistence and perseverance, deep cultivation and innovation”, continue to explore and move forward, bring users better vape products and services, and contribute to the rise and development of China’s vape industry.
Through unremitting efforts and continuous innovation, Veehoo will surely show a more dazzling light in the global vape market and write its own glorious chapter!
Tags: July vape export data，Changes in the vape market，veehoo vape