III. Industry Analysis
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[Company Name] competes against small, individually owned vape shops and major regional or national chains. The global vape shop market size was valued at $15.04 billion last year and is expected to expand at a compound annual growth rate (CAGR) of 28.1% over the next five years. The US vape market size is expected to reach $40.25 billion this year, indicating a CAGR of 27.3% over the past 10 years.
Vaping in the US has soared in popularity lately, especially amongst millennials, fueling an increased number of vape shops. Going forward, the vape industry will continue to grow, as the US population will likely switch to e-cigarettes, especially youngsters and those who want to quit smoking. As more consumers become aware of the hazardous effects of tobacco smoking, they are introduced to new and safer smoking devices, thereby increasing the demand for these products.
To gain a significant share in the market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. The leading players are introducing various e-liquid flavors in the market to cater to the evolving preferences of customers, thereby propelling market growth.