IMPACT OF COVID-19 ON VAPE MARKET
The consumer good consumption industry has been growing at a very rapid pace over the last decade. The vaping industry has shown a tremendous boom in recent years which is visible in the CAGR (Compounded annual growth rate) of 48% in the last couple of years in the United States of America, as stated in a report. The scenario remains quite similar around the globe as well. But since last year, ever since the world got hit with this never-ending pandemic. Things have taken a slight U-turn in terms of the trend. Companies and businesses big and small had to take a significant hit in the last year. Since the pandemic caused by the Coronavirus came to the front.
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Businesses since then have predominantly been on the backfoot, with all the nationwide lockdowns and curfews kicking in. The entire world came to a standstill so did Vape marketing and businesses. Efforts are in the process of coming back to normalcy.
WHY IS THE MARKET GROWING?
Before we dive deep into the impact covid-19 has had on this segment. Let us get a thorough understanding of the reasons behind the growth observed in this market. It is due to several direct and indirect factors. A few of these are listed below:
- Ease of access to the products
Vaping products these days are readily available. Shops dedicated solely to sell these products have taken birth in various parts of the country. It has provided the much-needed penetration into the markets to reach more people. Besides, since the pandemic majority of the retail outlets have shifted to the online domain with doorstep delivery.
- The affordability of the products
The other Unique Selling Proposition of these products is that they are available cheaply in the states. It further adds to the already existing attraction of both CBD and to-go with vaping kits.
- These products offer benefits both in terms of physical and psychological ones
The products find their use in a ranged spectrum, starting from painkillers and anti-depressants. CBD and other vaping products are known to treat appetite disorders in some cases. It changes the entire proposition of the product from a luxury consumption item to that of the basic need, which ensures surplus demand.
- The products, amongst which notably CBD getting FDA approval, adds to the shine as well
The full spectrum version of one vaping material named CBD has received FDA approval. It ensures that even with the entire world dealing with a disease, one can easily relax and have some much-needed time for themselves with a product that is safe for use..
- The fact that several of the Vape consumer products. Notably, CBD is legal in certain states of America, handing another big boost to the growth of this segment.
And to go with the FDA approval, certain specific states have even legalized the sale of the products like CBD with the farm bill passed in the legislative a year ago.
WHAT ARE THE EFFECTS OF VAPING?
There is no single explanation for this question. It all depends on the product you are consuming. If the product is organic like CBD, the pros outweigh the cons by a country mile. The traditional problem of pulmonary blockage that has usually followed all vaping/smoking products is not severe within CBD-oriented products. It has been claimed widely by experts in the field worldwide.
HOW ARE VAPE PRODUCTS DEALING WITH THE PANDEMIC?
As the age-old saying goes, a crisis is fuel. It has especially come true in this current market affected by covid-19. Just as the country went into lockdown and people began searching for the essentials such as sanitizers and masks. The vape stores came in with innovative marketing and distribution strategies to stay in the mix of things.
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We have highlighted a magnificent trident of such strategies below:
- The vape stores offered free sanitizers with every e-cigarette, vape pen which one bought. It was particularly appealing to the customers when there was a widespread scarcity of sanitizers throughout the nation. Imagine you went to buy a product for yourself and in turn also got a free sanitizer which otherwise would have cost you both time and money. Considering at one point in time, the availability of sanitizers caused a widespread uproar within the nation. People lined up in long queues to get their hands on a pack of sanitizers.
- Offering free designer masks with every vape product which one bought. This policy had two benefits. One being the masks are highly effective against the ravaging virus. The other being it provides a sense of fashion trends. This move turned into quite a masterstroke as this served both as a modem of branding the product and made sure that people were safe and sound. This image of the businesses particularly helped in turning the viewpoints of skeptical customers. It not only led to additional revenue. It also ensured that other promotion channels also became available for the industry.
- Switching the business models from retail outlet stores to the online form with home delivery. While you cannot go to a vape store to get your product, it can come to you. And honestly, this turned into a game-changer for them. With more free time in people's hands, they slowly and steadily turned to modes of refreshments and entertainment. Hence came the consumption of vaping products.
The tide of businesses is turning slowly and steadily around the world, and merrier days are just around the corner.
Vaping with a base of Cannabidiol can be very beneficial to the user as the hemp extract is organic and does not cause inflammation. An added benefit is of no short/long-term side effects on the user, which sets it apart from the other products in the market.
The situation could be a lot worse in terms of the overall market, but that has not been the case due to proficient thinking and several marketing strategies. It has ensured that the industry was not dealt a massive blow as the rest of the world was. Having said all of this, it is imperative that everyone stays safe and gets through this unusual circumstance the world is going through.