The vaping industry has grown tremendously in the previous years, evidence of how vaping has invaded the market dominance of smoking cigarettes. This trend can be attributed to the emergence of newer advancements in smoking rising out from a public health imperative.
To ride the wave of the industry’s success, putting up shop, i.e., a vape franchise, would definitely be profitable, stresses VaporFi.
From the invention of e-cigarettes in 2003, vaping has reached many corners of the globe. The e-cigarette started to become popular in America in 2007. Then modern vaping evolved, reaching a market worth $3.7 billion in the U.S. alone in 2015.
According to a report by Research and Markets, it’s expected that the global e-cigarette market will breach the $27-billion mark by 2022. Such growth is tremendous considering that vaping is a little over a decade old. With this rosy outlook, it’s indeed the best time to contribute to the vaping industry by putting up a vape shop.
Challenges to Consider
Through a franchise, you can take advantage of the industry’s recent gains. The vaping industry’s growth, however, has also faced by many issues, particularly with national health departments as well as regulators. But the fight has been fruitful, as government authorities have acknowledged vaping as smoking’s healthier alternative. The FDA has postponed its anti-vaping drive, which would have dampened the local vaping industry.
Another thing to consider is the observed fragmentation of the industry since it has yet to mature. A future franchisee might find this worrisome, but this can actually be a great opportunity. The fact that shops are few and far in-between, it would be easier to dominate a local area’s market. Then soon as more leave smoking and more go into vaping, the industry will mature, benefiting further those who started their businesses earlier.
The vaping industry is still in its infancy but has already gained so much ground. To be a part of the industry as it grows, via a franchise, for instance, taking the opportunity now is the best strategy.