Herzog’s analysis shows an interesting trend in the growth of the industry: while the vapor products market is growing overall, the segment seeing ultimate growth is that of mods with refillable tanks. In 2014, with total industry sales of $2.5 Billion, e-cigarettes made up $1.4 Billion, while mods and eliquid made up only $1.1 Billion. In 2017, e-cigarettes made up only that same $1.4 Billion, while mods and eliquid had seized the lion’s share of the vapor market at $3 Billion.
Herzog’s projected sales figures for 2018 continue this trend, with e-cigarettes expected to bring in only $2 Billion against mods and eliquids’ $3.5 Billion stake.
Convenience Store Decisions reports that Wells Fargo Securities Senior Analyst Bonnie Herzog projects the vapor industry will reach $5.5 billion in sales in 2018, up from an estimate of $5.1 billion just a few weeks ago.
Over the last four weeks, Juul has taken 49.6% of sales in the e-cigarette category, while tobacco companies’ offerings have declined in sales. RJReynolds’ Vuse declined to 20.5%, Altria’s Mark Ten declined to 11.4%, Imperial’s Blu declined to 8.6%, as well as NJoy declined to 1.8%.