The global vapor products market could grow to $47 billion within ten years. That’s the prediction of a market research report released this week. They also predict double digit growth every year.

The report was prepared by Research and Markets, an aggregator of financial reporting that sells its research to corporations and investors. It’s hard to know how they reach the conclusion about the growth rate of the market — unless you’re prepared to buy the report for $4,200 — but the information shown in the summary indicates it’s probably mostly an analysis of Nielson-tracked sales. Nielson surveys typical tobacco sales channels like convenience stores and gas stations.

“In spite of the proposals of stringent regulations and policies governing the e-cigarette market, the revenue from the key geographical regions will continue to rise at a double digit CAGR [compound annual growth rate] through the forecast period,” says the press release.

“While North America, with U.S. leading the way will dominate the market throughout the forecast period,” it continues, “APAC will be growing at the fastest CAGR, accounting for more than 27% of the global e-cigarette market value by 2025.”

Well, maybe. Or maybe the FDA’s deeming regulations will succeed in completely destroying growth by stifling independent companies’ innovation. According to Wells Fargo’s Bonnie Herzog, the independent products represent well more than half of the market in the United States.

We know that most vapers who have quit smoking completely have found more success with open-systems products like tanks and mods. How many regular vapers do you know who just use cigalikes?

The idea that all those open-systems vapers will switch to the starter products sold by the companies that survive deeming is questionable at best. It may mean that the biggest competitor to the investors’ FDA-approved corporate e-cigarettes will be a robust and unstoppable black market.

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