Tuesday, February 21, 2023

Malaysian vape industry’s retail value grows to RM2.49b: Chamber

KUALA LUMPUR: The Malaysian Vape Chamber of Commerce (MVCC) today unveiled updated preliminary data for the industry, confirming that it has grown and is fast becoming a valuable economic contributor to the country.

The vape industry’s retail value has increased to RM2.49 billion. The latest 2022 data is an update to its inaugural report issued in 2019 which valued the industry at RM2.27 billion then.

However, compared with 2019, the number of vape specialty stores has declined, from 3,000 to 2,250, likely due to the Covid-19 pandemic over the past few years, which forced many vape outlets to fold.

At the same time, the findings indicate that the industry has expanded its sales channels with vape products now available in general stores. According to MVCCs findings, there are some 7,500 general retail stores that have started trading vape products.

Based on MVCC’s latest estimation, the number of manufacturers stands at 200 while the number of importers has increased to 100. In this regard, MVCC estimates that the vape industry now provides direct and indirect employment to 31,500 workers

MVCC secretary-general Ridhwan Rosli said, “These findings are clear indication of the strong potential and resilience of the industry despite the pandemic adverse effects. Beyond creating more employment opportunities for many Malaysians, the vape industry has also evolved to strengthen its SMEs ecosystem as well as attracting more investments.”

He added that the vape industry is poised to contribute significant revenue to the country, with economic analysts estimating that the government could collect up to RM1 billion excise tax revenue from the industry once regulations kicks in as well as sending confidence to investors to pour more domestic and foreign investments.

“We also estimate that the number of vape consumers in Malaysia have increased to between 1.4 and 1.5 million users as preliminary data show sales volume of vape products in the market has increased. This further adds to the urgency of regulations, to ensure Malaysian vape consumers have access to products that are regulated with quality and safety standards,” said Ridhwan.



Source: The Sun Daily

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