The Malaysian vape industry’s retail value has grown exponentially by approximately 53% from RM2.27 billion in 2019 to an estimated RM3.48 billion in 2023, revealed the Malaysian Vape Chamber of Commerce (MVCC) today as numbers of consumers have increased due to many more smokers switching to vape.
These findings are part of MVCC’s The Malaysian Vape Industry Study 2023, which revealed the Malaysian vape industry is fast becoming an alternative to cigarette smoking as 31% of Malaysian smokers have switched completely to vape while 69% of smokers are also vaping with as much as half of them using vape to completely quit smoking.
The report also saw the sector’s contribution to the economy increased significantly as number of workforce employed in relation to the vape industry. Ridhwan Rosli, Secretary-General of MVCC, said, “Our study clearly shows that the vape industry has continued to grow from strength to strength. Apart from contributing significantly to the country’s economy and helping smokers to quit cigarette smoking, it has also facilitated the growth of local entrepreneurs and created multiple job opportunities throughout the entire supply chain, directly and indirectly.”
“We are encouraged by the Government’s commitment to regulate the vape industry through the introduction of a taxation framework and the tabling of the Control of Smoking Product for Public Health Bill 2023 (Bill). However, the Generational End Game (GEG) policy, which orms part of the Bill concerns MVCC.”
Data for the Malaysian Vape Industry Study 2023 was garnered through two studies: one through direct engagement with industry players, and an online consumer survey. The findings from the industry study show that the number of vape businesses has evolved over the past few years. Currently, approximately 7,500 general retail shops sell vape products
and 2,500 retail shops. The workforce has increased from 15,000 to 31,500 in 2022.
