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How big is the potential of the Indonesian electronic atomization market?

How big is the potential of the Indonesian electronic atomization market?
In recent years, the global electronic atomization market has developed rapidly, and Southeast Asia has become the "new favorite" of the electronic atomization industry by virtue of its population base and market development potential. According to Euromonitor data, the total vaping market in Southeast Asia is expected to grow by 29% to US$766 million in 2023.
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① Indonesia, as the second largest tobacco market in Asia, has 56.3 million users of tobacco-related products, and the market has a broad space for development. In addition, the local willingness to use electronic atomization products has increased, and the potential customer base is huge.
②In 2021, the market value of electronic atomization in Indonesia will reach 239 million US dollars. It is a relatively mature market in Southeast Asia. The local policies are friendly and conducive to long-term development. According to 6Wresearch, the Indonesian vaping market size is expected to continue its potential growth during 2020-26.

market size
In 2019, the total market value of electronic atomization products in six Southeast Asian markets including Malaysia, Indonesia, the Philippines, and Vietnam reached US$595 million, of which Indonesia became a mature electronic atomization market worth US$227 million. The total vaping market in Southeast Asia is expected to grow by 29% to US$766 million by 2023.
Source: Euromonitor
The vaping market in Indonesia (hereinafter referred to as "Indonesia") has grown steadily since 2015, and experienced a surge in 2016. Since on July 1, 2017, Indonesia imposed a 57% consumption tax on vaping products, which is a high tax rate. Due to traditional tobacco, the growth rate of electronic atomization products has slowed down after 2017. However, the market continued to grow from 2017 to 2019, and the compound growth rate of the market size from 2016 to 2019 was 34.5%.

However, according to a report by 6Wresearch, the spread of the new crown epidemic has led to a decline in the Indonesian vaping market in 2020, due to supply chain and production disruptions. However, the market rose again in 2021, with Indonesia's market capitalization reaching $239 million, an increase of 8% compared to 2020.

Market potential
Indonesia is Asia's second-largest cigarette market with a population of over 255 million and around two-thirds of Indonesian men consume tobacco-related products, meaning there is a huge market. The Tobacco Atlas states that there are 53.7 million adult smokers and 2.6 million youth smokers in Indonesia (total number: 56.3 million), and it is estimated that Indonesian smokers use about 5%-7% of their monthly income to purchase cigarettes or other tobacco-related products . According to 6Wresearch, the Indonesian vaping market size is expected to witness potential growth during 2020-26.


User portrait
In Indonesia, vaping products are mainly traded on online platforms (35.3%) and retail stores (64.7%). At the same time, due to the large base of youth in Indonesia, Instagram (“INS” for short) is a social media platform commonly used by local youth. Therefore, Indonesia ranks second among all countries in the number of posts on INS sharing related products such as vaping liquid. Throughout the 2020-26F forecast period, Indonesia will drive the growth of the vaping market through increased distribution channels in hypermarkets and active promotion.
Also, in Indonesia, users of vaping products prefer fruit and candy-flavored pods, as well as products with lower nicotine content.

From the perspective of user gender, male users have become the main force in using vaping products, but with the improvement of local work-life balance, the number of women in the local workplace has increased, and the willingness of women to use vaping products has increased. 6Wresearch predicts that in the future For some time, female consumers will stimulate the revenue of the entire Indonesian vaping market.
 

Pub Time : 2022-04-11 09:40:51 >> News list
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