Malaysia’s vape sector is expected to see a 53% growth in retail value this year as an increasing number of smokers take up vaping. Photo credit: Myco Libo
The Malaysian Vape Chamber of Commerce (MVCC) revealed that the retail value of the Malaysian vape industry has climbed rapidly by approximately 53% from MYR2.27 billion in 2019 to a projected MYR3.48 billion in 2023 as the number of users increased due to many more smokers transitioning to vaping.
According to MVCC's The Malaysian Vape Industry Study 2023, 31% of Malaysian smokers have completely switched to vaping while 69% of smokers are also vaping, with up to half of them using it to completely stop smoking.
The study also found that the sector's contribution to the economy increased dramatically as a result of the workforce employed by the vape sector.
Currently, there are 2,500 retail stores and about 7,500 general retail stores that sell vape items. The workforce grew from 15,000 to 31,500 in 2022.
“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,” said MVCC Secretary-General Ridhwan Rosli. “However, the Generational End Game (GEG) policy, which forms part of the bill, concerns MVCC.”
The concern MVCC has lies primarily in the potential negative economic impact this may have on the sector. The GEG policy could stifle the sector’s growth, leading to job losses and affecting the livelihoods of many.
“It is also sending the wrong message to cigarette smokers by placing vape in the same category as cigarettes, which will deter many to switch to vape for cigarette smoking cessation,” he added.