Malaysian Vape Industry Valued At RM3.48 Billion In 2023

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 as numbers of consumers have increased due to many more smokers switching to vape.

Ridhwan Rosli, Secretary-General of MVCC, said that the study clearly shows that the vape industry has continued to grow from strength to strength. MVCC Secretary-General Ridhwan Rosli. He added that concern primarily lies in the potential adverse economic impact this may have on the sector. The vape industry is experiencing significant growth, with many Bumiputera entrepreneurs finding opportunities and livelihoods within this market.

MVCC Secretary-General Ridhwan Rosli. Data from The Malaysian Vape Industry Study 2023 was garnered through two studies: one through direct engagement with industry players, and an online consumer survey.

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