Juul has taken a rather new entry to the market of electronic cigarettes and soon it has started dominating the market within 3 years. This is a company based in San Francisco which sold off $1.29 billion in the form of nicotine pods and vape kits over the year which ended on 11th August, which was much more than half of the $2.32 billion for the total category as per data given by Nielsen and compiled by Wells Fargo.
If you take a look at the bigger picture, you will see that the sales all over the industry topped $1.3 billion at the same time in the previous year. They kept inventing the brand new flavors like mango and crème brulee and with those the sales of the company increased the popularity of the e-cigarette market to a huge extent. The sales forecast for the entire year was $6.6 billion as per the last estimate of $5.5 billion. Nevertheless, there are few other brands like MarkTen from Altria which are also assisting the growth of the market.
After the slow launch, the valuation of Juul Lab eventually rocketed out of proportion and currently it is setting a stage for tough competition among the other competitors. As mentioned before, when this company had raised $1.2 billion from its investors, they reportedly valued almost $15 billion, as per reports from Bloomberg. In short, JUUL products are flying off the shelves and people are getting to know more about e-cigarettes and their pros and cons.
The sales of Juul had soared by 730% in the recent times, as per Neilsen and their share in the market also increased to 75% during the middle of August, 2018 and the increase was from 70.5%. It was then that this popular company introduced its flavored nicotine pods to the present market and waited to see them explode very soon. It didn’t take too long for Juul to dominate the vaping market as it was just 3 short years before they tasted success. Since its inception, Juul had the poise to expand and as it understood the culture, it soon entrenched and invaded in order to become one of the most accepted brands.
The impact of Juul is obvious and if you take a look at the sales, you’ll know how they made it to the top. Although they are garnering bad rep among the parents of the school students, yet they have become extremely popular among the teenagers.