Malaysia's e-cigarette industry is worth rm2.27 billion (US $558 million per month), according to the Malaysian e-cigarette chamber of Commerce (mvcc). This figure is one of the main findings of the e-cigarette industry research report recently released by mvcc.
Mvcc has previously pointed out that Malaysia's e-cigarette industry is too large to remain unregulated, and urged the government to immediately introduce appropriate regulations to have a positive multiplier effect on the Malaysian economy.
Mvcc commissioned green zebras, a market research firm, to conduct the study, which is the first time in the country, according to the news released by mvcc.
The report found that there are more than 3300 enterprises directly related to the steam industry, with more than 15000 employees. It is further estimated that workers in the e-cigarette industry will receive a total wage of rm450 million in 2019.
Syed azaudin Syed Ahmed, President of mvcc, said: 'our data strongly show that the industry is a viable and growing industry in Malaysia and can make a significant contribution to the local economy. This has promoted the growth of local entrepreneurs, many of them local and indigenous. "
In addition, Malaysia's e-cigarette industry currently has a mature ecosystem, including manufacturers, importers and retailers, as well as a growing distribution and logistics network.
According to thesundaily.com The Malaysian government has announced a consumption tax on electronic cigarette equipment and electronic liquids, which will be implemented from January 1, 2021.
However, mvcc believes that in order to effectively contribute to the government's revenue, the tax system needs to be expanded to include nicotine e-cigarette oil, which accounts for 97% of the Malaysian market.
Syed azaudin added that Malaysia's e-cigarette industry has great potential, which can be released through practice and comprehensive regulations, which will stimulate the development of small and medium-sized enterprises, thus creating employment opportunities and generating taxes for the government.
According to a new study by grand view research, the global e-cigarette market is expected to reach US $67.31 billion (rm272.54 billion) by 2027, with a revenue based CAGR of 23.8%.