E-Liquids Market

E-Liquids Market: Overview

The market size for e-liquids was USD 1.5 billion in 2021, and it is projected to grow at a CAGR of 12.9 percent during the forecast period. Over the projection period, it is predicted that the demand for e-cigarettes would increase due to the growing acceptance of safer alternatives to smoking around the world. Additionally, it is projected that the availability of e-liquids in a variety of flavors, such as fruit and nut, menthol, chocolate, and tobacco, would promote the use of e-liquids. The availability of e-liquids with a low level of toxicants and rising health consciousness among consumers are some factors that are anticipated to propel the market during the forecast period.

E-liquids are more affordable than tobacco products since they are more affordable and come in a variety of pricing levels. E-liquid is a good smoking substitute since it can help smokers stop, which is another benefit of vaping. The market is being driven by increased demand for e-liquids and e-cigarettes worldwide due to the growing costs of conventional cigarettes. Modern e-cigarettes are becoming more and more common, which is driving up the need for diverse e-liquids to improve the vaping experience. Around the world, and especially in North America, there are more vape shops where clients can sample e-liquid varieties before making a purchase. Over the course of the projection period, the environment is anticipated to further support market expansion. In Toronto, Canada, JUUL Labs, Inc., a company that sells e-cigarettes and e-liquid, just launched a store where customers can sample e-liquid varieties before making a purchase. Studies conducted by medical organizations including the British Medical Association and the Royal College of General Practitioners suggest that e-cigarettes expose users to a negligible number of compounds, the majority of which are non-toxic, as opposed to smoking, which exposes users to over 5000 chemical compounds. Over the course of the projected period, these variables are anticipated to fuel market expansion.

To increase their user base, e-cigarette producers are releasing a range of product options and device combinations at competitive rates. Due to the customization choices offered, modular e-cigarettes are becoming more and more popular. Users may swap out components like coils, atomizers, and battery mods to achieve the desired flavor and improve their smoking experience. The industry is expected to rise as a result of the rising DIY (Do-it-Yourself) trend, which allows consumers to create their own e-liquid by mixing different flavors. A sizable customer base is being drawn to the market by the availability of e-liquids with various nicotine levels, such as 3 mg, 6 mg, 12 mg, and 24 mg, allowing consumers to choose their e-liquids based on their needs.

E-Liquids Market: Drivers

Increasing Use of Safer Tobacco Alternatives Worldwide to Drive Market Growth

As a risk-free substitute for traditional cigarettes, e-liquid in the form of pod vapes, vape mods, and vape pens is becoming more and more popular. Young folks' enthusiasm for vape pods has grown recently because they are thought to be technically safer than cigarettes. Additionally, they don't emit smoke, reducing the negative consequences of secondhand smoke. To meet new rules and boost sales, e-liquid producers are concentrating on launching new products with little nicotine in all areas. E-liquid is becoming a helpful tool for smokers because nicotine is one of the most addicting compounds.

Developing Public Health Consciousness Driving Market Growth

The main element fueling the expansion of the market for fruit-flavored syrups is the population's rising health consciousness. E-liquids are also created from vegetable glycerin and are free of compounds like acetyl propionyl, ethylene glycol, diethylene glycol, diacetyl, and acrolein or acetoin, which are found in conventional cigarettes and are responsible for a number of health problems. E-liquids give users the unadulterated flavor of nicotine derived from naturally occurring nicotine leaves and are free of any chemical sweeteners or additions. The availability of e-liquid from various sources, the rising popularity of vaping and e-cigarettes, the availability of various e-liquid flavors, and e-liquid production are all predicted to propel the market's expansion.

E-Liquids Market: Restraints

Federal Limitations on E-Cigarette Marketing to Hamper Market Growth

The e-liquids market is constrained by strict municipal rules about their use, while the government has issued a ban on the sale of dessert, fruit, and mint-flavored goods in the United States. Companies in the US will struggle to grow their markets notwithstanding the restriction.

E-Liquids Market: Segment Overview

Bottled Segment to Dominate Market due to its Re-use Capabilities

In 2021, the bottled category dominated the market and had a revenue share of more than 50.0%. The market is divided into pre-filled and bottled categories based on the kind. Users may quickly and simply refill their vape tanks with bottled e-liquids. Additionally, bottled e-liquid may be used to make DIY e-juices and is safer and more secure to store for a longer period of time. These elements are most likely to contribute to the segment's potential for a positive growth rate during the projection period. Over the projected period, the pre-filled segment is anticipated to develop significantly. This is explained by the simplicity of disposal for e-liquid-filled cartridges. Additionally, it is projected that the pre-filled e-liquids' low cost and young people's growing desire for novel tastes will fuel the segment's expansion during the projection period.

Retail Store Category Dominated Market due to its Personal Shopping Experience

With a market share of nearly 65.0% in 2021, the retail store sector dominated the industry. This is because some retail establishments let clients try different e-liquid tastes and e-cigarette goods before they buy them. The market is divided into online and retail stores based on the distribution routes. The retail store sector is further divided into tobacconists, newsstands, specialty shops, drugstores, and convenience stores. Over the projection period, the internet segment is anticipated to experience significant expansion. Over the projected period, rising advances in online distribution platforms to limit the acquisition of nicotine products by underage consumers are anticipated to fuel the expansion of the online segment. For instance, to improve the effectiveness of its e-commerce platform, JUUL Labs, Inc. introduced and launched an online age verification system in January 2019. To prevent anyone under the legal age from using the website, the system makes use of third-party age verification. Four new features, including two-factor authentication, photo upload, public records check, and fake ID protection, are part of the new verification system.

E-Liquids Market: Regional Landscape

North America to Dominate Market due to Presence of Important Vendors

In 2021, North America held a commanding 40.0% revenue share of the global e-liquid market. This is due to the presence of important vendors in the area, including Philip Morris International Inc., Turning Point Brands Inc., and Nicquid. Additionally, these vendors are concentrating on increasing their revenue through mergers and acquisitions in the area. The market in North America is anticipated to increase as a result of this trend. For instance, International Vapor Group, LLC was purchased by Turning Points Brands, Inc. in September 2018. Turning Point Brands Inc. was able to integrate vapor B2C platforms into their electronic vape and component distribution channel thanks to this acquisition.

Over the projection period, it is anticipated that the Asia Pacific regional market would experience considerable expansion. This is explained by the rise in lung cancer cases brought on by rising tobacco use, as well as the widespread belief that e-cigarettes and e-liquids are safer than regular cigarettes. For instance, approximately 690,000 lung cancer fatalities were reported in China in 2018, according to an article published by Oxford University Press. In addition, smokers in Japan are anticipated to switch to e-cigarettes in greater numbers as a result of the high tariffs placed on regular cigarettes, which will foster industry expansion.

Global E-Liquids Market: Competitive Landscape

To create high-quality products in 2019, Turning Point Brands, Inc. spent USD 2.5 million on research and development. Moreover, the British American Tobacco Company introduced new vaping products in December 2018 that use the brand-new Puretech blade technology. The Vype iSwitch and Vype iSwitch Maxx products were presented. The technology is improved by using ultra-slim stainless-steel blades rather than a coil and wick to heat the e-liquid, improving overall functionality.

Few of the players in the E-Liquids Market include Black Note Vape, Inc., Breazy, Crystal Canyon Vapes LLC, e-Liquid Factory, Mig Vapor LLC, Molecule Labs, Inc., Nicopure Labs LLC, Philip Morris International Inc., Turning Point Brands, Inc., VMR Products LLC, Fontem Ventures B.V, E-liquid Brands LLC, Vape Dudes, KAIs Virgin Vapor, ZampleBox LLC, VaporFi Inc.

Regional Classification of the Global E-Liquids Market is Described Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability

Key Elements Included In The Study: Global E-Liquids Market

• E-Liquids Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2022
• Market Value at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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