E-liquid Market

E-liquid Market Outlook 2031:

The global e-liquid market size was valued at USD 1.80 Billion in 2022 and is projected to reach USD 5.58 Billion by 2031, expanding at a CAGR of 13.4% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing adoption of cautious replacements available to quit smoking. The presence of numerous flavors for e-liquids is further expected to drive the market during the forecast period.

E-liquid is a kind of liquid substance that is positioned inside an e-cigarette or vape pen providing smooth flavored vapors when inhaled. E-liquids are also widely known as e-juice. Furthermore, vaping helps the most regular and active smokers quit smoking as they do not consist of any tobacco but produces smoke of nicotine level same as the traditional cigarettes.

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Numerous vaping shops are opening worldwide which is expected to encourage the market expansion. For instance, JUUL Labs, Inc. opened a vaping shop in Toronto, Canada allowing the targeted population base to test flavored e-liquids. Several research initiatives have also been taken by various medical institutes including the Royal College of General Practitioners and the British Medical Association.

These researches suggest that the traditional smoking methods expose the user to around 5000 toxic chemical compounds; however, e-liquids expose a negligible amount of chemical compounds which are majorly non-toxic and cause no harm.

Various products and devices are being produced by the e-cigarettes manufacturers at an affordable price increasing the consumer base of e-liquids. A huge amount of popularity is gained by modular e-cigarettes due to the availability of customization options that enables the user to interchange various parts of e-cigarettes such as battery mod, atomizer, and coil.

These e-liquid also enable the user to make their own e-liquid by mixing different flavors. Various nicotine strengths are available for e-liquid. These strengths are of 3 mg, 6 mg, 12 mg, and 24 mg authorizing the user to select the strength as per their need. However, there are various factors present that are expected to hamper the overall market. For instance, flavored e-cigarettes and e-liquids were banned in the U.S in September 2019 by the local government to reduce the rising vaping problem among teens. And in November 2019, the sale of non-tobacco and non-methanol-based e-liquids were banned.

The COVID-19 pandemic had an adverse effect on various industries and shattered the global economy. The pandemic had negatively impacted the global e-liquid market as the assembly plants were temporarily closed due to emergency lockdown. Restricting the trade across the boundaries caused a high disruption of the overall demand for e-liquid products.

E-liquid Market Trends, Drivers, Restraints, and Opportunities

• The cost of traditional tobacco products is increasing rapidly making e-liquids and e-cigarettes cost-effective which is anticipated to boost the market growth.
• Rising number of worldwide vape shops enabling the customers to taste numerous flavors available for e-liquid is expected to drive the market.
• Increasing health awareness among the people and the availability of low-level toxicant e-liquids are estimated to propel the market growth over the forecast period.
• Stringent industry and standards imposed by the local government is a key challenge hampering the market growth over the forecast period.
• Increasing advancements in technology and their implementation in e-cigarettes is projected to create key opportunities for the market growth.

Scope of E-liquid Market Report

The report on the global e-liquid market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.

E-liquid Market Segment Insights

Tobacco segment is expected to dominate the market

On the basis of flavors, the e-liquid market is segmented into dessert, menthol, fruits & nuts tobacco, chocolate, and others. The tobacco segment dominated the market in 2020 and is expected to continue its dominance over the forecast period owing to the increasing demand for the product as it gives real tobacco-like smoking experience.

The further market growth is attributed to the rising intake of these products by females and students. The increasing demand for flavored e-liquids inspired the vendors to develop new flavors for e-liquid.

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Pre-filled segment is anticipated to grow at a considerable rate

Based on types, the market is bifurcated into bottled and pre-filled. The bottled segment led the market in 2020 as they allow the consumers to refill the vaping tanks easily and quickly. These bottles can be safely and securely stored over a long period of time along with the fact that they can be used for producing new flavors.

On the other hand, the pre-filled segment is anticipated to grow at a considerable rate owing to the fact that pre-filled e-liquid cartridges are easily disposable. Moreover, the pre-filled e-liquids available in new flavors are cost-effective and widely used by youngsters which is estimated to further drive the market.

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Online segment is estimated to grow at a significant pace

On the basis of distribution channels, the e-liquid market is divided into retail store and online. The retail store is further divided into newsstands, convenience stores, tobacconists, drug stores, and specialty.

The retails segment held a large share of the market in 2020 attributed to allowing the customers to test e-cigarettes and e-liquids prior to taking up the product. However, the online segment is estimated to grow at a significant pace due to the growing developments in online distribution platforms.

Asia Pacific market is expected to exhibit a significant growth

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America dominated the market in terms of revenue in 2020 attributed to the presence of major players in the region. On the other hand, the market in Asia Pacific is expected to exhibit a significant growth due to the common mindset stating that e-liquids and e-cigarettes are safer alternatives for traditional products and can lower the chances of causing lung cancer.

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Segments

The global e-liquid market has been segmented on the basis of

Flavors

• Dessert
• Menthol
• Fruits & Nuts Tobacco
• Chocolate
• Others

Types

• Bottled
• Pre-filled

Distribution Channels

• Retail Store
  • Newsstands
  • Convenience Stores
  • Tobacconists
  • Drug Stores
  • Specialty
• Online

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• JUUL Labs, Inc.
• Breazy
• Crystal Canyon Vapes LLC
• BSMW Ltd.
• eLiquid Factory
• Molecule Labs, Inc.
• Mig Vapor LLC.
• Nicopure Labs LLC
• Turning Point Brands, Inc.
• Philip Morris International Inc.
• VMR Products LLC.
• Black Note, Inc.

Competitive Landscape

Key players competing in the global e-liquid market are JUUL Labs, Inc.; Breazy; Crystal Canyon Vapes LLC; BSMW Ltd.; eLiquid Factory; Molecule Labs, Inc.; Mig Vapor LLC.; Nicopure Labs LLC; Turning Point Brands, Inc.; Philip Morris International Inc.; VMR Products LLC.; and Black Note, Inc.

Many of these players have adopted business strategies such as innovation in products, partnerships, acquisitions, alliances, and mergers in order to increase their operation expansion, consumer base, and market position globally.