The e-liquid market was valued at US$ 1.4 billion in 2021 and it is expected to grow at a CAGR of 11.25% between 2022 and 2028.
E-liquid is a major ingredient used in e-cigarettes. E-liquids are available in various flavors, including chocolate, mint, cookies, and confectioneries. Nowadays, manufacturers are increasingly conscious about the selection of raw materials during the production process to comply with standards specified by the food safety regulators. E-liquids contain limited amounts of toxicants over other tobacco products. Increasing youngsters’ demand for safer alternatives to cigarette smoking is a prominent factor driving the growth of the e-liquid market.
MARKET DYNAMICS
As per the data presented by CDC Foundation (Centers for Disease Control and Prevention), in 2021, nearly 290.4 million e-cigarette products were sold in the US, 31.1% up over the previous year. Increasing consumer preferences for technologically advanced e-cigarettes is likely to propel the demand for e-liquids globally. In addition, increasing prices of the traditional cigarettes is encouraging middle income population to buy e-cigarette products, favoring the e-liquids market growth.
MARKET SCOPE
The "Global E-liquid Market Forecast to 2028" report aims to provide an overview of the e-liquid market with detailed market segmentation based on flavor, base type, and distribution channel. The market report provides key statistics based on the performance of the leading e-liquid market players. The report also offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global e-liquid market is segmented on the basis of flavor, base type, and distribution channel. Based on flavor, the global market is segmented into tobacco, fruits, mint, and others. By base type, the market is segmented into propylene glycol, vegetable glycerine, and blended. Based on distribution channel, the global e-liquid market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.
REGIONAL FRAMEWORK
The global e-liquid market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South & Central America. The market report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in the region.
From the regional perspective, North America dominated the e-liquid market with ~41% market share in 2021. The global market growth in the region is majorly attributed to the significant demand for e-cigarettes and e-liquid products across the US and Canada. In addition, presence of key players, such as USA Vape Labs and ZampleBox LLC., in the US and Canada results in significant revenue generation from such products in North America. The below figure shows the revenue growth trend in the North America e-liquid market:
Source: The Insight Partners Analysis
The report analyses factors, such as drivers, opportunities, restraints, and future trends, which impacts the e-liquid market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
The lockdown restrictions imposed due to COVID-19 outbreak have adversely affected the supply chain of the tobacco products and reduced the consumption of the e-liquid and e-cigarette products. In addition, adherence of social distancing norms and to avoid the spread of novel coronavirus infection lowered the consumers’ confidence toward visiting tobacco shops for buying e-liquid products, thereby hindered the growth of the global e-liquid market. However, the reopening of tobacco shops and supermarkets post COVID-19 related lockdown restrictions has uplifted the e-liquids demand in regions, such as Asia Pacific, Europe, and North America.
MARKET PLAYERS
The report covers key developments and organic/inorganic growth strategies implemented by key players in the e-liquid market. Various key companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions, and partnerships & collaborations are among the inorganic growth strategic activities witnessed in the market. These activities have paved way for the business expansion and customer base of market players. The players from e-liquid market are anticipated to experience lucrative growth opportunities in the future with the rising demand for e-liquid products.
The market report also includes the profiles of key e-liquid market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players’ information such as company profiles, components and services offered, financial information of last three years, and key developments in past five years. Below mentioned is the list of few companies engaged in the e-liquid market.
- Black Note, Inc.
- eLiquitech, a Tobacco Technology, Inc.
- Pure Labs
- ZampleBox LLC.
- USA Vape Lab
- Molecule Labs, Inc.
- JUUL Labs, Inc.
- Crystal Canyon Vapes LLC
- eZy-e
- Elda Liquids
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.