E-liquid Industry Overview
The global e-liquid market size was valued at USD 1.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.4% from 2021 to 2027. The rising adoption of safer alternatives to smoking across the globe is anticipated to drive the demand for e-cigarettes over the forecast period. Furthermore, the availability of e-liquids in various flavors such as tobacco, menthol, chocolate, and fruit & nuts is further anticipated to encourage the usage of e-liquids. Growing health awareness among people, coupled with the availability of e-liquids with a low level of toxicants, is further expected to drive the market over the forecast period.
E-liquids also offer a price advantage over tobacco products and are available in various price ranges, improving the affordability of these e-liquids. Moreover, vaping has the potential of helping smokers quit smoking, thus making e-liquid an effective alternative to smoking. The rising prices of traditional cigarettes have further encouraged the demand for e-liquids and e-cigarettes globally, thereby driving the market. Technologically advanced e-cigarettes are gaining popularity in the market, thus increasing the demand for various e-liquids to enhance the vaping experience.
Gather more insights about the market drivers, restraints and growth of the Global E-liquid market
There has been an increase in the number of vape shops across the globe, particularly in North America, where customers can personally test e-liquid flavors before purchase. The scenario is expected to further encourage the growth of the market over the forecast period. For instance, in June 2019, JUUL Labs, Inc., a provider of e-cigarette and e-liquid, opened a store in Toronto, Canada, which allows customers to test e-liquid flavors before purchase. Various studies have been carried out by medical institutes such as British Medical Association and Royal College of General Practitioners suggesting that smoking exposes the user to over 5000 chemical compounds whereas e-cigarettes expose the user to a negligible number of compounds, most of which are non-toxic. These factors are anticipated to propel the growth of the market over the forecast period.
E-cigarette manufacturers are introducing various device configurations and products at affordable prices to expand their consumer base. Modular e-cigarettes are gaining popularity owing to the customization options available, where the users can interchange parts such as coils, atomizers, and battery mods to get the desired flavor in order to enhance the vaping experience. The growing trend of Do-it-Yourself (DIY) in the market, where the user may develop their own e-liquid by combining various flavors, is further driving the growth of the market over the forecast period. The availability of e-liquids with different nicotine strengths, such as 3 mg, 6 mg, 12 mg, and 24 mg, allowing users to select their e-liquids as per their requirement, is also attracting a large consumer base in the market.
However, stringent regulations imposed by local authorities on the use of e-liquids are expected to hamper the market growth. For instance, in September 2019, the U.S. government announced to ban flavored e-cigarettes to combat a significant rise in the number of teen vaping. The government announced the ban on selling dessert, fruit, and mint-flavored products in the U.S. Amid the ban, companies in the U.S. suspended the sale of non-tobacco flavors in the country. For instance, in November 2019, JUUL Labs, Inc. suspended sales of non-menthol based and non-tobacco flavors in the U.S.
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E-cigarette And Vape Market - The global e-cigarette and vape market size was valued at USD 18.13 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 30.0% from 2022 to 2030.
Tobacco Market - The global tobacco market size was valued at USD 849.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 2.4% from 2022 to 2030.
E-liquid Industry Segmentation
Grand View Research has segmented the global e-liquid market based on flavor, type, distribution channel, and region:
E-liquid Flavor Outlook (Revenue, USD Million, 2016 - 2027)
- Menthol
- Tobacco
- Dessert
- Fruits & Nuts
- Chocolate
- Others
E-liquid Type Outlook (Revenue, USD Million, 2016 - 2027)
- Pre-Filled
- Bottled
E-liquid Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Online
- Retail Store
E-liquid Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Share Insights
September 2018: Turning Points Brands, Inc. acquired International Vapor Group, LLC. This acquisition enabled Turning Point Brands Inc. to implement vapor B2C platforms into its electronic vape and component distribution channel.
April 2018: Turning Point Brands, Inc. acquired Vapor Supply’s assets, which include VaporSupply.com and part of its affiliates. The acquisition helped the former to sell e-liquids in the U.S. market and also helped it in expanding its presence in the vaping segment.
Key Companies profiled:
Some prominent players in the global E-liquid Industry include
- Black Note, Inc.
- Breazy
- BSMW Ltd.
- Crystal Canyon Vapes LLC
- eLiquid Factory
- Mig Vapor LLC
- Molecule Labs, Inc.
- Nicopure Labs LLC
- Philip Morris International Inc.
- Turning Point Brands, Inc.
- VMR Products LLC
Order a free sample PDF of the E-liquid Market Intelligence Study, published by Grand View Research.
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