E-liquid Industry Overview
The global e-liquid market size is expected to reach USD 3.3 billion by 2027, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.4% from 2021 to 2027. The advent of e-cigarette products such as squonk mods and pod systems has increased its popularity and adoption in recent years. The rising demand for these products globally is expected to drive the market over the forecast period. In addition, the general presumption that these products can reduce the risk of lung disorders is fueling the market. Moreover, the absence of the tobacco burning process that is often found in conventional smoking products is expected to drive the market in the near future.
The growing adoption of e-cigarettes among youngsters is escalating the market value of e-liquid. Owing to the absence of tobacco and the availability of various flavors, such as chocolate, menthol, blueberry, and a range of fruit flavors, the appeal, and acceptability of these products is expected to increase among non-smokers as well. The growing demand for e-cigarettes and vapes in the market can also be attributed to their minimal environmental footprint compared to traditional cigarette buds. As e-liquids are used in e-cigarettes and vaporizers, the producers are capitalizing on the trend of eco-friendly vaping, which is capturing consumer attention.
E-liquid Market Segmentation
Grand View Research has segmented the global e-liquid market based on flavor, type, distribution channel, and region:
Based on the Flavor Insights, the market is segmented into Menthol, Tobacco, Dessert, Fruits & Nuts Chocolate, and Others.
- The tobacco segment dominated the market and accounted for the largest revenue share of over 30.0% in 2020. This can be attributed to the rising demand for tobacco-flavored e-liquid among smokers as it provides the experience of smoking real tobacco.
- Furthermore, the increasing consumption of tobacco products among students and females is anticipated to drive the growth of the tobacco segment over the forecast period.
- The rising demand has encouraged vendors to increasingly focus on developing and offering new flavors of e-liquids in the market.
Based on the Type Insights, the market is segmented into Pre-Filled and Bottled.
- The bottled segment dominated the market and accounted for the largest revenue share of over 50.0% in 2020.
- The pre-filled segment is anticipated to register considerable growth over the forecast period. This can be attributed to the fact that cartridges prefilled with e-liquid are easy to dispose of.
- Furthermore, the cost-effectiveness of the pre-filled e-liquids and the rising demand for new flavors among youngsters is anticipated to drive the growth of the segment over the forecast period.
Based on the Distribution Channel Insights, the market is segmented into Online, and Retail Store.
- The retail store segment dominated the market and accounted for the largest revenue share of over 65.0% in 2020. This can be attributed to the fact that some retail stores allow customers to test various e-liquid flavors and e-cigarette products before making the purchase.
- The online segment is expected to register significant growth over the forecast period. Rising developments in the online distribution platforms to restrict the purchase of nicotine products by underaged users are expected to drive the growth of the online segment over the forecast period.
E-liquid Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Key market players are engaging in new product development, partnerships, and acquisitions to strengthen their positions in the market and expand their operations across the globe. Manufacturers are dependent on a number of small and medium-sized third-party suppliers or manufacturers. However, failure to renew agreements or the failure of the distribution channels of third-party suppliers significantly affect the operations of manufacturers is anticipated to hamper the market growth. Key players are heavily investing in the development of e-liquids based on government guidelines issued by local authorities.
Some of the prominent players in the e-liquid market 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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