Global E-liquid Market by Type (Bottled, Pre-filled), by Distribution Channel (Retail Store, Online), by Flavor (Menthol, Tobacco, Chocolate) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global e-liquid market was valued at USD 1.45 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 13.4%) between 2021 and 2027. E-cigarettes will be in high demand due to the growing acceptance of safer alternatives to smoking around the world. E-liquids will be more popular due to the wide variety of flavors available, including tobacco, menthol and chocolate. The market will be driven by increasing health awareness and the availability of low-level toxicants e-liquids.

E-liquids are also cheaper than tobacco products, and they can be found in a variety of price points. This makes them more affordable. E-liquids can also be used to help smokers quit smoking. E-liquids and electronic cigarettes are gaining popularity due to rising prices. E-cigarettes with advanced technology are becoming more popular in the market. This has led to an increase in demand for e-liquids that enhance the vaping experience.

Vape shops have been increasing in number, especially in North America. These vape shops allow customers to test out e-liquid flavors in person before purchasing. This will encourage further growth over the forecast period. JUUL Labs, Inc., an e-cigarette manufacturer, opened a Toronto store in June 2019. This allows customers to try different flavors of eliquid before purchasing. Medical institutes like the British Medical Association or Royal College of General Practitioners have conducted numerous studies that show smoking exposes users to more than 5000 chemicals, while e-cigarettes only expose them to a small number of compounds. Most of these compounds are non-toxic. These factors will drive the market's growth over the forecast period.

To expand their customer base, e-cigarette manufacturers are offering a variety of device configurations and products at reasonable prices. Modular ecigarettes are becoming more popular due to their customization options. Users can swap parts like coils, atomizers and battery mods to create the flavor they desire. Market growth is also being driven by the growing popularity of Do-it Yourself (DIY), where users can create their own eliquids by mixing different flavors. A large market share is being attracted by the availability of eliquids in different nicotine strengths. These include 3 mg, 6mg, 12mg, 24mg, and 24mg.

The market growth will be impeded by strict regulations that local authorities have imposed on the use e-liquids. To combat the rise in teen vaping, the U.S. government banned flavored ecigarettes in September 2019. The U.S. government banned the sale of dessert, fruit, or mint-flavored products. Companies in the U.S. also stopped selling non-tobacco flavor products. JUUL Labs, Inc., for instance, stopped selling non-menthol-based and non-tobacco flavor products in the U.S. in November 2019.

Flavor Insights

In 2020, the tobacco segment was the dominant market. It accounted for over 30% of the total revenue. The rising popularity of tobacco-flavored eliquids among smokers can explain this. It gives them the same experience as smoking real tobacco. The forecast period will see the market grow due to the rising popularity of tobacco products among females and students. The market can be divided into flavors like menthol and tobacco.

Vendors are focusing more on creating and offering new flavors in the market due to rising demand. In March 2019, Japan Tobacco Inc. introduced two new tobacco capsule flavors for Ploom Tech. These two flavors include menthol as well as a mixed flavor of pineapple and peach. The market's growth will be impeded by the ban on certain dessert flavors and mint in some countries.

Type Insights

The market was dominated by the bottled segment, which accounted for over 50% of the total revenue in 2020. The market can be divided into pre-filled or bottled segments based on type. Users can refill their vape cartridges quickly and easily with bottled e-liquids. Bottled eliquid can be kept safe and securely for longer periods of time. It can also be used to make DIY ejuices. These factors will likely help the segment reach a promising growth rate during the forecast period.

Pre-filled segments are expected to see significant growth during the forecast period. Prefilled cartridges with e-liquid can be easily disposed of. The segment is expected to grow due to the low cost of pre-filled eliquids as well as the growing demand for new flavors from young people. The COVID-19 pandemic, which has negatively affected the market, has led to lockdowns in many countries worldwide that have resulted in the closure of non-essential manufacturing facilities. This has had an impact on both pre-filled e-liquid and bottled products.

Distribution Channel Insights

Retail stores dominated the market, accounting for over 65.0% of the total revenue in 2020. It is possible to try different e-liquid flavors before buying. The market can be divided into two segments based on distribution channels: online and retail stores. Further, the retail market segment can be divided into convenience stores, drug stores, newsstands and specialty stores.

Over the forecast period, the online segment will experience significant growth. The online market will see significant growth due to the development of online distribution platforms that restrict nicotine products purchases by minors. JUUL Labs, Inc., for example, introduced and implemented an online age verification system in January 2019 to improve the efficiency of its ecommerce platform. To restrict the access of underage persons to the website, the system uses third-party age verification. The new verification system features four new features: two-factor authentication and photo upload, public records check, protection against fake ID, as well as protection against fake ID.

The COVID-19 pandemic prompted governments around the world to put in place lockdowns to stop the spread of the disease. Market vendors are responding to the lockdowns, temporarily stopping production and removing logistics providers from the transport of goods within and beyond the borders. Many online retailers around the world have temporarily stopped selling online due to the various lockdowns caused by the pandemic.

Regional Insights

North America was the dominant e-liquid market, accounting for over 40% of the total revenue in 2020. The presence of key vendors like JUUL Labs, Inc., Philip Morris International Inc., Turning Point Brands, Inc., and Nicquid in this region can explain it. These vendors are also focusing on increasing their revenue in the region through mergers or acquisitions. This trend will further drive North American market growth. In September 2018, International Vapor Group, LLC was acquired by Turning Points Brands, Inc. Turning Point Brands Inc. was able to integrate vapor B2C platforms in its electronic vapes and component distribution channels with this acquisition.

Over the forecast period, significant growth is expected in Asia Pacific's regional market. This can be attributed to an increasing number of lung cancer cases due to tobacco smoking and the perception that ecigarettes and electronic cigarettes are safer than traditional cigarettes. According to an Oxford University Press article, China saw 690,000 deaths from lung cancer in 2018. The high taxes in Japan on traditional cigarettes are expected to encourage more smokers to switch to e-cigarettes and stimulate the market's growth.

Market Share Insights & Key Companies

To strengthen their market positions and expand their global operations, key market players are engaging with new product development, partnerships and acquisitions. Turning Point Brands, Inc. purchased Vapor Supply's assets in April 2018. This included VaporSupply.com as well as some of its affiliates. This acquisition allowed the former to sell eliquids in the U.S. and helped it expand its presence in vaping.

Manufacturers rely on small- and medium-sized suppliers. Market growth will be impeded if third-party suppliers fail to renew their agreements or stop their distribution channels. Based on local government guidelines, key players are investing heavily in the development and distribution of e-liquids. Turning Point Brands, Inc., for instance, invested USD 2.5 million in R&D to create high-quality products in 2019. The following are some of the most prominent players in the eliquid market:

• 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

Up Market Research published a new report titled “E-liquid Market research report which is segmented by Type (Bottled, Pre-filled), by Distribution Channel (Retail Store, Online), by Flavor (Menthol, Tobacco, Chocolate), By Players/Companies eLiquid Factory, Molecule Labs Inc, Breazy, VMR Products LLC, Nicopure Labs LLC, BSMW Ltd, Turning Point Brands Inc, Black Note Inc, Philip Morris International Inc, Crystal Canyon Vapes LLC, Mig Vapor LLC”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global E-liquid Market Report Segments:

The market is segmented by Type (Bottled, Pre-filled), by Distribution Channel (Retail Store, Online), by Flavor (Menthol, Tobacco, Chocolate).

E-liquid Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the E-liquid Market

Overview of the regional outlook of the E-liquid Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The E-liquid Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of E-liquid Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Bottled

                2. Pre-filled

                1. Retail Store

                2. Online

                1. Menthol

                2. Tobacco

                3. Chocolate

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the E-liquid Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the E-liquid Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.