E-liquid

E-liquid

The E-liquid market is expected to register a CAGR of around 15% over the forecast period of 2023-2030. The global E-liquid can be attributed to the increased utilization of e-liquids in Electronic Nicotine Delivery Systems (ENDS), which are considered a safer alternative to tobacco-based cigarettes, which is primarily driving the global e-liquid market. E-liquid is displacing traditional methods of smoking by providing vaping and e-cigarettes. Growing health concerns among the geriatric population are other factors driving the market growth.

E-liquids are the fluids mainly used as fuel in E-cigarettes. The growing demand for E-liquids can be attributed to the rising demand for better alternatives to smoking. For instance, in December 2022, British American Tobacco Company launched new products for vaping, with the incorporation of the new Puretech blade technology. The products unveiled were Vype iSwitch and Vype iSwicth Maxx. The technology is upgraded with the use of ulta-slim stainless-steel blades for the heating of e-liquid, instead of a coil and wick, enhancing overall functionality.

Furthermore, the e-liquids are made from vegetable glycerin and are chemicals free such as acetyl propionyl, ethylene glycol, diethylene glycol, diacetyl, and acrolein or acetoin, which are present in traditional cigarettes and cause several health-related issues.

• Based on the type, the E-liquid market is segmented into bottled and pre-filled. The bottled segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. Bottled e-liquids allow consumers to refill their vape tanks quickly and simply. Additionally, bottled e-liquid can be stored securely and safely for a longer time and be used for creating DIY e-juices. These factors are likely to help the segment achieve a promising growth rate over the forecast period.
• Based on the flavors, the market is fragmented into Menthol and Mint, Tobacco, Dessert, Fruits and Nuts, Chocolate, and Others. The tobacco segment grabbed a considerable market share during the forecast period. Tobacco-flavored e-liquid is highly demanded among smokers as it provides the experience of smoking real tobacco. It gives a cleaner smell Fruits with aroma have an extremely soft flavor and a fruity aroma.
• Based on the distribution channel, the E-liquid market is divided into a retail store and online. The retail store segment accounted for a significant market share during the projected timeframe. The retail store is further divided into newsstands, convenience stores, tobacconists, drug stores, and specialty. The retail sector allowed consumers to test e-cigarettes and e-liquids before purchasing the products. Also, the availability of different types of products under one roof. These factors are likely to help the segment achieve a promising growth rate over the forecast period.
• For a better understanding of the market adoption of the E-liquid, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America held an extensive share of the E-liquid market owing to advancements in technology and their implementation in e-cigarettes. For instance, according to U.S Food and Drug Administration (FDA), more than 1 million young people in the United States used a vaping device on a daily basis, and more than 1.6 million citizens used it more than 20 times a month.
• Some of the major players operating in the market include Black Note Vape, Inc., Breazy, Mig Vapor LLC, Crystal Canyon Vapes LLC, Philip Morris International Inc., Turning Point Brands, Inc., Vape Dudes, VaporFi Inc., VMR Products LLC, Molecule Labs, Inc. among others. Several M&A’s along with partnerships have been undertaken by these players.