Sensory Appealing Characteristics of Pod
Vapes and E-Cigarettes Will Drive Demand For E-Liquid
Though the initial cost of
purchasing vaping equipment such as a vaporizer or e-cigarette is expensive, e-liquids
are more pocket-friendly than tobacco products since they have lower cost per
milliliter and come in a variety of price ranges. Moreover, vaping has the potential
to help smokers in quit smoking, making e-liquid an effective smoking
alternative. The increasing prices of traditional cigarettes owing to taxes and
premiumization, have increased global demand for e-liquids and e-cigarettes
products significantly. Technologically advanced e-cigarettes are gaining
market popularity, raising the need for various e-liquids to enhance the vaping
experience. E-Liquid in the form of pod vapes and vape pens is
becoming popular as a safer alternative to conventional cigarettes. Additionally,
the popularity of vape pods, which are considered to be technically safer than
cigarettes, has increased among young adults. For instance, new designs and
kits are more appealing to consumers than conventional e-cigarettes in the form
of pens. The American Cancer Society estimates that there will be around
238,340 new cases of lung cancer in the United States in 2023. The increase in
lung cancer cases caused by tobacco use is inadvertently fuelling demand for e-cigarette
devices and thus, fueling growth of global e-liquid market.
Increasing DIY Trend of Combining Various
Flavours Is Enhancing the Market
To increase their consumer base,
e-cigarette manufacturers are introducing new device configurations and products
at low pricing. Modular e-cigarettes are becoming more popular due to the
customization options available, which allow users to interchange parts such as
atomizers, coils and battery mods to get the desired flavour and
enhance the vaping experience. The growing Do-it-Yourself (DIY) trend in the
industry, in which users may develop their own e-liquid by combining various
flavors, is driving market expansion over the forecast period. The availability
of e-liquids with multiple nicotine strengths, such as 3 mg, 6 mg, 12
mg and 24 mg, allowing users to choose their e-liquids according to their
requirements, is also gaining a large market consumer base. Expanding
supermarket chains are fuelling the segment's rise in the global e-liquid
market. Supermarkets have established consumer trust through convenient
services and attractive offers. Furthermore, the majority of buyers prefer one
brand over another, which is often available in supermarkets.
Launches of New,
Refreshing Flavors May Enhance the Market
In 2022, the tobacco segment led
the market, accounting for more over one-third of total revenue. This can be
attributed to smokers' increasing demand for tobacco-flavored e-liquid, which
simulates smoking real tobacco. Additionally, rising tobacco product usage among
students and females is expected to support tobacco segment expansion over the
forecast period. Rising demand has encouraged vendors to put more focus on
developing and introducing new flavours of e-liquids to the market. For
example, Japan Tobacco Co. introduced two new flavours of tobacco capsules for
Ploom Tech in March 2019. Menthol and a peach and pineapple blend are among the
two flavours provided. However, the ban on mint and dessert flavours in several
nations is anticipated to significantly hamper market development.
E-Liquid Market Segmentation
The global e-liquid market is
segmented on the basis of base type, product type, flavors, ccc and distribution
channel.
On the basis
of Base Type:
·
Propylene Glycol (PG)
·
Vegetable Glycerin (VG)
·
PG & VG
On the basis of Product Type:
·
Pre-filled
·
Bottled
On the basis
of Flavors:
·
Menthol
·
Tobacco
·
Dessert
·
Fruits & Nuts
·
Chocolate
·
Others
On the basis
of Distribution Channel:
·
Online
·
Retail Store
Strict Government Restrictions to Create Stagnancy
in Market Growth
Governments' strict regulations
on the use of e-liquids, are projected to limit market growth. For example, in
September 2019, the United States government imposed a ban on flavoured
e-cigarettes in order to curb a significant increase in teen vaping. The
government announced a restriction on the distribution of dessert, fruit, and
mint-flavored products in the United States. In response to the restriction,
companies in the United States suspended the sale of non-tobacco flavor in the
nation. For example, in November 2019, JUUL Labs, Inc. suspended sales of
non-menthol and non-tobacco flavors in the United States.
Dec. 19, 2022- To avoid coil
gunk, Black Note developed Special Blend E-Liquid.
Mar. 16, 2021- Nicopure Labs has
announced that the FDA has approved further halo e-liquid and hardware
premarket tobacco applications.
In October 2020, PMI
introduced KT&G's lil HYBRID device in Japan. This device makes use of
tobacco leaves and e-liquid.
Black Note, Inc., Breazy, BSMW
Ltd., Crystal Canyon Vapes LLC, Mig Vapor LLC, Molecule Labs, Inc., Nicopure
Labs LLC, Philip Morris International Inc., Turning Point Brands, Inc. and Vmr
Products LLC are some of the prominent market players operating in the global e-liquid
market.
Robust Demand From Teen Agers In North
America Fuels the Market
North America dominated the
e-liquid market in 2022, accounting for the highest revenue share. This is due
to the presence of key vendors in the region, including JUUL Laboratories,
Inc., Philip Morris International Inc., Turning Point Brands, Inc. and Nicquid.
The Centers for Disease Control and Prevention (CDC) reported in 2021 that 2.06
Mn middle and high school students in the United States smoked e-cigarettes
over a 30-day period, including 2.8% of middle school students and 11.3% of
high school students. E-cigarettes account for a sizable portion of the tobacco
products market. Presently, over 3,000 e-cigarette flavours are available in
the US market. Additionally, these vendors are focusing on expanding their
revenue footprint in the region through mergers and acquisitions. This trend is
projected to continue to fuel market expansion in North America. For example,
Turning Points Brands, Inc. acquired International Vapor Group, LLC in
September 2018. The Asia Pacific regional market is anticipated to grow
significantly throughout the forecast period. This is due to the growing number
of lung cancer cases caused by tobacco smoking, as well as the general
assumption that e-cigarettes and e-liquids are safer than regular cigarettes.
According to an article published by Oxford University Press, approximately
690,000 lung cancer deaths were reported in China in 2018. Additionally, the
high taxes levied on tobacco cigarettes in Japan are expected to encourage
smokers to shift to e-cigarettes, boosting industry development.
The report provides a detailed
overview of the e-liquid market insights in regions including North America,
Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa.
The country-specific assessment for e-liquid market has been offered for all
regional market share, along with forecasts, market scope estimates, price
point assessment, and impact analysis of prominent countries and regions.
Throughout this market research report, Y-o-Y growth and CAGR estimates are
also incorporated for every country and region, to provide a detailed view of
the e-liquid market. These Y-o-Y projections on regional and country-level
markets brighten the political, economic and business environment outlook,
which are anticipated to have a substantial impact on the growth of the e-liquid
market. Some key country and region included in the e-liquid market report as
follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy, U.K.,
BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN, India,
Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The E-Liquid Market Research Report Covers
In-depth Analysis on:
·
E-liquid market segments
·
E-liquid market dynamics
·
E-liquid market value and share analysis
·
Recent trends, restraints, opportunities in e-liquid
market
·
Companies & competition involved e-liquid
market
·
Latest technologies in e-liquid market
·
Supply chain and value chain e-liquid market
·
E-liquid market sales and distribution
strategies
E-Liquid Market Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size in
terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
E-liquid industry trends and developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on e-liquid market forecast
by countries
·
Essential information to enhance market position
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