[167+ Pages Report] As per the latest research and survey report issued by Facts and Factors, the global E-Liquids market was valued at around USD 1,600 Million in 2020 and is expected to register revenues worth USD 3,500 Million by the end of 2026, growing at an exceptional CAGR of approximately 14% between 2021 and 2026.
Global E-Liquids Market: Overview
E-Liquid are products that are a combination of vegetable glycerine, water mixed with natural or artificial flavoring, nicotine, and propylene glycol. Their functionality is dually based, but the most common application is aimed at filling e-cigarettes and personalized vaping devices. Furthermore, the aim to mimic the effect of traditional smoke derived from cigarettes. E-liquids, however, do not emulate smoke on their own and hence are recommended for users who suffer from the habits of passive smoking. Moreover, they reduce the risks associated with lung disorders occurred from the constant usage of traditional cigarettes.
Global E-Liquids Market: Growth Factors
Alternatives to traditional smoking practices, availability of a range of flavor-based solutions such as menthol, tobacco, chocolate, and other assortments of fruit and nut-based derivatives, and the general lower toxic effect on the human body have further pushed the market for e-liquid to a greater extent over the forecast period. Furthermore, the marginal cost difference over tobacco-based products with variable price differences increases the popularity of e-liquid as a viable alternative product, thereby driving the footprint of the market. As the technology behind the science, a generalized popularity trail is expected to follow the e-cigarette corpus.
Additionally, general aesthetics such as unique design choices, color customization options, the smartphone enables accessories, metallic carry cases, and sterling necklaces are some of the products available from a huge line of attachments and products. With the advent of cotton candy, bubble gum, candy cane, coffee, and chocolate being added to the mix, a swift transition from traditional smoking measures to the latter is expected. However, a crossover in legality of the harm caused by e-liquids with several government bodies across the world as well as constant policy changes with regards to packaging and marketing can cause hindrance to the growth to a certain degree.
Global E-Liquids Market: Segmentation
The global e-liquid market can be segmented on the basis of type, flavors, distribution channels, and regions.
On the basis of type, the e-liquid category can be segmented into bottled and pre-filled consumables. The bottled segment is expected to account for the largest market share in the category owing to greater usability and functionality. Furthermore, bottled consumables allow for the user to be stored at a secure place till further intended. On the basis of flavor, the e-liquid category can be categorized into menthol, tobacco, fruits & nuts, chocolate, and others. On the basis of distribution channels, the e-liquid market can be broken down into online and offline channels. The offline channels can be further disintegrated into sub-categories such as retail stores, convenience stores, specialty stores, supermarkets, and others. The offline subsegment held the largest market value in terms of revenue generation over the years. However, with the rise of internet popularity and various sprouts of online vendors, the online category is expected to grow at an exceptionally high CAGR, expecting to surpass the former within the forecast period.
Global E-Liquids Market: Regional Analysis
The region of North America is expected to occupy the largest market share in terms of revenue generated. The key vendors in the e-liquid sector are all set in the region which makes the consumer base a highly preferred one. Furthermore, the manufacturers have begun expanding their product range through a series of mergers and acquisitions. The increasing popularity of the vape device has further increased the foothold of the E-liquids market in the region.
Asia-Pacific will mark the highest growing CAGR in the sector during the estimated forecast period. Several reasons associated with the increase of e-liquids can be attributed to the growing number of lungs related diseases in the region due to excessive consumption of traditional tobacco-based consumables. Additionally, the region follows a conceptualized outlook that e-cigarettes and e-liquids are less harmful than traditional cigarettes, which is likely to further increase the uptake of the market swing in the region.
Global E-Liquids Market: Competitive Players
The main participants in the global e-liquids market are eLiquid Factory, Molecule Labs, Inc., VMR Products LLC, Breazy, Crystal Cannon Vapes LLC, Nicopure Labs LLC, Vapes Dudes, VaporFi Inc., Black Note Vape Inc., Fontem Ventures, and Mig Vapor LLC, among others.
Global E-Liquids Market: By Type Segment Analysis
Global E-Liquids Market: By Flavor Analysis
Global E-Liquids Market: By Distribution Channel Segment Analysis
Global E-Liquids Market: By Regional Segment Analysis
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