Global E-Liquid Market Research Analysis 2021-2026:
Global E-Liquid Market was at USD 2.1 billion in 2019 and is anticipated to reach over USD 7.02 billion by the end of the assessment period. The market is also estimated to experience reasonable growth to record a CAGR of 16.0% throughout the forecast period (2021-2026).
The e-liquid is also known as vape juice or e-juice, which is a mixture of nicotine, base liquid, and a flavoring agent used in electronic cigarettes. E-liquids do not produce smoke, so they avoid passive smoking. Various flavors are used in e-liquids including chocolate, mint and menthol, fruits and nuts, etc. The e-liquids used in e-cigarettes reduce the risk of lung disorders because there is no tobacco burning process that often occurs in traditional smoking. Besides this, some manufacturers have also introduced e-liquids without using these harmful ingredients for the non-smoking group.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 – 2026 |
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Base Year |
2019 |
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Forecast Period |
2021 - 2026 |
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CAGR |
16% |
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Segments Covered |
By Base, By Flavor, By Product, By Sales Channels, and By Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Vape Dudes, VMR Flavors LLC, Virgin Vapor, Black Note, eLiquid Factory, VaporFi, Inc., Mt Baker Vapor, VistaVapors, Inc., Halo, ZampleBox, Henley, Highbrow Vapor, Strix Elixirs, Breazy, Crystal Canyon Vapes LLC, LLC, Mig Vapor LLC |
Recent Developments
Market Drivers and Restraints:
E-liquid can be considered as much superior compared to traditional tobacco. Many aromas used in e-liquids provide an enhanced mouthfeel and a refreshing sensation. Due to the absence of a tobacco burning process as in traditional smoking, e-liquid smoking allows you to inhale lower levels of toxic substances, reducing the risk of lung disorders. All these factors are expected to drive the growth of the global e-liquids market over the estimated period. Also, the growing trend of e-cigarettes has helped reduce the environmental footprint compared to cigarette butts. With the gradual use of e-liquids in vaporizers and e-cigarettes, the producers of the e-liquid market are capitalizing on the eco-vaping trend, which is gaining consumer attention. Green vaping is an obvious trend, removing the environmental burden associated with disposing of large volumes of discarded cigarette butts. Furthermore, green vaping lessens the problem of deforestation and reduces environmental degradation caused by growing tobacco. Vaping has offered smokers many advantages over traditional smoking. It has also helped smokers reduce their tar and nicotine intake, leading many smokers to quit partially or completely. These health benefits are driving demand for liquid nicotine in the e-liquid market. However, strict regulations imposed by the government on excessive use of e-cigarettes are likely to hamper the growth of the global e-liquids market in the future.
Market Segmentation:
The global e-liquid market can be segmented on base, flavor, product, sales channel, and region.
By base, the global market is separated as Propylene Glycol, Vegetable Glycerin, and PG & VG. By flavor, the worldwide market is divided as dessert, chocolate, fruits & candy, mint & menthol, original tobacco, and others.
Based on the product, the e-liquid market is majorly bifurcated into bottled and pre-filled.
According to the sales channel, the market is divided into hypermarkets/supermarkets, convenience stores, specialty stores, small independent grocery stores, and online retail. In 2018, the Hypermarkets/Supermarkets segment represented the largest revenue share in the global e-liquids market. Hypermarkets combine supermarkets and discount stores and department stores, resulting in a large availability of different products under one roof. Therefore, customers choose hypermarkets for the wholesale purchase of daily products. This is supposed to fuel the demand in the hypermarket segment in the global business in the coming days. The growing supermarket chain is driving segment growth in the global e-liquids market. Supermarkets have established consumer trust by providing convenient services and attractive offers. In addition, a large majority of customers choose a particular brand over others, which are usually offered by supermarkets.
Impact of COVID-19 on E-Liquid Market
With the strict lockdown conditions imposed to curb the transmission of the coronavirus, several manufacturing plants and sales channels were temporarily closed, which led to declined sales and revenue in the e-liquid market in 2020. However, with the relaxation of these conditions, the market is slowly gaining its pace and will expand notably in the coming years.
Regional Analysis:
The global E-Liquid market has been categorized on the basis of geography into the regions of North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Regionally, North America had the largest share of revenue in the global e-liquids market in 2018. Additionally, the Asia-Pacific is expected to record the fastest growth over the estimated period. Japan and China are the top countries driving key market growth in Asia Pacific. The increase in the number of lung cancer cases due to smoking is increasing the demand for e-cigarette devices, which in turn is driving the growth of the e-liquid market in the Asia-Pacific. According to the National Institute for Cancer Research and Prevention (NICPR), in 2018, around 67,795 new cases of lung cancer were reported in India, of which 48,698 were men and 19,097 women. The increasing frequency of lung cancer cases through smoking is unintentionally driving the demand for e-cigarette devices and thus driving the expansion of the global e-liquids market.
Leading Company
VMR Flavors LLC had the largest share of the E-Liquid Market in terms of sales and revenue in 2019.
Key Players
Major players in the Global E-Liquid Market include Vape Dudes, VMR Flavors LLC, Virgin Vapor, Black Note, eLiquid Factory, VaporFi, Inc., Mt Baker Vapor, VistaVapors, Inc., Halo, ZampleBox, Henley, Highbrow Vapor, Strix Elixirs, Breazy, Crystal Canyon Vapes LLC,LLC, Mig Vapor LLC, and among others.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 E-Liquid Market, By Base
6.1.1 Propylene Glycol
6.1.2 Vegetable Glycerin
6.1.3 PG & VG
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 E-Liquid Market, By Flavor
6.2.1 Dessert
6.2.2 Chocolate
6.2.3 Fruits & Candy
6.2.4 Mint & Menthol
6.2.5 Original Tobacco
6.2.6 Market Size Estimations & Forecasts (2021-2026)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
6.3 E-Liquid Market, By Product
6.3.1 Bottled
6.3.2 Prefilled
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 E-Liquid Market, By Sales Channel
6.4.1 Independent Shops
6.4.2 Specialty Stores
6.4.3 Specialty Stores
6.4.4 Hypermarkets/ Supermarkets
6.4.5 Market Size Estimations & Forecasts (2021-2026)
6.4.6 Y-o-Y Growth Rate Analysis
6.4.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Base
7.2.3 By Flavor
7.2.4 By Product
7.2.5 By Sales Channel
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Base
7.3.3 By Flavor
7.3.4 By Product
7.3.5 By Sales Channel
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Base
7.4.3 By Flavor
7.4.4 By Product
7.4.5 By Sales Channel
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Base
7.5.3 By Flavor
7.5.4 By Product
7.5.5 By Sales Channel
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Base
7.6.3 By Flavor
7.6.4 By Product
7.6.5 By Sales Channel
8. Key Player Analysis
8.1 VMR Flavors LLC
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Henley
8.3 Highbrow Vapor
8.4 Strix Elixirs
8.5 Breazy
8.6 Crystal Canyon Vapes LLC
8.7 Vape Dudes
8.8 Virgin Vapor
8.9 Black Note
8.10 eLiquid Factory
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
