E-liquid Market: Current Analysis and Forecast (2023-2030)

Report Description

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.

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. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, the bottled category accounted for the significant share in the market in 2022”

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.

“Amongst flavor, the tobacco category accounted for the significant share in the market in 2022”

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.

“Amongst distribution Channel, the Retail Sectors accounted for a significant share in the market in 2022”

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.

E-liquid Market Report Coverage

“North America to witness significant growth during the forecast period”

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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global E-liquid market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global E-liquid Market Analysis (2023-2030)

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global E-liquid market were the three major steps undertaken to create and analyze the adoption of E-liquid in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global E-liquid market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the E-liquid market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the E-liquid market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the type, flavors, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the E-liquid market. Further, we conducted factor analysis using dependent and independent variables such as an increased price of traditional cigarettes, shift in consumer preference, growing health concern, etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the E-liquid market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global E-liquid market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the E-liquid market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global E-liquid market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global E-liquid market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, flavors, and distribution channel in the global E-liquid market.

The main objective of the Global E-liquid Market Study

The current & future market trends of the global E-liquid market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the E-liquid market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, flavors, and distribution
• Define and analysis of the regulatory framework for the E-liquid market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the E-liquid market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the E-liquid market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
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