As per a recently issued market research report by Facts & Factors, the global E-Liquid Market was about USD 1,600 Million in 2020, with sales value projected to hit around USD 3,500 Million by the end of 2026 and expected to register 14% CAGR from 2021 to 2026.
Vaping and e-cigarettes are said to provide health benefits to people with smoking habits. However, studies have still yet to confirm whether consumption of e-liquids is an alternative or safe for the human body. Moreover, the composition of e-liquid contains material that comes in close proximity to compounds that are toxic in nature. As such local governing bodies often question manufacturers and vendors about the underlying conditions of propylene glycol(PG) found in vape juices.
However, the loss associated cost with vaping devices and e-cigarettes, advanced customizable options, the inclusion of flavors in their assortment of products, and the general trend of shifting from traditional cigarettes has pushed the growth of e-liquids to an all-time high. E-liquids do not produce any form of physical smoke upon use and are generally safe among teenagers, thereby cutting down on the side effects related to issues such as second-hand smoking. Manufacturers are looking to produce new innovative products with fewer nicotine intakes with the latest regulations being followed in order to occupy a larger market share.
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Top Market Players
Some of the major players in the E-liquid Market are e-Liquid Factory, Molecule Labs, Inc., VMR Products LLC, Breazy, Crystal Cannon Vapes LLC, and Nicopure Labs LLC, among others.
Markey Dynamics
According to the National Institute of Cancer Prevention and Research (NICPR), close to 68,000 cases were reported in India which points to an increase in lung cancer cases of which tobacco smoking is inadvertently the main reason. The region of Asia-Pacific has seen a surge of consumers switching from traditional tobacco-filled resources to e-cigarettes and vaping devices. Pod vaping is expected to outlook at the biggest trend during the forecast period. Additional features such as extended battery life, increased stability, compact design, and a general lightened structure further heighten the market footprint of the vaping pods. Other products such as nicotine salts are gaining traction over traditional nicotine products as well. Nicotine salts do not contain the regular risks associated while allowing a person to vape an increased form of the cluster without a burning sensation in the throat.
The type segment can be further broken down into pre-filled and bottled. Among the subcategories, the pre-filled bottles occupy the largest market share in terms of revenue generation. The pre-filled bottles give the convenience to the user of having a stock-filled consumable at their disposal. Furthermore, the storage of e-liquid becomes an easier task. This in turn increases the usability and functionality of the following.
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The distribution channels can be segmented into online and offline distribution means. The offline channels occupy the larger market share in this segment owing to the general trend. The offline subsegment can be further broken down into retail stores, convenience stores, specialty stores, supermarkets, and others. The other sub-segment can be further broken down into newsstands and other regular shops as the popularity of e-liquids tend to scale. However, as e-commerce begins picking up steam, online-based sales are expected to grow with the highest rated CAGR for the forecast period.
North America to Recoup the Largest Market Share During the Forecast Period
The region of North America will regain the highest market share in terms of revenue generation. The presence of the key players located in the region. Moreover, the region adopted the technology associated with e-liquids at a faster rate than the rest of the world. Additionally, the vested interest of the consumer base enforces the manufacturer in the region to incentivize their products with added benefits.
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