Market research report estimates e-liquid market to reach $3.4 billion worldwide by 2028
Research continues to indicate that vapers, including adults using e-cigarettes to quit smoking, prefer flavored products. The report, “E-Liquid Market”, highlighted that in 2020, the flavors market was valued at $1.3 billion and is expected to reach $3.4 billion by 2028.
The report highlights that market players are investing in research in order to manufacture attractive, yet safe e-liquids. Moreover, taking advantage of the popularity of social media, they successfully market the latest trends and flavors, implement modification promotional plans and strategies, and increase their customer base.
The report lists the following major developments and players, during the assessed period.
- In December 2018, 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 iSwitch Maxx.
- In August 2016, Flavors & More launched new premium e-liquid products – Cypher, Hawkeye and iGen, in the premium category.
The major market players are Black Note, Inc., Breazy, BSMW Ltd., Crystal Canyon Vapes LLC., eLiquid Factory, Mig Vapor LLC., Molecule Labs, Inc., Nicopure Labs LLC., Philip Morris International Inc., Turning Point Brands Inc. and VMR Products LLC.
What do adult vapers prefer?
Meanwhile, a study aimed at understanding the impact of factors such as device type, flavors, nicotine levels and prices, on adult vapers’ choices between closed-system and closed-system e-cigarettes. open, cigarettes and heated tobacco products (HTP) indicated a preference for flavored e-liquids.
The study titled “Impact of Flavors, Device, Nicotine Levels, and Price on Tobacco and Nicotine Product Choices of Adult E-Cigarette Users” consisted of choice experiments to assess the relative impact of several product characteristics in order to examine the differences according to smoking status and mainly used electronic cigarette device and aroma.
The research team found that, on average, participants preferred tobacco-free and menthol-free flavors, the majority preferred open-system devices over closed-system devices, and a regular nicotine level over a lower nicotine level.
The relationship between e-liquid flavors and smoking cessation