Size of the e-liquid market worth $3.4 billion, globally, by 2028 at 12.6% CAGR: Verified Market Research®
Market players are launching multiple flavors of e-liquid in the market to cater to people’s changing preferences, tobacco-free formulation and availability of multiple flavors, the increase in non-smoking group is basically driving the market.
Jersey City, New Jersey, February 1, 2022 /PRNewswire/ — Verified Market Research recently released a report, “E-liquid marketBy type (bottled, pre-filled), by distribution channel (retail stores, online), by flavors (fruits & nuts, tobacco, dessert) and by geography. According to verified market research, the market size world of e-liquids was valued at $1.3 billion in 2020 and is expected to reach $3.4 billion by 2028, growing at a CAGR of 12.6% from 2021 to 2028.
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202 – Pages
126 – Tables
37 – Numbers
Overview of the global e-liquid market
E-liquid, also called e-juice or vape juice, is the liquid mixture of nicotine, base liquid, and flavoring agent that is used in e-cigarettes and heated for smoking. Using e-liquid does not produce smoke and therefore also quits passive smoking. The nicotine is extracted from tobacco leaves and is better than that of traditional tobacco. Rising popularity of e-liquids among millennials and rising health issues among the long-term population are other factors driving the growth of the market. However, smokers’ concerns regarding the presence of toxic substances in e-liquids are expected to be a limiting factor for the market growth in the coming period.
As a result, market players are mainly investing in the research and development of good and safer e-liquids. Moreover, market leaders mainly use social media platforms to spread the latest trends and flavors, implement modification promotional plans and strategies and increase their consumer base. The growing popularity of personal vaporizers and box mods is expected to drive the demand for e-liquid across the planet. The E-liquid segment is expected to emerge as the high growth segment. The tobacco-free composition of e-liquids and the availability of various flavors such as fruit and nut, blueberry and menthol as well as a range of chocolate, make these products more palatable. This is expected to drive the growth of the segment.
The online platforms segment is expected to register a significant CAGR during the forecast period. The increased use of social media applications such as Instagram, Facebook and WhatsApp to promote and sell vaping devices is expected to drive the growth of the online distribution channel. Market players are launching several flavors of e-liquid in the market to cater to the changing preferences of people, thereby driving the growth of the market.
In December 2018, British American Tobacco Company has 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 2016Flavors & More has introduced 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.
Verified Market Research has segmented the global e-liquid market on the basis of type, distribution channel, flavors, and geography.
E-Liquid Market, By Type
E-liquid market, by distribution channel
E-liquid market, by flavors
E-liquid market by geography
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