Covina, Feb. 01, 2024 (GLOBE NEWSWIRE) -- “According to the recent research study, the E-Liquids Market size was valued at about USD 2.4 billion in 2024 and expected to grow at CAGR of 14.40% to extend a value of USD 8.2 billion by 2034.”
What is E-Liquids?
- Market Overview:
E-Liquids also known as vape juice or e-juice, are the liquid substances used in electronic cigarettes (e-cigarettes) and vaporizers. These devices heat the e-liquid to create an aerosol, commonly referred to as vapor, which is then inhaled by the user. E-liquids typically consist of a mixture of propylene glycol (PG), vegetable glycerin (VG), flavorings, and often nicotine.
The main components of E-Liquids are, Propylene Glycol (PG), which is a clear and odorless liquid that is used to carry flavors in the e-liquid. PG is known for its ability to produce a throat hit, which is a sensation similar to that experienced when smoking traditional cigarettes. Vegetable Glycerin (VG) is a thicker and sweeter liquid that is responsible for producing the vapor in e-cigarettes. It also contributes to the overall viscosity of the e-liquid. Flavorings E-liquids come in a wide variety of flavors, ranging from traditional tobacco and menthol to fruit, dessert, and beverage flavors. These flavorings are added to enhance the vaping experience. Nicotine - some users choose e-cigarettes as an alternative to traditional smoking and may opt for e-liquids with varying levels of nicotine. Nicotine content is usually measured in milligrams per milliliter (mg/ml). Additionally, regulations regarding the sale and use of e-cigarettes and e-liquids vary by region, and it's crucial to be aware of and adhere to local laws and guidelines.
- Market Dynamics:
Driving Factors:
- The rising popularity of electronic cigarettes and vaping devices is a significant driver for the e-liquids market. Many individuals view vaping as an alternative to traditional tobacco smoking, and the variety of flavors available in e-liquids contributes to the appeal.
- E-liquids come in a wide array of flavors, ranging from traditional tobacco to exotic fruits and desserts. Continuous innovation in flavor development and the introduction of new and unique options attract consumers, contributing to the growth of the market.
- E-liquids offer users the ability to customize their vaping experience by choosing different nicotine levels and adjusting the ratio of PG to VG. This customization appeals to a broad consumer base with varying preferences.
- The expansion of distribution channels, including online platforms and specialty vape shops, has made e-liquids more accessible to consumers. Effective distribution networks contribute to market expansion.
- The e-liquids market is not confined to a specific region, and global expansion efforts by manufacturers contribute to its overall growth. As vaping gains popularity worldwide, the market continues to expand into new regions.
Restrain Factors:
- Health concerns and safety issues.
- Regulatory uncertainty and changes.
- Perceived lack of standardization.
- Flavor bans
- Supply chain disruptions.
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*Note: PMI Sample Report includes,
- Overview & introduction of market study
- Revenue and CAGR of market
- Drivers & Restrains factors of market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent development/news of market
- Opportunities & Challenges of Market
Report Scope:
| Attribute | Details |
| Base year for estimation | 2023 |
| Forecast period | 2024 – 2034 |
| Market representation | Revenue in USD Billion & CAGR from 2024 to 2034 |
| Market Segmentation | By Base Type (PG & VG, Vegetable Glycerin, and Propylene Glycol) By Sales Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Independent Small Groceries, and Online Retail) By Flavor (Original Tobacco, Mint & Menthol, Fruits & Candy, Chocolate, and Others) |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Top Leading Players in E-Liquids Market:
- VMR Products LLC.
- Mig Vapor LLC.
- VaporFi, Inc.
- Black Note
- Nicopure Labs LLC.
- VistaVapors, Inc.
- ZampleBox, LLC.
- Fuggin Vapor Co.
- Silver Laboratories (Basix eLiqiuids)
- Humble Juice Co.
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Emerging Trends and Opportunities in E-Liquids Market:
- Growing consumer awareness of health and wellness is leading to increased demand for e-liquids with natural and organic ingredients.
- The integration of cannabidiol (CBD) into e-liquids is a rising trend. CBD-infused e-liquids cater to consumers seeking relaxation without the psychoactive effects of THC.
- Flavor innovation continues to be a key driver, with manufacturers introducing unique and exotic flavors to cater to diverse consumer preferences.
- Ongoing technological advancements in vaping devices, such as pod systems and temperature control features, provide opportunities for e-liquid manufacturers to create products optimized for specific devices.
- Increasing demand for nicotine-free or low-nicotine e-liquids reflects a trend toward providing alternatives for individuals who enjoy vaping but want to minimize or eliminate nicotine consumption.
- E-liquid manufacturers are exploring ways to reduce environmental impact, such as using recyclable materials and implementing sustainable production practices.
- The rise of e-commerce platforms for purchasing vaping products contributes to market expansion, providing convenient access to a wide range of e-liquids.
Challenges of E-Liquids Market:
- Regulatory uncertainty & compliance issues.
- Flavor bans and restrictions.
- High taxation & economic factors.
- Lack of standardization in manufacturing.
- Environmental concerns.
- Lack of long-term research.
Recent Development:
- In May 2023, Vapour International launched new E-Liquids for reusable E-cigarettes which will offer consumers with familiar tastes and new flavors. The new launched e-liquid line comprised of thirteen flavors which includes, four previously unavailable in disposable e-cigarettes. The e-liquids will be offered in 20+40 & 10+10 mix-and-match formats that are followed by pre-nicotinized 10ml version. The flavors includes, pineapple smoothie, banana papaya, strawberry kiwi, pina colada, pink lemonade, fuji melon, cherry lemon mint, exotic shake (peach, pineapple, & mango), tropical fusion (passion fruit, kiwi, guava) and others.
Key highlights of the E-Liquids Market:
- The e-liquids market has experienced significant growth, driven by the increasing popularity of vaping devices as an alternative to traditional smoking.
- The incorporation of cannabidiol (CBD) into e-liquids has emerged as a trend, reflecting consumer interest in products with potential relaxation benefits without the psychoactive effects of THC.
- Quality control measures and adherence to industry standards have become increasingly important, addressing concerns related to product consistency and safety.
- Collaborations between e-liquid manufacturers, flavoring companies, and other industry players aim to bring innovation to the market and expand product offerings.
- Online platforms have facilitated the accessibility of e-liquids to a broader consumer base.
- North America dominated the e-liquid market and accounted for the largest revenue share. This can be attributed to the presence of key vendors such as JUUL Labs, Inc.; Philip Morris International Inc.; Turning Point Brands, Inc.; and Nicquid in the region.
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