The e-liquid market size is expected to reach US$ 3.1 billion by 2028 and registering at a CAGR of 11.25% between 2022 and 2028, according to a new research study conducted by The Insight Partners.
Rising Demand for Innovative Formulation-Based E-Liquids Drives E-Liquid Market
E-Liquid Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Flavor [Tobacco, Fruits, Mint and Others], Base Type [Propylene Glycol, Vegetable Glycerin, and Blended], Distribution Channel [Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others], and Geography (North America, Europe, Asia Pacific, and South and Central America)
E-Liquid Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Vaping devices containing e-liquids enhance an individual’s tobacco consumption experience. E-liquid products are available in various flavors such as mint, fruits, and chocolates. Water, nicotine, flavoring agent, and propylene glycol or vegetable glycerin are a few major ingredients used in the formulations of e-liquid products. Growing awareness regarding the availability of a variety of alternative products to cigarette smoking and increasing consumers preference for e-liquids with a low level of toxicants drive the e-liquid market growth. In addition, rising consumer demand for technologically advanced e-cigarette products with innovative formulation-based e-liquids is likely to accelerate the product demand during the forecast period.
E-liquid bases are composed of propylene glycol, vegetable glycerin, or a blended version of propylene glycol and vegetable glycerin ingredients. Users can instantly inhale fumes by using e-cigarette containing propylene glycol-based e-liquids. In addition, propylene glycol-based e-liquids help users in gaining a deep smoking sensation. These aspects are primarily responsible for the significant consumer demand for the e-cigarettes containing propylene glycol globally. However, incidence of allergic reactions to the users’ skin due to propylene glycol-based e-cigarettes limits the product demand worldwide. Vegetable glycerin or blended version-based e-liquids are gaining popularity as consumers are increasingly switching their vaping preferences toward vegetable glycerin-based e-liquids. In addition, rising focus of manufacturers on developing innovative formulation-based blended e-liquids is expected to accelerate the e-liquid market growth in the coming years.
E-liquids are available in different product types such as bottled, prefilled, and disposable. Key companies involved in the e-liquid market, such as eLiquitech and Pure Labs, witnessed significant consumer demand for the bottled e-liquids over the recent years, as users can quickly and instantly refill their vape tanks by such products. In addition, increasing trend of using do-it-yourself (DIY) bottled vape juices is expected to accelerate the market growth during 2022–2028. Consumer demand for disposable and prefilled e-liquids is mainly driven by the cost-effectiveness of such products over other product types.
Rising adoption of the vegetable glycerin-based e-liquid and e-cigarette products to quit tobacco consumption habit is likely to favor the global market growth over the forthcoming years. However, closure of tobacco shops and supermarkets due to the COVID-19 outbreak-related lockdown posed challenges to the key players operating in the e-liquids market. After the ease of lockdown restrictions, the market has witnessed accelerated growth due to the reopening of the convenience stores and supermarkets globally.
Black Note, Inc.; eLiquitech, a Tobacco Technology, Inc.; Pure Labs; ZampleBox LLC.; and USA Vape Lab are among the key e-liquid market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the e-liquid market and its ecosystem.
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