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According to a new report released by Grand View Research, the growing adoption of safer alternatives to smoking across the world is expected to drive the demand for e-cigarettes over the forecast period. Additionally, the availability of e-liquids in various flavors such as tobacco, menthol, chocolate, and fruits and nuts is also expected to encourage the use of e-liquids.
The Global e-liquid market the size is expected to reach USD 3.3 billion by 2027, according to a new study by Grand View Research, Inc. The market is expected to grow at a CAGR of 13.4% from 2021 to 2027. have increased in popularity and adoption in recent years. Growing demand for these products globally is expected to drive the market over the forecast period. Moreover, the general presumption that these products can reduce the risk of lung disorders is fueling the market. Additionally, the absence of the tobacco combustion process often found in conventional smoking products is expected to drive the market in the near future.
The growing adoption of electronic cigarettes among young people is increasing the market value of e-liquids. Due to the absence of tobacco and the availability of various flavors, such as chocolate, menthol, blueberry and a range of fruit flavors, the appeal and acceptability of these products is also expected to increase among non-foodies. -smokers. The growing demand for e-cigarettes and vapes in the market can also be attributed to their minimal environmental footprint compared to traditional cigarette buds. As e-liquids are used in e-cigarettes and vaporizers, producers are capitalizing on the green vaping trend, which is capturing consumers’ attention.
Market players are focusing on mergers and acquisitions, collaborations, and partnerships to expand their distribution networks and build an international presence for their brands. For example, in January 2018, Nicopure, an e-cigarette and e-liquid manufacturer, announced a partnership with Vapоr Ltd., an e-cigarette and e-liquid distributor in Bulgaria. Nicopure has appointed Vapоr Ltd. as one of its distributors in Bulgaria. The partnership allowed the former to expand its brand presence in Bulgaria.
The major players are increasingly investing in the marketing and distribution of their products owing to the increasing competition in the market. For example, in July 2019, Turning Point Brands, Inc., a manufacturer and distributor of consumer products, invested $3.0 million in Canadian distribution company ReCreation Marketing. Through the ReCreation Marketing platform, the company launched RipTide, an e-liquid vaping technology, and a variety of Nu-X products in Canada.
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E-Liquid Market Report Highlights
- In terms of flavor, the menthol segment is expected to register the highest growth rate over the forecast period owing to the increasing adoption among young people, especially students, coupled with its availability at affordable prices. .
- In terms of type, the bottled segment is expected to grow at a significant rate from 2021 to 2027. This can be attributed to the fact that bottles allow users to make their own e-liquid by adding two or more e-liquids.
- In terms of distribution channel, the online segment is expected to register a significant growth rate over the forecast period as it offers customers a wide variety of e-liquids for customers to choose from.
- In terms of region, Europe is expected to witness notable market growth from 2021 to 2027. This can be attributed to the growing awareness among individuals about tobacco-free formulation of e-liquids.
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Segmentation of the e-liquid market
Grand View Research has segmented the global e-liquid market based on flavor, type, distribution channel and region:
E-Liquid Flavor Outlook (Revenue, USD Million, 2016 – 2027)
- the tobacco
- Fruits & Nuts
E-Liquid Type Outlook (Revenue, USD Million, 2016 – 2027)
E-liquid Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
- In line
- Retail store
- Grocery store
- Specialty stores
E-Liquid Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
List of E-liquid Market Key Players
- Black Note, Inc.
- BSMW Ltd.
- Crystal Canyon Vapes LLC
- e-liquid factory
- Mig Vapor LLC
- Molecule Labs, Inc.
- Nicopure Laboratories LLC
- Philip Morris International Inc.
- Turning Point Brands, Inc.
- VMR LLC Products
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