The global e-liquid and e-juice market was valued at US$ 6.02 Bn in 2018, according to E-liquid and E-juice Market Report, by Product Type (Prefilled and Refillable), by Flavor (Tobacco, Mint & Menthol, Fruits & Nuts, Dessert, and Others), by Distribution Channel (Online Channels and Offline Channels), and by Region (North America, South America, Asia Pacific, Europe, and Middle East & Africa).
The global e-liquid and e-juice market is projected to reach US$ 27.89 Bn by 2027, exhibiting a CAGR of 19.2% during the forecast period (2019-2027). The market is expected to witness significant growth over the forecast period, attributing to increasing awareness regarding e-liquid and e-juice. E-liquid and e-juice is a substitute for tobacco used in conventional cigarettes and other alternatives forms of nicotine intake. This liquid content is filled in personal vaporizer and electronic cigarettes. It contains low quantity nicotine as compared to conventional tobacco.
Moreover, rising cases of lung cancer, owing to tobacco smoking is leading to increasing demand for e-cigarette devices. According to American Cancer Society, around 222,500 new lung cancer cases were reported in the U.S. in 2015, of which 116,990 were men and 105,510 were women.
Vaping e-liquid does not involve tobacco combustion, and is therefore less harmful than toxins associated with smoking cigarettes. E-liquids do not contain carbon monoxide, hydrogen cyanide, lead, and arsenic. Therefore, e-liquid vaping is considered as an alternative to quit smoking. Increasing awareness of e-cigarette use over conventional cigarettes or cigars is therefore expected to increase demand for e-liquid and e-juice during the forecast period. In North America, e-cigarette advertising has appeared on TV and the radio, despite the ban on cigarette advertising on both outlets since Congress passed the Public Health Cigarette Smoking Act in 1970.
Furthermore, a major advantage of e-liquid is that it emits a pleasant flavored odor and is cheaper than tobacco. Moreover, these e-liquids can be made at home as ingredients such as propylene glycol, glycerin, and nicotine are easily available.
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Key Takeaways of the Market:
Among product type, refillable segment held dominant position in the global e-liquid and e-juice market in 2018. Key players are adopting various business strategies such as product development and new product launches, in order to strengthen their foothold in the global e-liquid and e-juice market. For instance, in 2017, Innokin launched Endura T20 Kit for e-liquid in the market. It is simple and flexible to use.
Among regions, North America accounted for the revenue share of 37.8% in the global e-liquid and e-juice market in 2018, and is expected to maintain its dominance over the forecast period. Rising number of lung cancer cases, owing to tobacco smoking is increasing demand for e-cigarette devices, which is in turn driving growth of the market in North America.
According to American Cancer Society, around 228,150 new lung cancer cases were reported in the U.S. in 2019, of which 116,440 were men and 111,710 were women. Increasing incidence of lung cancer cases due to tobacco smoking is inadvertently fueling demand for e-cigarette devices and thus, fueling growth of global e-liquid and e-juice market. The U.S. and Canada are major growth engines in North America.
Major players operating in the global e-liquid and e-juice market include, Black Note Vape Inc., Fontem Ventures B.V, Crystal Canyon Vapes LLC, e-Liquid Factory, E-liquid Brands LLC, Mig Vapor LLC, Vape Dudes, KAIs Virgin Vapor, ZampleBox LLC, and VaporFi Inc.