According to The Insight Partners latest report on “The global 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. As per the data presented by CDC Foundation (Centers for Disease Control and Prevention), in 2021, nearly 290.4 million e-cigarette products were sold in the US, 31.1% up over the previous year. Increasing consumer preferences for technologically advanced e-cigarettes is likely to propel the demand for e-liquids globally. In addition, increasing prices of the traditional cigarettes is encouraging middle income population to buy e-cigarette products, favoring the e-liquids market growth.

The 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.

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.

Growing awareness regarding the availability of a variety of alternative products to cigarette smoking and increasing consumer’s 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.

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