SEATTLE--(BUSINESS WIRE)--The global E-liquid and E-juice market was valued at US$ 6.02 Bn in 2018, and is projected to exhibit a CAGR of 19.2% over the forecast period (2019–2027), in terms of revenue.
Key Trends and Analysis of the Global E-liquid and E-juice Market:
The global e-liquid and e-juice market is expected to witness significant growth during the forecast period. Factors such as increasing availability of e-cigarette products coupled with health risk associated with smoking tobacco cigarettes is predicted to boost the revenue for global e-liquid and e-juice market.
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Cigarette smoking leads to lung cancer and not all diseased can survive. For instance, as per the U.S. Department of Health & Human Services, in 2017, U.S. constituted 34.4 million cigarette smokers. Moreover, as per the U.S. Department of Health & Human Services, in 2017, in the U.S., around 155,850 people died due to lung and bronchus cancer and 222,500 new cases were estimated to be reported.
In March 2012, Centers for Disease Control and Prevention (CDC) launched the first-ever paid national tobacco education campaign ‘Tips from Former Smokers’, which motivated around 500,000 tobacco smokers to quit cigarette smoking. Moreover, according the U.S. Department of Health and Human Services, in 2015, in the U.S., nearly 7 out of 10 (68%) adult cigarette smokers wanted to stop cigarette smoking.
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Furthermore, according the World Cancer Research Fund International, in 2018, Hungary had the highest rate of lung cancer with 56.7 per 100,000 individuals. Therefore, increasing awareness regarding health hazards associated with tobacco cigarette smoking is expected to drive the demand for flavored e-cigarettes, which in turn is projected to drive growth of global e-liquid and e-juice market during the forecast period.
However, stringent regulations imposed by government on the excessive usage of e-cigarettes is likely to hamper growth of global e-liquid and e-juice market in the near future.
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Key Market Takeaways:
- The global e-liquid and e-juice market is expected to exhibit a CAGR of 19.2% during the forecast period in terms of revenue. The global e-liquid and e-juice market is driven by increasing awareness regarding e-cigarettes over tobacco smoking products. According to a study by Public Health England in 2015, e-cigarettes are 95% less harmful than tobacco smoking.
- Based on flavor, global e-liquid and e-juice market is segregated into tobacco, mint & menthol, fruits & nuts, desserts, and others. Others segment includes various flavors such as milk & cream, vanilla, lemon, fruity, etc. Among flavors, fruits & nuts segment dominated the market and contributed for 38.7% share in 2018 in the global e-liquid and e-juice market. Increasing innovation of new flavored e-liquid products is a major marketing strategy deployed to increase foothold in the global e-liquid and e-juice market.
- 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, Crystal Canyon Vapes LLC launched new e-juice gourmet flavor in the market to expand its business in e-juice category. The company also offers flavors such as tobacco, Snickelfritz (kiwi and watermelon), mint, French vanilla, coffee, and banana.
- Major companies 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.
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Global E-liquid and E-juice Market, By Product Type:
Global E-liquid and E-juice Market, By Flavor:
- Mint & Menthol
- Fruits & Nuts
Global E-liquid and E-juice Market, By Distribution Channel:
- Online Channels
- Offline Channels
Global E-liquid and E-juice Market, By Region:
- Rest of South America
- Rest of Europe
- Rest of Asia Pacific
Middle East & Africa
- Middle East
- North America
- Company Profiles