Verified Market Research recently published a report, “E-Liquid Market” which has estimated a CAGR (annual growth rate) of 12.6% from 2021 to 2028.
Research keeps indicating that vapers, including adults using e-cigarettes to quit smoking, prefer flavored products. The report, “E-Liquid Market” highlighted that in 2020 the flavors market was valued at USD1.3 Billion and is projected to reach USD3.4 Billion by 2028.
The report highlights that market players are investing in research so as to manufacture appealing, yet safe, e-liquids. Furthermore, availing of the popularity of social media they are successfully marketing the latest trends and flavors, implementing alteration promotional plans & strategies, and increasing their consumer base.
The report lists the following key developments and players, in the time period assessed.
- In December 2018, British American Tobacco Company launched new products for vaping, with the incorporation of the new Puretech blade technology. The products unveiled were Vype iSwitch and Vype iSwicth Maxx.
- In August 2016, Flavors & More introduced new premium e-liquid products – Cypher, Hawkeye, and iGen, in the premium category.
The major players in the market are Black Note, Inc., Breazy, BSMW Ltd., Crystal Canyon Vapes LLC., eLiquid Factory, Mig Vapor LLC., Molecule Labs, Inc., Nicopure Labs LLC., Philip Morris International Inc., Turning Point Brands Inc., and VMR Products LLC.”
What do adult vapers prefer?
Meanwhile, a study aimed at understanding the impact of factors such as device type, flavors, nicotine levels, and prices, on adult vapers’ choices among closed-system and open-system e-cigarettes, cigarettes, and heated tobacco products (HTPs) indicated a preference for flavored e-liquids.
The study titled, “Impact of flavors, device, nicotine levels and price on adult e-cigarette users’ tobacco and nicotine product choices,” consisted of choice experiments to assess the relative impact of several product characteristics to examine differences in smoking status and primarily used e-cigarette device and flavor.
The research team found that on average, participants preferred non-tobacco and non-menthol flavors, the majority preferred open-system over closed-system devices, and a regular nicotine level, over a lower nicotine level.