On March 2, according to foreign reports, according to a new report released by research institute Grand View Research, the increasing adoption of safer smoking alternatives worldwide is expected to drive the demand for e-cigarettes.
Additionally, the availability of various flavors of e-liquids such as tobacco, menthol, chocolate, and fruit and nuts is expected to further encourage e-liquid usage.
The global e-liquid market size is expected to reach $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.
The growing popularity of e-cigarettes among young people is increasing the market value of e-liquids. The appeal and acceptability of these products are also expected to increase among non-smokers, such as chocolate, menthol, blueberry and a range of fruit flavours. The growing demand for e-cigarettes and e-cigarettes in the market can also be attributed to their minimal environmental impact compared to traditional cigarette buds. As e-liquids are used in e-cigarettes and vaporizers, manufacturers are capitalizing on the trend of eco-friendly e-cigarettes, which is attracting consumers' attention.
Market players are focusing on mergers and acquisitions, collaborations and partnerships to expand their distribution networks and build international presence for their brands.
For example, in January 2018, e-cigarette and e-liquid manufacturer Nicopure announced a partnership with Vapоr Ltd., a Bulgarian distributor of e-cigarettes and e-liquids. Nicopure appointed Vapоr Ltd. as one of its distributors in Bulgaria. The partnership enables the former to expand its brand presence in Bulgaria.
Major players are increasingly investing in the marketing and distribution of their products due to increased competition in the market.
For example, in July 2019, consumer goods manufacturer and distributor Turning Point Brands, Inc. invested $3 million in Canadian distribution company ReCreation Marketing. Through the ReCreation Marketing platform, the company launched its e-liquid technology RipTide and various Nu-X products in Canada.
