01 “Open” products are expected to become the mainstream of the market again
Different from traditional smoking methods, the charm of e-cigarettes lies in their more diverse flavors and convenient use. In 2024, bottled e-liquid will receive more positive market response and feedback globally.
As of 2023, the global bottled oil products market has reached US$1.8 billion, and in 2024, this number is expected to exceed US$2 billion. This growth trend will benefit from the impact of policy bans on “disposable” prefilled products in some countries, and “open” products are expected to become mainstream again in the market. This change will drive the growth of bottled e-liquid market share.
In January 2024, online sales in the bottled oil market showed a clear growth trend, especially sales through e-commerce platforms increased. This provides consumers with more choices and drives manufacturers to pay further attention to online sales channels. As the rate of disposable vapes on the counters decreases, the increase in the rate of bottled oils on the counters will drive an increase in terminal exposure frequency, prompting consumers to adapt to bottled e-liquids through appliance guidance to meet the needs of personalized taste and taste restoration.
02 Sales of bottled oils are mainly dominated by global brands
In terms of taste, the segmentation trend of e-liquid brands is becoming increasingly obvious. The flavors of different regions and countries constitute distinctive market segments, among which fruit flavors, dessert flavors, hookah flavors, ice points and tobacco flavors occupy an important position. Attracting a large number of new consumers and loyal users.
In the market, bottled oil sales are mainly dominated by global brands, with North America accounting for 57% of the market share. The global e-cigarette oil market presents diversified flavors and formulas in different regions and countries, and the online influence of brand culture is also stronger. This market structure is an opportunity for domestic e-liquid companies to learn, and they need to work hard to catch up.
As people pursue natural and original e-liquids, smooth flavors will play a positive role in the e-liquid market. It is not only the reproduction technology of taste, but also the combination of natural ingredients, seasonality, customization, socialization and health, which truly shows the popularity of smooth taste in the environment. This trend has been influenced by people spending more time at home, with e-cigarettes becoming a more convenient way to smoke.
Overall, it is expected that the overall demand growth rate of the global e-cigarette market will slow down in 2024, and the product transition period will proceed smoothly, and emerging countries and regions will become new growth points. The impact of policies has led to fluctuations in the share of one-time and open products and a gradual decline in production capacity, which may have an impact on the terminal pricing of products.
E-cigarette oil is not only an ingredient of e-cigarettes, but also a field full of taste, commonality, technology and innovation. With the continuous upgrading of smart technology and the improvement of consumer demand, the field of e-cigarette oil will be combined with smart technology to continue to create more exciting business legends.
