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European E Liquid Market: Focus on Type, Origin, Geography, and Distribution Channel –Estimation & Forecast, 2015-2025

Europe stands at the forefront of the legal scenario of the global e-cigarette market with a series of laws and regulations for e-cigarette and e-liquid manufacturing, sales, distribution, advertising, and marketing. When disposable e-cigarettes entered the market in the form of ‘cig-a-likes’, market estimations were never targeted towards estimating the size of e-liquid market. However, owing to the introduction of second and third generation e-cigarettes, the e-liquid market has gained mom

SKU: VE02
Published Year: 2015
 
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The European e-liquid market is standing at a point of influx with a large number of players venturing into the exponentially growing market. The low entry barriers in the form of non-uniformity in regulations and ease of access to distribution channels have brought about a surge in the supply of e-cigarettes and e-liquids across the European nations. Where pre-filled e-liquid market has been identified to be dominating the market as of June 2015, the bottled e-liquid market is gaining rapid momentum, owing to the increased demand of variable wattage e-cigarettes and mods.

The report is a meticulous compilation of the different aspects of the European e-liquid market including the porter’s five forces analysis, market dynamics, key consortiums, compliance and regulatory bodies, market breakdown. The market values form a critical part of the report, herein the revenue generated from sales of e-liquid by types (pre-filled and bottled) and distribution channels have been analyzed to calculate the market size. The market estimation and forecast based on the source of e-liquid and key countries has also been included in the report.

While highlighting the key driving and restraining forces for this dynamic market the report also provides a comprehensive section of the prominent consortiums, compliance, and regulatory bodies and their involvement in the e-cigarette industry. Where on one hand the local governments are planning to impose taxes on e-liquids to reduce its increasingly wide spread adoption, on the other there are several consortiums identified who are opposing the proposals and wish to back the effects of e-liquids by scientific studies. A separate section dedicated to buyer’s requirement for e-liquid has also been included in the report.

The industry analysis has been included analyzing the impact of the five major forces to understand the overall attractiveness of the industry. The company profile section has been broken down into local and global players. While the global companies have been chosen on the basis of their market developments and revenue generation, leading country wise e-liquid players have also been profiled in the report.

The European e-liquid market is expected to grow over $11 billion by 2025, at a double digit CAGR from 2015 to 2025. The market will witness a staggering growth until 2017, by when most of the regulatory and policy framework will fall into place. The growth rate will significantly increase thereafter, with significant revenue generation from evolving markets of the U.K., Germany, and Russia. Moreover, while pre-filled e-liquid dominated the European e-liquid market in 2014, bottled e-liquid are anticipated to grow over $4 billion by 2025.

TABLE OF CONTENT
1 RESEARCH METHODOLOGY, SCOPE, & COVERAGE
1.1 Scope Of The Study
1.2 Research Methodology
1.2.1 Overall Market Estimation And Forecast
1.2.2 Bis Research Methodology
1.3 Report Description
2 EXECUTIVE SUMMARY
3 MARKET DYNAMICS
3.1 Introduction
3.2 Market Drivers
3.2.1 Wide Variety Of Flavor Options Available And The Option Of Customization
3.2.2 Lack Of Entry And Exit Barriers
3.2.3 Growing Popularity Of Vape Shops
3.2.4 Increasing Demand Of Third Generation Electronic Cigarette Devices
3.3 Market Challenges
3.3.1 Apprehensions Amongst End-Users Regarding The E-Liquid Ingredients And Manufacturing
3.3.2 Increasing Number Of Poisoning Incidents Due To E-Liquid Consumption
3.3.3 Lobbying By Big Pharmaceutical Companies
3.3.4 Government’s Intent To Tax E-Cigarettes And E-Liquids
3.3.5 Home To Conflicting Regulatory Regimes
3.4 Market Opportunities
3.4.1 Potential To Build A Strong Brand Image With Product Innovation And Customization Features
3.4.2 The Integration Of Cannabis And E-Cigarette Industry
4 PORTERS FIVE FORCES ANALYSIS FOR EUROPE E-LIQUID MARKET
4.1 Introduction
4.2 Threat Of New Entrants
4.2.1 Economies Of Scale
4.2.2 Product Differentiation
4.2.3 Entry Barriers
4.2.4 Capital Requirements
4.2.5 Access To Distribution Channels
4.3 Bargaining Power Of Buyers
4.3.1 Concentration Of Buyers
4.3.2 Differentiation Of Outputs
4.3.3 Buyer’s Information About Supplier’s Product
4.3.4 Importance Of Volume To Buyers
4.3.5 Threat Of Backward Integration
4.4 Bargaining Power Of Suppliers
4.4.1 Product Differentiation
4.4.2 Supplier Concentration
4.4.3 Threat Of Forward Integration
4.4.4 Switching Cost
4.5 Intensity Of Competitive Rivalry
4.5.1 Industry Concentration
4.5.2 Intermittent Over Capacity
4.5.3 Customer’s Loyalty Towards Brand
4.5.4 Product Differentiation
4.5.5 Entry Barriers
4.6 Presence Of Substitutes
5 EUROPE E-LIQUID MARKET SIZE ESTIMATE & FORECAST
5.1 Introduction
5.2 By Type
5.2.1 Market Statistics
5.2.2 Pre-Filled E-Liquid
5.2.2.1 Key Market Players
5.2.2.2 Market Statistics
5.2.3 Bottled E-Liquid
5.2.3.1 Key Market Players
5.2.3.2 Market Statistics
5.3 By Source Of Origin
5.3.1 Market Statistics
5.4 By Key Countries
5.4.1 Market Statistics
5.4.2 The U.K.
5.4.3 Russia
5.4.4 Germany
5.4.5 France
5.4.6 Spain
5.4.7 Others
6 EUROPEAN E-LIQUID MARKET PENETRATION, BY DISTRIBUTION CHANNEL
6.1 Introduction
6.1.1 Market Statistics
6.2 Online Distribution Channel
6.2.1 Online Resellers
6.2.2 Online Websites
6.2.3 Market Statistics
6.3 Retail (Brick & Mortar Stores)
6.3.1 Convenience Stores (C-Stores)
6.3.2 Vape Shops
6.3.3 Others (Pharmacies, Drug Stores And Gas Stations)
6.3.4 Market Statistics
7 EUROPE REGULATORY COMPLIANCE & GUIDELINES
7.1 Introduction
7.2 Regulatory Bodies
7.2.1 Eu Tobacco Products Directive (TPD)
7.2.1.1 Response To Eu Tpd
7.2.2 Medicines & Healthcare Products Regulatory Agency (MHRA)
7.2.3 World Health Organization-Framework Convention On Tobacco Control (WHO-FCTC)
7.3 Consortiums
7.3.1 Association Française De Normalisation (AFNOR)
7.3.2 British Medical Association (BMA)
7.3.3 Electronic Cigarette Industry Trade Association (ECITA)
7.3.4 Tobacco Vapor Electronic Cigarette Association (TVECA)
7.4 Compliance & Certification
7.4.1 International Organization For Standardization (ISO) Compliance
7.4.2 Conformité Européenne (CE)
7.4.3 Restriction Of Hazardous Substances (ROHS) Compliance
7.5 Country-Wise Legal Framework For E-Cigarette
8 BUYING CRITERIA–CONSUMER PERSPECTIVE
8.1 Introduction
8.2 Choice Of Bases/Carrier Liquid
8.3 Flavor
8.4 Nicotine Level
8.5 Approval & Standards
8.6 Cost
8.7 Branding
8.8 Packaging & Labelling
9 KEY STRATEGIES AND DEVELOPMENTS
9.1 Introduction
9.2 Mergers And Acquisitions
9.3 Partnership, Collaboration & Joint Ventures
9.4 Product Launch
9.5 Business Expansion
9.6 Others
10 COMPANY PROFILES
10.1 Global E-Lquid Company Profiles (Detailed)
10.1.1 Altria Group, Inc.
10.1.1.1 Company Overview
10.1.1.2 Mark Ten
10.1.1.3 Green Smoke LLC
10.1.1.4 Financials
10.1.1.4.1 Overall Financials
10.1.1.4.2 Net Revenue By Business Segments
10.1.2 British American Tobacco Plc (BAT)
10.1.2.1 Company Overview
10.1.2.1.1 Nicoventures Ltd.
10.1.2.2 Financials
10.1.2.2.1 Overall Financials
10.1.2.2.2 Net Revenue By Geography
10.1.3 Electronic Cigarettes International Group
10.1.3.1 Company Overview
10.1.3.1.1 Vapestick
10.1.3.1.2 Ten Motives
10.1.3.1.3 VIP
10.1.3.2 Financials
10.1.4 Fontem Ventures
10.1.4.1 Company Overview
10.1.4.1.1 Blu Cig
10.1.5 Gamucci Electronic Cigarettes
10.1.5.1 Company Overview
10.1.6 Imperial Tobacco Group Plc
10.1.6.1 Company Overview
10.1.6.2 Financials
10.1.6.2.1 Overall Financials
10.1.6.2.2 Financials By Geography
10.1.7 Japan Tobacco, Inc. (JT)
10.1.7.1 Company Overview
10.1.7.2 Financials
10.1.7.2.1 Overall Financials
10.1.7.2.2 Net Revenue By Business Segments
10.1.8 Philip Morris International Inc. (PMI)
10.1.8.1 Company Overview
10.1.8.2 Financials
10.1.8.2.1 Overall Financials
10.1.8.2.2 Financials By Geography
10.1.9 Reynolds American Inc. (RAI)
10.1.9.1 Company Overview
10.1.9.2 Financials
10.1.10 Shenzhen First Union Technology Co. Ltd
10.1.10.1 Company Overview
10.1.10.2 Financial Summary (Export Data By Geography)
10.1.11 Shenzhen Smoore Technology Limited
10.1.11.1 Company Overview
10.2 Europe Based E-Liquid Company (Overviews)
10.2.1 Alchem International
10.2.1.1 Company Overview
10.2.2 Atom Vapes
10.2.2.1 Company Overview
10.2.3 Bandz Srl
10.2.3.1 Company Overview
10.2.4 Beverly Hills Vapor
10.2.4.1 Company Overview
10.2.5 Changning Dekang Biotechnology Srl
10.2.5.1 Company Overview
10.2.6 Civap
10.2.6.1 Company Overview
10.2.7 E-Cig Hellas
10.2.7.1 Company Overview
10.2.8 Elgarette
10.2.8.1 Company Overview
10.2.9 Ezsmoke
10.2.9.1 Company Overview
10.2.10 Flavourtec
10.2.10.1 Company Overview
10.2.11 Givismoke
10.2.11.1 Company Overview
10.2.12 Hangsen
10.2.12.1 Company Overview
10.2.13 Janty Technology Group Inc.
10.2.13.1 Company Overview
10.2.14 Liquideu
10.2.14.1 Company Overview
10.2.15 Rejuice
10.2.15.1 Company Overview
10.2.16 Skysmoke
10.2.16.1 Company Overview
10.2.17 Totally Wicked
10.2.17.1 Company Overview
10.2.18 VINIRETTE
10.2.18.1 Company Overview
LIST OF TABLES
TABLE 1 EUROPE E-LIQUID MARKET VALUE ($ MILLION), BY TYPE, 2015-2025
TABLE 2 EUROPE E-LIQUID MARKET VOLUME (1000 LITERS), BY TYPE, 2015-2025
TABLE 3 PRE-FILLED E-LIQUID PRICING BY KEY VENDORS
TABLE 4 EUROPE PRE-FILLED E-LIQUID MARKET VALUE ($ MILLION), BY DISTRIBUTION CHANNEL, 2015-2025
TABLE 5 EUROPE PRE-FILLED E-LIQUID MARKET VOLUME (1000 LITERS), BY DISTRIBUTION CHANNEL, 2015-2025
TABLE 6 EUROPE PRE-FILLED E-LIQUID MARKET VALUE ($ MILLION), BY SOURCE OF ORIGIN, 2015-2025
TABLE 7 EUROPE PRE-FILLED E-LIQUID MARKET VOLUME (1000 LITERS), BY SOURCE OF ORIGIN, 2015-2025
TABLE 8 BOTTLED E-LIQUID PRICING BY KEY VENDORS
TABLE 9 EUROPE BOTTLED E-LIQUID MARKET VALUE ($ MILLION), BY DISTRIBUTION CHANNEL, 2015-2025
TABLE 10 EUROPE BOTTLED E-LIQUID MARKET VOLUME (1000 LITERS), BY DISTRIBUTION CHANNEL, 2015-2025
TABLE 11 EUROPE BOTTLED E-LIQUID MARKET VALUE ($ MILLION), BY SOURCE OF ORIGIN, 2015-2025
TABLE 12 EUROPE BOTTLED E-LIQUID MARKET VOLUME (1000 LITERS), BY SOURCE OF ORIGIN, 2015-2025
TABLE 13 EUROPE E-LIQUID MARKET VALUE ($MILLION), BY SOURCE OF ORIGIN, 2015-2025
TABLE 14 EUROPE E-LIQUID MARKET VOLUME (1000 LITERS), BY SOURCE OF ORIGIN, 2015-2025
TABLE 15 EUROPEAN E-LIQUID MARKET VALUE ($MILLION), BY COUNTRIES, 2015-2025
TABLE 16 EUROPEAN E-LIQUID MARKET VOLUME (1000 LITERS), BY COUNTRIES, 2015-2025
TABLE 17 E-LIQUID BRANDS & THEIR SALES CHANNEL
TABLE 18 E-CIGARETTE BY LOCATION OF PURCHASE IN EU MEMBER STATES
TABLE 19 EUROPE E-LIQUID MARKET VALUE ($MILLION), BY DISTRIBUTION CHANNEL, 2015-2025
TABLE 20 EUROPE E-LIQUID MARKET VOLUME (1000 LITERS), BY DISTRIBUTION CHANNEL, 2015-2025
TABLE 21 EUROPE ONLINE DISTRIBUTION CHANNEL E-LIQUID MARKET VALUE ($MILLION), BY TYPE, 2015-2025
TABLE 22 EUROPE ONLINE DISTRIBUTION CHANNEL E-LIQUID MARKET VOLUME (1000 LITERS), BY TYPE, 2015-2025
TABLE 23 EUROPE RETAIL DISTRIBUTION CHANNEL E-LIQUID MARKET VALUE ($MILLION), BY TYPE, 2015-2025
TABLE 24 EUROPE RETAIL DISTRIBUTION CHANNEL E-LIQUID MARKET VOLUME (1000 LITERS), BY TYPE, 2015-2025
TABLE 25 EUROPE E-LIQUID RETAIL DISTRIBUTION CHANNEL MARKET VALUE ($MILLION), 2015-2025
TABLE 26 EUROPE E-LIQUID RETAIL DISTRIBUTION CHANNEL MARKET VOLUME (1000 LITERS), 2015-2025
TABLE 27 COMPARISON OF PROPYLENE GLYCOL (PG) AND VEGETABLE GLYCOL (VG) AS CARRIER LIQUID IN E-CIGARETTE
TABLE 28 SHARE OF EXPORT REVENUE
TABLE 29 F.O.B. PRICE OF PRODUCTS
LIST OF FIGURES
FIGURE 1 BIS RESEARCH METHODOLOGY
FIGURE 2 THE EUROPE E-LIQUID MARKET-RESEARCH METHODOLOGY
FIGURE 3 EUROPEAN E-LIQUID MARKET VALUE COMPARISON BY TYPES ($MILLION), 2015-2015
FIGURE 4 EUROPEAN E-LIQUID MARKET BY COUNTRIES: 2014 VS 2025
FIGURE 5 EUROPE E-LIQUID MARKET VALUE BY DISTRIBUTION CHANNEL COMPARISON, 2015-2025
FIGURE 6 PORTERS FIVE FORCES ANALYSIS
FIGURE 7 ADVANTAGES & DISADVANTAGES OF PRE-FILLED E-LIQUID
FIGURE 8 ADVANTAGES & DISADVANTAGES OF BOTTLED E-LIQUID
FIGURE 9 ADVANTAGES OF ONLINE SALES CHANNEL
FIGURE 10 ADVANTAGES OF RETAIL SALES CHANNEL
FIGURE 11 EU TPD PROPOSED GUIDELINES FOR EUROPEAN E-CIGARETTE MARKET
FIGURE 12 HEALTH RISKS OF ELECTRONIC NICOTINE DELIVERY SYSTEMS (ENDS) TO USERS AND NON USERS
FIGURE 13 EFFICACY OF ELECTRONIC NICOTINE DELIVERY SYSTEMS (ENDS) AS A SMOKING CESSATION TOOL
FIGURE 14 REGULATIONS BY TVECA FOR E-LIQUID FIRMS
FIGURE 15 GENERAL PRINCIPLES OF CE MARKING
FIGURE 16 INTERNATIONAL JOURNAL OF ENVIRONMENTAL RESEARCH AND PUBLIC HEALTH: RESEARCH RESULTS
FIGURE 17 TYPES OF PREVALENT E-LIQUID FLAVORS
FIGURE 18 CHOOSING THE RIGHT LEVEL OF NICOTINE IN E-CIGARETTE
FIGURE 19 PREVALENT NICOTINE DISTRIBUTION LEVELS
FIGURE 20 LABEL REQUIREMENT FOR E-LIQUID PACKAGING
FIGURE 21 KEY MERGERS & ACQUISITIONS (2014-15)
FIGURE 22 KEY PARTNERSHIPS & COLLABORATIONS (2013-15)
FIGURE 23 KEY PRODUCT LAUNCHES (2014-15)
FIGURE 24 KEY BUSINESS EXPANSION ACTIVITIES (2013-15)
FIGURE 25 ALTRIA GROUP, INC.: OVERALL FINANCIALS, 2012-2014 ($BILLION)
FIGURE 26 ALTRIA GROUP, INC.: NET REVENUE BY BUSINESS SEGMENTS, 2012-2014 ($MILLION)
FIGURE 27 BRITISH AMERICAN TOBACCO PLC (BAT): OVERALL FINANCIALS, 2012-2014 ($BILLION)
FIGURE 28 BRITISH AMERICAN TOBACCO PLC (BAT): NET REVENUE, BY GEOGRAPHY, 2012-2014 ($BILLION)
FIGURE 29 ECIG : OVERALL FINANCIALS 2012-2014 ($MILLION)
FIGURE 30 IMPERIAL TOBACCO GROUP PLC: OVERALL FINANCIALS, 2012-2014 ($BILLION)
FIGURE 31 IMPERIAL TOBACCO GROUP PLC: NET REVENUE BY GEOGRAPHY, 2012-2014 ($BILLION)
FIGURE 32 JAPAN TOBACCO CORPORATION (JT): OVERALL FINANCIALS, 2012-2014 ($BILLION)
FIGURE 33 JAPAN TOBACCO CORPORATION (JT): NET REVENUE BY BUSINESS SEGMENTS, 2011-2013 ($BILLION)
FIGURE 34 PHILIP MORRIS INTERNATIONAL INC. (PMI): OVERALL FINANCIALS, 2012-2014 ($BILLION)
FIGURE 35 PHILIP MORRIS INTERNATIONAL INC. (PMI): NET REVENUE BY GEOGRAPHY, 2012-2014 ($BILLION)
FIGURE 36 REYNOLDS AMERICAN INC. (RAI): OVERALL FINANCIALS, 2012-2014 ($BILLION)

Europe stands at the forefront of the legal scenario of the global e-cigarette market with a series of laws and regulations for e-cigarette and e-liquid manufacturing, sales, distribution, advertising, and marketing. When disposable e-cigarettes entered the market in the form of ‘cig-a-likes’, market estimations were never targeted towards estimating the size of e-liquid market. However, owing to the introduction of second and third generation e-cigarettes, the e-liquid market has gained momentum, especially when users can refill their e-cigarettes themselves. As a result of increasing competition and growing consumer demand for different e-liquid flavors, the European e-liquid market is poised to grow over $11 billion by the end of the forecast period.

The e-liquid market in Europe is being driven by an increasing number of vape shops that are opening up in different countries. However, owing to the anticipated taxes that might be imposed on the sales of e-cigarettes and e-liquids many of these shops might actually exit from the market. Moreover, newer players are resorting to online distribution channels since brick-and-mortar shops require capital investments such as rent and other infrastructure set-up.

The prevalent distribution channels in Europe are online and retail. The e-liquid players either operate through their own brands or sell their products through online supermarkets and e-commerce websites. The retail channel is comprised of convenience stores, pharmacies, tobacco shops, and vape shops among others. Even after the regulatory framework takes shape, the retail outlets will continue to generate increasing revenue for the market. However, the ease of procuring and choosing e-liquids from the wide variety that online resellers offer will enable the distribution channel to grow at a CAGR of 26.26% through the forecast period.

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