APAC E-liquid Market

Focus on the Type, Origin, Geography, and Distribution Channel, Analysis & Forecast, 2016-2025

Published Year: 2017
SKU: EC00425SA


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Table of Contents

Research Scope and Methodology

1.1 Scope of the Study
1.2 Research Methodology
1.2.1 Primary Data Sources
1.2.2 Secondary Data Sources

Market Dynamics

2.1 Introduction
2.2 Market Drivers
2.2.1 High Smoking Population and Need for Tobacco Alternatives
2.2.2 Emergence of Vape Shops and Online Distribution Channels
2.2.3 Cost Effectiveness
2.2.4 Product Innovation
2.2.5 Wide Variety of E-Liquid Flavours
2.3 Market Challenges
2.3.1 Stringent Regulatory Framework
2.3.2 Increase in Volume of Counterfeit Products
2.3.3 Unregulated Manufacturing in China

Competitive Insights

3.1 Key Strategies and Developments
3.1.1 Mergers and Acquisitions
3.1.2 Partnerships, Agreements, and Collaborations
3.1.3 Product Launch and Development
3.1.4 Business Expansion
3.1.5 Events
3.2 Porter’s Five Forces Analysis
3.3 Buying Decision-Consumer  Buying Behaviour
3.3.1 Choice of Bases/Carrier Liquid
3.3.2 Flavor
3.3.3 Nicotine Level
3.3.4 Approval & Standards
3.3.5 Cost
3.3.6 Branding
3.3.7 Packaging & Labelling

APAC Key Consortiums and Alliances

4.1 Introduction
4.1.1 Asian Vape Association (AVA)
4.1.2 Fact Asia
4.1.3 Malaysia E-Vaporizers and Tobacco Alternatives Association (MEVTA)
4.1.4 Tobacco Free Alternatives Association of India (TFFAI)
4.1.5 Philippine E-Cigarette Industry Association (PECIA)
4.1.6 Legal status of E-cigarettes and Related Products in APAC, By Country

APAC E-Liquid Market Analysis and Forecast, by Type

5.1 Introduction
5.2 Market Overview
5.2.1 Pre-Filled E-Liquid
5.2.2 Bottled E-Liquid

APAC E-Liquid Market, by Source of Origin

6.1 Market Overview

APAC E-liquid Market, by Geography

7.1 Market Overview
7.1.1 China
7.1.2 Malaysia
7.1.3 India
7.1.4 Japan
7.1.5 Philippines
7.1.6 Indonesia
7.1.7 South Korea
7.1.8 Australia
7.1.9 Others

APAC E-liquid Market Analysis and Forecast, by Distribution Channel

8.1 Market Overview
8.1.1 Online Distribution Channel
8.1.2 Retail Distribution Channels Convenience Stores (C-Stores) Vape Shops Others (Pharmacies, Drug Stores  and Gas Stations)

Company Profile

9.1 Anarchist Vapors
9.1.1 Company Overview
9.2 Electronic Cigarette Just Fog Co., Ltd.
9.2.1 Company Overview
9.3 ESutta
9.3.1 Company Overview
9.4 Falcon Flavors
9.4.1 Company Overview
9.5 Farsee Technology Co. Ltd.
9.5.1 Company Overview
9.6 Fcukin’ Flava
9.6.1 Company Overview
9.7 FeelLife Bioscience International Co., Ltd.
9.7.1 Company Overview
9.8 FirstUnion (Shenzhen) Technology Co., Ltd.
9.8.1 Company Overview
9.8.2 Financials
9.9 Hangsen
9.9.1 Company Overview
9.10 Huizhou Hangboo Biotech Co., Ltd.
9.10.1 Company Overview
9.11 Innokin Technology Co., Ltd.
9.11.1 Company Overview
9.11.2 Financials
9.12 ITC Limited
9.12.1 Company Overview
9.12.2 Financials Financial Summary
9.12.3 SWOT Analysis
9.13 Japan tobacco, inc. (JT)
9.13.1 Company Summary E-Lites Financials Overall Financials Business Segments Revenue Mix Financial Summary
9.14 Joyetech
9.14.1 Company Overview
9.15 Kanger Technology Co., Ltd.
9.15.1 Company Overview
9.16 Kimree, INC
9.16.1 Kimree, INC Summary
9.16.2 Financials Financial Summary
9.16.3 SWOT Analysis
9.17 L-Rider Technology Co. Ltd.
9.17.1 Company Overview
9.18 Liquid Factory
9.18.1 Company Overview
9.19 Mistlife
9.19.1 Company Overview
9.20 Mystic Plumes
9.20.1 Company Overview
9.21 Oplus Technology Ltd.
9.21.1 Company Overview
9.22 Samurai Vapors Co. Ltd.
9.22.1 Company Overview
9.23 Shenzhen Smoore Technology Co., Ltd.
9.23.1 Company Overview
9.24 SK Biological Technology Co. Ltd.
9.24.1 Company Overview
9.25 SmokeFree
9.25.1 Company Overview
9.26 Timiya Technology Co., Ltd
9.26.1 Company Overview
9.26.2 Financials
9.27 Top Q
9.27.1 Company Overview
9.28.1 Company Overview
9.29 Yunnan Changning Dekang Biotechnology
9.29.1 Company Overview

List of Tables

Table 3.1 Key Mergers and Acquisitions
Table 3.2 Key Partnerships, Agreements, and Collaborations
Table 3.3 Key Product Launch and Developments
Table 3.4 Key Business Expansion Activities
Table 3.5 Key Events
Table 3.6 Comparison of Propylene Glycol (PG) and Vegetable Glycol (VG) as Carrier Liquid in E-Cigarette
Table 3.7 Country-wise E-cigarette and E-liquid Regulations
Table 5.1 APAC E-liquid Market by Type, 2015-2025
Table 5.2 Pre-Filled E-Liquid Pricing by Key Vendors
Table 5.3 Bottled E-Liquid Pricing by Key Vendors
Table 6.1 APAC E-liquid Market Value ($Million), by Source of Origin, 2015-2025
Table 7.1 APAC E-liquid by Key Countries, 2015-2025
Table 8.1 The APAC E-cigarette And Vaporizer Market by Distribution Channels, 2015-2025
Table 8.2 The APAC E-liquid Market by Retail Distribution Channels, 2015-2025
Table 9.1 Revenue Split (%) by Geography (2015)
Table 9.2 Revenue Split (%) by Geography (2015)
Table 9.3 Revenue Split (%) by Geography (2015)
Table 9.4 Revenue Split (%) by Geography (2015)

List of Figures

Figure 1 APAC E-Liquid Market Share, by Type (%), 2015 And 2025
Figure 2 APAC E-Liquid Market by Country: 2015 and 2025
Figure 3 APAC E-Liquid Market by Distribution Channel: 2015 and 2025
Figure 1.1 The APAC E-Liquid Market Scope
Figure 2.1 APAC E-liquid Market Drivers & Challenges
Figure 3.1 Porter’s Five Forces Analysis for the APAC E-cigarette Industry
Figure 3.2 Consumer Advocates for Smoke-Free Alternatives Association (CASAA): Research Results
Figure 3.3 Types of Prevalent E-Liquid Flavors
Figure 3.4 Choosing the Right Level of Nicotine in E-Cigarette
Figure 3.5 Prevalent Nicotine Distribution Levels
Figure 3.6 Label Requirement for E-Liquid Packaging
Figure 5.1 Advantages and Disadvantages of Pre-Filled E-Liquid
Figure 5.2 Advantages and Disadvantages of Bottled E-Liquid
Figure 7.1 Summarizing the E-cigarette Market in China
Figure 7.2 Regulations under the National Tobacco Control Law (China)
Figure 7.3 Impact of Regulations and Laws on the Sale of E-cigarettes and related products
Figure 7.4 Commercial Importation and Retail Sale of Non-nicotine E-cigarettes
Figure 8.1 Advantages of Online Distribution Channel
Figure 8.2 Advantages of Retail Distribution Channel
Figure 9.1 ITC Limited: Overall Financials ($Millions) 2013-2015
Figure 9.2 Japan Tobacco Corporation (JT): Overall Financials, ($Billion) 2013-2015
Figure 9.3 Japan Tobacco Corporation (JT): Business Segments Revenue Mix, ($Billion) 2011-2013
Figure 9.4 Kimree,Inc: Overall Financials ($Million); 2012-2014

Report Description

The Asia Pacific (APAC) region provides immense opportunity for both small and large e-liquid and cigarette players to enter and expand in the lucrative market. APAC e-liquid market is at a nascent stage, despite the presence of large number of smokers in the region, e-cigarettes have not yet become a commonplace consumer product. Most e-liquid manufactured in the region is exported to Western markets of Europe and U.S. Consortiums and associations are playing a crucial rule in increasing market penetration in Asian markets through public education campaigns highlighting the benefits of vapor products for adult smokers and acquainting them with new products. The prominent consortiums discussed in this segment are Asian Vape Association (AVA), Fact Asia, Malaysia E-Vaporizer and Tobacco Alternatives Association (MEVTA), and Philippine E-cigarette Industry Association (PECIA) among others.

Lack of regulation, low manufacturing costs and large smoking populations have become the driving force of the market. The report on the ‘APAC E-liquid Market’ is a meticulous compilation of the various facets of the e-liquid industry. After a thorough analysis of the current trends, the market dynamic chapter includes the key push and pull forces prevailing in the APAC e-liquid. Owing to the dependency of the market growth on the legal and regulatory framework, the report at each step has considered the effect of laws (both implemented and anticipated) in terms of regulations and taxation in estimation and forecast of the market size. Moreover, the key consortiums and compliance influencing the e-cigarette and e-liquid market across the continent have also been included in the report.

The report involves a mix of 25+ companies chosen on the basis of their market developments, revenue generation and market share in the industry. The companies profiled in the report include Hangsen, Anarchist Vapors, Falcon Flavors, Huizhoo Hangboo Biotech and Timiya among others.

Key Questions Answered in this Report

Key Questions answered in the report:

•    How will the key market players leverage on key developments such as acquisitions, partnerships, and product launch among others?
•    How will the intensity of competitive rivalry evolve through the forecast period?
•    Which factors will be driving the market through the forecast period?
•    What factors are currently challenging the APAC e-liquid market and how can they be addressed through the forecast period?
•    Which consortiums are active in the market?
•    Which compliances and certifications are necessary to make a product acceptable among the users (especially the first time vapers)?
•    What are the prevalent e-liquid types and what is the market size for each of them?
•    How will the APAC e-liquid market grow in the next ten years?
•    Who are the key players in the APAC e-liquid market?

Market Overview

APAC has gained a reputation for exporting e-liquids to markets across the global. Traditionally, more than 85% of the e-liquid available globally was manufactured in a single location in China, Shenzhen. However, the increasing popularity of e-cigarettes in Asian nations and growing exports to Western markets have propelled the growth of market in other countries. A large number of e-liquid manufacturers have emerged in markets of Malaysia, Philippines and Indonesia in recent years. Moreover, the e-cigarette boom in APAC region has e-liquid manufacturers to create flavors catering to local tastes. Some of the popular home grown flavors include lychee, a tropical fruit popular in South East Asia, salak, a Malaysian native fruit and mango lassi, a yogurt based drink, along with vapor versions of local sweets such as cendol. 

Owing to the fragmented nature of the market, non-uniformity of the regulatory framework and absence of any big players, the APAC e-liquid market currently makes up only a meagre share of the global market and is valued at $XX million. Since rechargeable e-cigarettes currently dominate market, the revenue generation from prefilled e-liquid in cartridges, amounting to $XX million, largely exceeds the sale of bottle e-liquid, which amounts to $XX million in 2015. However, since personal vaporizers will witness an increasing demand and become the largest revenue generating vaping devices by the end of the forecast period, the sales of bottled e-liquid used in such devices will grow, exceeding the sale of prefilled devices by 2025.

Despite having gained significant traction in certain countries in the region, the market is still at an incipient stage. Some of the factors driving the growth of the industry in the APAC region are mentioned are Increase in the smoking population and lookout for less harmful alternatives, pricing and cost effectiveness of e-liquid and emergence of vape shops and diversity in the distribution channels. With a slack regulatory regime and deep seated smoking habit entrenched in majority of its population, APAC has massive potential to turn into the hub for e-cigarettes. However, there are several factors impeding the growth of the market and preventing it from flourishing. Some of the challenges being faced by the industry are non-uniformity of regulatory framework and rise in counterfeit products.

APAC E-liquid Market

Focus on the Type, Origin, Geography, and Distribution Channel, Analysis & Forecast, 2016-2025