E-liquid and e-juice is a liquid consisting of propylene glycol mixed with other chemical substances and sometimes includes flavorings such as fruit juices. The composition and consistency of e-juice greatly affects how it smells and tastes when it is vaped. It differs slightly from bottled e-juices because it is more concentrated, and therefore, it has a stronger taste and aroma. The concentration is usually measured in percentage of volume by weight. More or less potent e-juices are available depending on its contents, which range from vegetable oils and glycerine to propylene glycol.
Tobacco-free formulation of e-liquid and e-juice and increasing substance abuse is expected to propel growth of the e-liquid and e-juice market. For instance, according to the 2018 National Survey on Drug Use and Health, in the U.S., around 164.8 million people aged 12 or older in the U.S. were past month substance users that included tobacco, alcohol, or illicit drugs.
High prevalence of lung cancer is expected to offer lucrative growth opportunities for players in the e-liquid and e-juice market. For instance, according to The American Cancer Society, in 2020, the U.S. is expected to witness around 228,820 new cases of lung cancer and around 135,720 deaths due to the disease. Moreover, vaping is considered less harmful than smoking, which is also expected to aid in growth of the market. For instance, in April 2020, the U.K released its 6th annual independent report, “A Tobacco Control Plan for England”, with a statement reassuring the public that vaping is still at least 95 percent less harmful than smoking.
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