LONDON, March 27, 2017 /PRNewswire/ -- 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 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?
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.
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