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 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?
Table of contents
Executive Summary 10
1 Research Scope and Methodology 15
1.1 Scope of the Study 15
1.2 Research Methodology 16
1.2.1 Primary Data Sources 16
1.2.2 Secondary Data Sources 17
2 Market Dynamics 18
2.1 Introduction 18
2.2 Market Drivers 19
2.2.1 High Smoking Population and Need for Tobacco Alternatives 19
2.2.2 Emergence of Vape Shops and Online Distribution Channels 20
2.2.3 Cost Effectiveness 21
2.2.4 Product Innovation 21
2.2.5 Wide Variety of E-Liquid Flavours 22
2.3 Market Challenges 22
2.3.1 Stringent Regulatory Framework 22
2.3.2 Increase in Volume of Counterfeit Products 23
2.3.3 Unregulated Manufacturing in China 23
3 Competitive Insights 25
3.1 Key Strategies and Developments 25
3.1.1 Mergers and Acquisitions 25
3.1.2 Partnerships, Agreements, and Collaborations 26
3.1.3 Product Launch and Development 28
3.1.4 Business Expansion 35
3.1.5 Events 36
3.2 Porter’s Five Forces Analysis 38
3.3 Buying Decision-Consumer Buying Behaviour 43
3.3.1 Choice of Bases/Carrier Liquid 43
3.3.2 Flavor 44
3.3.3 Nicotine Level 46
3.3.4 Approval & Standards 47
3.3.5 Cost 48
3.3.6 Branding 48
3.3.7 Packaging & Labelling 48
4 APAC Key Consortiums and Alliances 49
4.1 Introduction 49
4.1.1 Asian Vape Association (AVA) 49
4.1.2 Fact Asia 50
4.1.3 Malaysia E-Vaporizers and Tobacco Alternatives Association (MEVTA) 50
4.1.4 Tobacco Free Alternatives Association of India (TFFAI) 51
4.1.5 Philippine E-Cigarette Industry Association (PECIA) 51
4.1.6 Legal status of E-cigarettes and Related Products in APAC, By Country 52
5 APAC E-Liquid Market Analysis and Forecast, by Type 55
5.1 Introduction 55
5.2 Market Overview 56
5.2.1 Pre-Filled E-Liquid 56
5.2.2 Bottled E-Liquid 58
6 APAC E-Liquid Market, by Source of Origin 61
6.1 Market Overview 61
7 APAC E-liquid Market, by Geography 63
7.1 Market Overview 63
7.1.1 China 64
7.1.2 Malaysia 67
7.1.3 India 68
7.1.4 Japan 69
7.1.5 Philippines 70
7.1.6 Indonesia 70
7.1.7 South Korea 71
7.1.8 Australia 72
7.1.9 Others 73
8 APAC E-liquid Market Analysis and Forecast, by Distribution Channel 74
8.1 Market Overview 74
8.1.1 Online Distribution Channel 75
8.1.2 Retail Distribution Channels 76
8.1.2.1 Convenience Stores (C-Stores) 77
8.1.2.2 Vape Shops 77
8.1.2.3 Others (Pharmacies, Drug Stores and Gas Stations) 77
9 Company Profile 79
9.1 Anarchist Vapors 79
9.1.1 Company Overview 79
9.2 Electronic Cigarette Just Fog Co., Ltd. 80
9.2.1 Company Overview 80
9.3 ESutta 81
9.3.1 Company Overview 81
9.4 Falcon Flavors 82
9.4.1 Company Overview 82
9.5 Farsee Technology Co. Ltd. 83
9.5.1 Company Overview 83
9.6 Fcukin’ Flava 84
9.6.1 Company Overview 84
9.7 FeelLife Bioscience International Co., Ltd. 85
9.7.1 Company Overview 85
9.8 FirstUnion (Shenzhen) Technology Co., Ltd. 86
9.8.1 Company Overview 86
9.8.2 Financials 87
9.9 Hangsen 88
9.9.1 Company Overview 88
9.10 Huizhou Hangboo Biotech Co., Ltd. 89
9.10.1 Company Overview 89
9.11 Innokin Technology Co., Ltd. 90
9.11.1 Company Overview 90
9.11.2 Financials 91
9.12 ITC Limited 92
9.12.1 Company Overview 92
9.12.2 Financials 93
9.12.2.1 Financial Summary 93
9.12.3 SWOT Analysis 94
9.13 Japan tobacco, inc. (JT) 95
9.13.1 Company Summary 95
9.13.1.1 E-Lites 96
9.13.1.2 Financials 97
9.13.1.2.1 Overall Financials 97
9.13.1.2.2 Business Segments Revenue Mix 98
9.13.1.2.3 Financial Summary 98
9.14 Joyetech 99
9.14.1 Company Overview 99
9.15 Kanger Technology Co., Ltd. 100
9.15.1 Company Overview 100
9.16 Kimree, INC 101
9.16.1 Kimree, INC Summary 101
9.16.2 Financials 103
9.16.2.1 Financial Summary 104
9.16.3 SWOT Analysis 104
9.17 L-Rider Technology Co. Ltd. 105
9.17.1 Company Overview 105
9.18 Liquid Factory 106
9.18.1 Company Overview 106
9.19 Mistlife 107
9.19.1 Company Overview 107
9.20 Mystic Plumes 108
9.20.1 Company Overview 108
9.21 Oplus Technology Ltd. 109
9.21.1 Company Overview 109
9.22 Samurai Vapors Co. Ltd. 110
9.22.1 Company Overview 110
9.23 Shenzhen Smoore Technology Co., Ltd. 111
9.23.1 Company Overview 111
9.24 SK Biological Technology Co. Ltd. 112
9.24.1 Company Overview 112
9.25 SmokeFree 113
9.25.1 Company Overview 113
9.26 Timiya Technology Co., Ltd 114
9.26.1 Company Overview 114
9.26.2 Financials 114
9.27 Top Q 116
9.27.1 Company Overview 116
9.28 TYGR TYGR 117
9.28.1 Company Overview 117
9.29 Yunnan Changning Dekang Biotechnology 118
9.29.1 Company Overview 118
?
List of Tables Table 3.1 Key Mergers and Acquisitions 26
Table 3.2 Key Partnerships, Agreements, and Collaborations 27
Table 3.3 Key Product Launch and Developments 28
Table 3.4 Key Business Expansion Activities 36
Table 3.5 Key Events 37
Table 3.6 Comparison of Propylene Glycol (PG) and Vegetable Glycol (VG) as Carrier Liquid in E-Cigarette 43
Table 3.7 Country-wise E-cigarette and E-liquid Regulations 52
Table 5.1 APAC E-liquid Market by Type, 2015-2025 56
Table 5.2 Pre-Filled E-Liquid Pricing by Key Vendors 58
Table 5.3 Bottled E-Liquid Pricing by Key Vendors 59
Table 6.1 APAC E-liquid Market Value ($Million), by Source of Origin, 2015-2025 61
Table 7.1 APAC E-liquid by Key Countries, 2015-2025 63
Table 8.1 The APAC E-cigarette And Vaporizer Market by Distribution Channels, 2015-2025 74
Table 8.2 The APAC E-liquid Market by Retail Distribution Channels, 2015-2025 77
Table 9.1 Revenue Split (%) by Geography (2015) 87
Table 9.2 Revenue Split (%) by Geography (2015) 91
Table 9.3 Revenue Split (%) by Geography (2015) 103
Table 9.4 Revenue Split (%) by Geography (2015) 115
?
List of Figures
Figure 1 APAC E-Liquid Market Share, by Type (%), 2015 And 2025 12
Figure 2 APAC E-Liquid Market by Country: 2015 and 2025 12
Figure 3 APAC E-Liquid Market by Distribution Channel: 2015 and 2025 14
Figure 1.1 The APAC E-Liquid Market Scope 15
Figure 2.1 APAC E-liquid Market Drivers & Challenges 18
Figure 3.1 Porter’s Five Forces Analysis for the APAC E-cigarette Industry 38
Figure 3.2 Consumer Advocates for Smoke-Free Alternatives Association (CASAA): Research Results 44
Figure 3.3 Types of Prevalent E-Liquid Flavors 45
Figure 3.4 Choosing the Right Level of Nicotine in E-Cigarette 46
Figure 3.5 Prevalent Nicotine Distribution Levels 47
Figure 3.6 Label Requirement for E-Liquid Packaging 48
Figure 5.1 Advantages and Disadvantages of Pre-Filled E-Liquid 57
Figure 5.2 Advantages and Disadvantages of Bottled E-Liquid 59
Figure 7.1 Summarizing the E-cigarette Market in China 65
Figure 7.2 Regulations under the National Tobacco Control Law (China) 66
Figure 7.3 Impact of Regulations and Laws on the Sale of E-cigarettes and related products 72
Figure 7.4 Commercial Importation and Retail Sale of Non-nicotine E-cigarettes 73
Figure 8.1 Advantages of Online Distribution Channel 75
Figure 8.2 Advantages of Retail Distribution Channel 76
Figure 9.1 ITC Limited: Overall Financials ($Millions) 2013-2015 93
Figure 9.2 Japan Tobacco Corporation (JT): Overall Financials, ($Billion) 2013-2015 97
Figure 9.3 Japan Tobacco Corporation (JT): Business Segments Revenue Mix, ($Billion) 2011-2013 98
Figure 9.4 Kimree,Inc: Overall Financials ($Million); 2012-2014 103
