Table of Content


Executive Summary 15
1 Research Methodology, Scope, and Coverage 19
1.1 Scope of the Study 19
1.2 Research Methodology 20
1.2.1 Primary Data Sources 20
1.2.2 Secondary Data Sources 21
2 Market Dynamics 22
2.1 Introduction 22
2.2 Market Drivers 22
2.2.1 Introduction of Second and Third Generation E-cigarette Products (Rechargeable E-cigs, Personal Vaporizers and Mods) 22
2.2.1.1 Control Over Nicotine Intake 23
2.2.1.2 The Feature of Cost Effectiveness 23
2.2.2 Wide Variety of Flavours 23
2.2.2.1 For Users Willing to Switch from Conventional Smoking 23
2.2.2.2 For First Time Users (Vapers)/Non Smokers 25
2.2.3 Lesser Harmful Ingredients Compared to Conventional Cigarettes 25
2.2.4 Ease of Access to Distribution Channels 26
2.2.5 Increasing Social Acceptability of E-cigarette 27
2.3 Market Challenges 28
2.3.1 Stringent Regulations 28
2.3.1.1 Transparency of Product Related Information 28
2.3.2 Unregulated Manufacturing in Asian Countries Especially China 29
2.3.3 Increasing Appeal Among Children and Adolescents 30
2.3.4 Government’s Intention to Levy Hefty Taxes on E-liquid 30
2.3.5 Increasing Number of Poisoning Incidents 31
3 Competitive Insights 33
3.1 Key Strategies and Developments 33
3.1.1 Mergers & Acquisitions 33
3.1.2 Product Launches 37
3.1.3 Partnership, Collaboration & Joint Ventures 42
3.1.4 Business Expansion 44
3.1.5 Others 48
3.1.5.1 Patent Lawsuits 49
3.1.5.2 Events 50
3.2 Porter’s Five Forces 51
3.2.1 Threat of New Entrants 52
3.2.1.1 Access to Distribution Channels 52
3.2.1.2 Capital Requirements 52
3.2.1.3 Economies of Scale 53
3.2.1.4 Entry Barriers 53
3.2.1.5 Product Differentiation 54
3.2.2 Bargaining Power of Buyers 54
3.2.2.1 Buyer’s Information about Supplier’s Product 54
3.2.2.2 Concentration of Buyers 54
3.2.2.3 Differentiation of Outputs 55
3.2.2.4 Importance of Volume to Buyers 55
3.2.2.5 Threat of Backward Integration 55
3.2.3 Bargaining Power of Suppliers 55
3.2.3.1 Product Differentiation 55
3.2.3.2 Supplier Concentration 56
3.2.3.3 Switching Cost 56
3.2.3.4 Threat of Forward Integration 56
3.2.4 Intensity of Competitive Rivalry 57
3.2.4.1 Customer’s Loyalty towards Brand 57
3.2.4.2 Entry Barriers 57
3.2.4.3 Industry Concentration 57
3.2.4.4 Intermittent Over Capacity 58
3.2.4.5 Product Differentiation 58
3.2.5 Presence of Substitutes 58
3.3 Pricing Analysis 59
3.3.1 Pricing by Vendors 60
3.3.2 Pricing by Flavor 63
3.4 Buying Criteria-Consumer Perspective 64
3.4.1 Choice of Bases/Carrier Liquid 64
3.4.2 Flavor 65
3.4.3 Nicotine Level 68
3.4.4 Approval & Standards 69
3.4.5 Cost 70
3.4.6 Branding 70
3.4.7 Packaging & Labelling 70
4 Regulatory Compliance and Guidelines 72
4.1 Introduction 72
4.2 Consortiums 72
4.2.1 American E-liquid Manufacturers' Standards Association (AEMSA) 72
4.2.2 American Public Health Association (APHA) 74
4.2.3 Smoke Free Alternative Trade Association (SFATA) 75
4.2.4 Tobacco Control Legal Consortium(TCLC) 76
4.2.5 Tobacco Vapor Electronic Cigarette Association (TVECA) 77
4.3 Regulatory Bodies 78
4.3.1 Food and Drug Administration (FDA) 78
4.3.2 The World Health Organization (WHO) 79
4.4 E-Liquids Compliances, Regulations and Certifications 80
4.4.1 ISO 9001: 2008 Certification 82
4.4.2 U.S. Pharmacopeial Convention (USP) Grade Ingredient 82
4.4.3 Generally Recognized as Safe (GRAS) Approval 84
4.4.4 Occupational Safety & Health Administration (OSHA) Regulation 84
4.5 State-Wise Legal Policy 86
4.5.1 Introduction 86
4.6 FDA Regulations 89
5 The U.S. E-Liquid Market Size Estimation & Forecast 98
5.1 Introduction 98
5.1.1 Composition of E-liquid 98
5.2 By Type 100
5.2.1 Market Statistics 100
5.2.2 Pre-Filled E-liquid 101
5.2.2.1 Key Market Players 103
5.2.3 Bottled E-liquid 103
5.2.3.1 Key Market Players 106
5.3 U.S. E-liquid Market by Source of Origin 106
5.3.1 Market Statistics 106
6 The U.S. E-liquid Market Penetration, by Distribution Channel 108
6.1 Introduction 108
6.1.1 Market Statistics 108
6.2 Online Distribution Channel 109
6.3 Retail (Brick and Mortar) Distribution Channel 109
6.3.1 Convenience Stores 109
6.3.2 Vape Shops 109
6.3.3 Others 110
7 Key Company Profile 111
7.1 Altria Group, Inc. 111
7.1.1 Company Overview 111
7.1.2 E-liquid Brands 112
7.1.2.1 Mark Ten 112
7.1.2.2 Green Smoke 112
7.1.3 Financials 113
7.1.3.1 Financial Summary 114
7.1.4 SWOT Analysis 114
7.2 Ballantyne Brands, llc 115
7.2.1 Company Overview 115
7.2.2 E-liquid Brands 115
7.2.2.1 Mistic 115
7.3 Clearette Electronic Cigarette Co. 116
7.3.1 Company Overview 116
7.4 DuraSmoke 117
7.4.1 Company Overview 117
7.5 EC Blend 118
7.5.1 Company Overview 118
7.6 Electronic Cigarettes International Group 119
7.6.1 Company Overview 119
7.6.2 E-liquid Brands 119
7.6.2.1 Vapestick 119
7.6.2.2 FIN Branding Group 120
7.6.2.3 Victory E-Cigarette 120
7.6.3 Financials 121
7.6.3.1 Financial Summary 121
7.6.4 SWOT Analysis 122
7.7 Fire Brand 123
7.7.1 Company Overview 123
7.8 Halocigs 124
7.8.1 Company Overview 124
7.9 Hot Vapes 125
7.9.1 Company Overview 125
7.10 Imperial Tobacco Group PLC 126
7.10.1 Company Overview 126
7.10.1.1 Fontem Ventures 127
7.10.2 Financials 128
7.10.2.1 Financial Summary 129
7.10.3 SWOT Analysis 130
7.11 International Vapor Group, Inc. (IVG) 131
7.11.1 Company Overview 131
7.11.2 E-liquid Brands 132
7.11.2.1 Eversmoke 132
7.11.2.2 Vaporfi 132
7.12 J Vapes E-liquid 133
7.12.1 Company Overview 133
7.13 Johnson Creek Enterprise 134
7.13.1 Company Overview 134
7.14 Mad Vapes 135
7.14.1 Company Overview 135
7.15 Mister E-liquid 136
7.15.1 Company Overview 136
7.16 Mountain Oak Vapors 137
7.16.1 Company Overview 137
7.17 NicQuid 138
7.17.1 Company Overview 138
7.18 Nicvape 139
7.18.1 Company Overview 139
7.19 Nixteria 140
7.19.1 Company Overview 140
7.20 Purilum 141
7.20.1 Company Overview 141
7.21 Reynolds American Inc. (RAI) 142
7.21.1 Company Overview 142
7.21.2 Product Portfolio 143
7.21.2.1 VUSE Electronic Cigarettes 143
7.21.3 Financials 144
7.21.3.1 Financial Summary 144
7.21.4 SWOT Analysis 145
7.22 Texas Select Vapor 146
7.22.1 Company Overview 146
7.23 The Vapor’s Knoll 147
7.23.1 Company Overview 147
7.24 The Vapor Bar 148
7.24.1 Company Overview 148
7.25 Vapor Cast Store 149
7.25.1 Company Overview 149
7.26 Vapor Shark 150
7.26.1 Company Overview 150

List of Tables

Table 2.1 Comparing the Presence of Chemicals in Conventional Cigarettes vs E-cigarettes 25
Table 3.1 Key Mergers and Acquisitions 33
Table 3.2 Product Launches 37
Table 3.3 Partnership, Collaboration & Joint Ventures 43
Table 3.4 Business Expansion 45
Table 3.5 Key Lawsuits 49
Table 3.6 Key Events 50
Table 3.7 Average Selling Price (asp) per ml, by Vendor (For Fruit Flavor) 61
Table 3.8 Average Selling Price (asp) per Cartridge, by Vendor 63
Table 3.9 Comparison of Propylene Glycol (PG) and Vegetable Glycol (VG) as Carrier Liquid in E-cigarette 65
Table 4.1 States with Failed E-cigarette Taxation Laws 87
Table 4.2 States with Pending E-cigarette Taxation Laws 88
Table 4.3 FDA Regulations - 2016 89
Table 5.1 The U.S. E-liquid Market Value, by Type, 2015-2025 100
Table 5.2 Pre-Filled E-liquid Pricing by Key Vendors 102
Table 5.3 Bottled E-liquid Pricing by Key Vendors 105
Table 5.4 U.S. E-liquid Market Value, by Source of Origin, 2015-2025 107
Table 6.1 U.S. E-liquid Market Value, by Distribution Channel, 2015-2025 108
Table 6.2 U.S. E-liquid Retail Distribution Channel Market Value, 2015-2025 110


List of Figures

Figure 1 The U.S. E-liquid Market, by Type, 2015 and 2025 16
Figure 2 The U.S. E-liquid Market, by Source of Origin, 2015 and 2025 17
Figure 3 The U.S. E-liquid Market, by Distribution Channel, 2015 and 2025 18
Figure 1.1 The U.S. E-Liquid Market Scope 19
Figure 2.1 Summarizing the Research Study on Importance of E-liquid Flavors Variety in Smoking Cessation 24
Figure 2.2 A Few Examples of E-Liquid Distribution Channels in the U.S. 26
Figure 3.1 Porters Five Forces Analysis 51
Figure 3.2 Factors Affecting the Cost of E-liquid 59
Figure 3.3 The U.S. E Liquid Market, Average Selling Price/ML ($/ml) 60
Figure 3.4 Certifications and Approvals Prevalent in U.S. E-liquid Market 62
Figure 3.5 Consumer Advocates for Smoke-Free Alternatives Association (CASAA): Research Results 66
Figure 3.6 Types of Prevalent E-liquid Flavors 67
Figure 3.7 Choosing the Right Level of Nicotine in E-cigarette 68
Figure 3.8 Prevalent Nicotine Distribution Levels 69
Figure 3.9 Label Requirement for E-liquid Packaging 71
Figure 4.1 Guidelines for Regulating the Manufacturing of E-liquid by AEMSA 73
Figure 4.2 Key Operating Principles of SFATA 75
Figure 4.3 Suggested Policies for E-cigarette Regulations by TCLC 76
Figure 4.4 E-cigarette Compliance Regulations by TVECA 77
Figure 4.5 Health Risks of Electronic Nicotine Delivery Systems (ENDS) to Users and Non Users 79
Figure 4.6 Efficacy of Electronic Nicotine Delivery Systems (ENDS) as a Smoking Cessation Tool 80
Figure 4.7 CGMP Guidelines for Manufacturing Process of E-liquids and Other Products 81
Figure 4.8 Some Regulatory Bodies Complying cGMP Guidelines 81
Figure 4.9 USP Benefits for Participating Companies 83
Figure 4.10 Key Objectives of PQM 84
Figure 4.11 Some Key Guidelines of OSHA 85
Figure 5.1 Advantages & Disadvantages of Pre-Filled E-liquid 101
Figure 5.2 Advantages & Disadvantages of Bottled E-liquid 104
Figure 5.3 U.S. E-Liquid Market Growth Trend, by Source of Origin, 2015-2025 106
Figure 7.1 Altria Group, Inc.: Overall Financials, 2013-2015 ($Billion) 113
Figure 7.2 Altria Group, Inc.: Net Revenue by Business Segments, 2013-2015 ($Million) 113
Figure 7.3 ECIG: Overall Financials 2013-2015 ($Million) 121
Figure 7.4 Imperial Tobacco Group Plc: Overall Financials, ($Billion); 2013-2015 128
Figure 7.5 Imperial Tobacco Group PLC: Geography Revenue Mix, ($Billion); 2013-2015 129
Figure 7.6 Reynolds American Inc. (RAI): Overall Financials, 2013-2015 ($Billion) 144