This document provides an overview and analysis of the European e-liquid market from 2015 to 2025. It discusses key market segments including type (pre-filled vs bottled), origin (domestic vs imported), geography (country-level analysis), and distribution channels (online vs retail). The document also examines market dynamics, Porter's five forces analysis, regulatory environment and compliance standards, buying behaviors, and profiles major industry players. In summary, it is a comprehensive report on the current state and future outlook of the European e-liquid market.

1. EUROPEAN E-LIQUID MARKET: FOCUS ON TYPE,
ORIGIN, GEOGRAPHY, AND DISTRIBUTION
CHANNEL- Estimation & Forecast, 2015-2025

2. BIS Research is a leading market intelligence and technology research company. BIS
Research publishes in-depth market intelligence reports focusing on the market estimations,
technology analysis, emerging high-growth applications, deeply segmented granular
country-level market data and other important market parameters useful in the strategic
decision making for senior management. BIS Research provides multi-client reports,
company profiles, databases, and custom research services.
BIS Research is a leading market intelligence and technology research company. BIS
Research publishes in-depth market intelligence reports focusing on the market estimations,
technology analysis, emerging high-growth applications, deeply segmented granular
country-level market data and other important market parameters useful in the strategic
decision making for senior management. BIS Research provides multi-client reports,
company profiles, databases, and custom research services.

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All Rights Reserved. This document contains highly confidential information and is the sole
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4. TABLE OF CONTENTS
1 RESEARCH METHODOLOGY, SCOPE, AND COVERAGEERROR!BOOKMARK NOT DEFI
1.1 SCOPE OF THE STUDY ...................ERROR! BOOKMARK NOT DEFINED.
1.2 RESEARCH METHODOLOGY...........ERROR! BOOKMARK NOT DEFINED.
1.2.1 OVERALL MARKET ESTIMATION AND FORECASTERROR! BOOKMARK NOT D
1.2.2 BIS RESEARCH METHODOLOGYERROR! BOOKMARK NOT DEFINED.
1.3 REPORT DESCRIPTION..................ERROR! BOOKMARK NOT DEFINED.
2 EXECUTIVE SUMMARY............................ERROR!BOOKMARK NOT DEFINED.
3 MARKET DYNAMICS................................ERROR!BOOKMARK NOT DEFINED.
3.1 INTRODUCTION.............................ERROR! BOOKMARK NOT DEFINED.
3.2 DRIVERS ........................................ERROR! BOOKMARK NOT DEFINED.
3.2.1 WIDE VARIETY OF FLAVOR OPTIONS AVAILABLE
AND THE OPTION OF CUSTOMIZATIONERROR! BOOKMARK NOT DEFINED.
3.2.2 LACK OF ENTRY AND EXIT BARRIERSERROR! BOOKMARK NOT DEFINED.
3.2.3 GROWING POPULARITY OF VAPE SHOPSERROR! BOOKMARK NOT DEFINED
3.2.4 INCREASING DEMAND OF THIRD GENERATION
ELECTRONIC CIGARETTE DEVICESERROR! BOOKMARK NOT DEFINED.
3.3 CHALLENGES..................................ERROR! BOOKMARK NOT DEFINED.
3.3.1 APPREHENSIONS AMONG END-USERS REGARDING
THE E-LIQUID INGREDIENTS AND MANUFACTURINGERROR! BOOKMARK N
3.3.2 INCREASING NUMBER OF POISONING INCIDENTS
DUE TO E-LIQUID CONSUMPTIONERROR! BOOKMARK NOT DEFINED.
3.3.3 LOBBYING BY BIG PHARMACEUTICAL COMPANIESERROR! BOOKMARK NO
3.3.4 GOVERNMENT’S INTENT TO TAX E-CIGARETTES AND
E-LIQUIDS..........................ERROR! BOOKMARK NOT DEFINED.
3.3.5 HOME TO CONFLICTING REGULATORY REGIMESERROR! BOOKMARK NOT D
3.4 OPPORTUNITIES ...........................ERROR! BOOKMARK NOT DEFINED.
3.4.1 POTENTIAL TO BUILD A STRONG BRAND IMAGE
WITH PRODUCT INNOVATION AND CUSTOMIZATION
FEATURES...........................ERROR! BOOKMARK NOT DEFINED.
3.4.2 THE INTEGRATION OF CANNABIS AND E-CIGARETTE
INDUSTRY ..........................ERROR! BOOKMARK NOT DEFINED.
4 PORTERS FIVE FORCES ANALYSIS FOR EUROPE E-LIQUID
MARKET........................................................ERROR!BOOKMARK NOT DEFINED.

5. 4.1 INTRODUCTION.............................ERROR! BOOKMARK NOT DEFINED.
4.2 THREAT OF NEW ENTRANTS .........ERROR! BOOKMARK NOT DEFINED.
4.2.1 ECONOMIES OF SCALE........ERROR! BOOKMARK NOT DEFINED.
4.2.2 PRODUCT DIFFERENTIATIONERROR! BOOKMARK NOT DEFINED.
4.2.3 ENTRY BARRIERS...............ERROR! BOOKMARK NOT DEFINED.
4.2.4 CAPITAL REQUIREMENTS...ERROR! BOOKMARK NOT DEFINED.
4.2.5 ACCESS TO DISTRIBUTION CHANNELSERROR! BOOKMARK NOT DEFINED.
4.3 BARGAINING POWER OF BUYERS ERROR! BOOKMARK NOT DEFINED.
4.3.1 CONCENTRATION OF BUYERSERROR! BOOKMARK NOT DEFINED.
4.3.2 DIFFERENTIATION OF OUTPUTSERROR! BOOKMARK NOT DEFINED.
4.3.3 BUYER’S INFORMATION ABOUT SUPPLIER’S
PRODUCT............................ERROR! BOOKMARK NOT DEFINED.
4.3.4 IMPORTANCE OF VOLUME TO BUYERSERROR! BOOKMARK NOT DEFINED.
4.3.5 THREAT OF BACKWARD INTEGRATIONERROR! BOOKMARK NOT DEFINED.
4.4 BARGAINING POWER OF SUPPLIERSERROR! BOOKMARK NOT DEFINED.
4.4.1 PRODUCT DIFFERENTIATIONERROR! BOOKMARK NOT DEFINED.
4.4.2 SUPPLIER CONCENTRATIONERROR! BOOKMARK NOT DEFINED.
4.4.3 THREAT OF FORWARD INTEGRATIONERROR! BOOKMARK NOT DEFINED.
4.4.4 SWITCHING COST ..............ERROR! BOOKMARK NOT DEFINED.
4.5 INTENSITY OF COMPETITIVE RIVALRYERROR! BOOKMARK NOT DEFINED.
4.5.1 INDUSTRY CONCENTRATIONERROR! BOOKMARK NOT DEFINED.
4.5.2 INTERMITTENT OVER CAPACITYERROR! BOOKMARK NOT DEFINED.
4.5.3 CUSTOMER’S LOYALTY TOWARDS BRANDERROR! BOOKMARK NOT DEFINED
4.5.4 PRODUCT DIFFERENTIATIONERROR! BOOKMARK NOT DEFINED.
4.5.5 ENTRY BARRIERS...............ERROR! BOOKMARK NOT DEFINED.
4.6 PRESENCE OF SUBSTITUTES.........ERROR! BOOKMARK NOT DEFINED.
5 EUROPE E-LIQUID MARKET SIZE ESTIMATE & FORECASTERROR!BOOKMARK NOT
5.1 INTRODUCTION.............................ERROR! BOOKMARK NOT DEFINED.
5.2 BY TYPE .........................................ERROR! BOOKMARK NOT DEFINED.
5.2.1 MARKET STATISTICS..........ERROR! BOOKMARK NOT DEFINED.
5.2.2 PRE-FILLED E-LIQUID........ERROR! BOOKMARK NOT DEFINED.
5.2.2.1 Key Market Players ...........Error! Bookmark not defined.
5.2.3 BOTTLED E-LIQUID ............ERROR! BOOKMARK NOT DEFINED.
5.2.3.1 Key Market Players ...........Error! Bookmark not defined.
5.2.3.2 Market Statistics...............Error! Bookmark not defined.

6. 5.3 BY SOURCE OF ORIGIN.................ERROR! BOOKMARK NOT DEFINED.
5.3.1 MARKET STATISTICS..........ERROR! BOOKMARK NOT DEFINED.
5.4 BY KEY COUNTRIES.......................ERROR! BOOKMARK NOT DEFINED.
5.4.1 MARKET STATISTICS..........ERROR! BOOKMARK NOT DEFINED.
5.4.2 THE U.K. .............................ERROR! BOOKMARK NOT DEFINED.
5.4.3 RUSSIA...............................ERROR! BOOKMARK NOT DEFINED.
5.4.4 GERMANY ...........................ERROR! BOOKMARK NOT DEFINED.
5.4.5 FRANCE ..............................ERROR! BOOKMARK NOT DEFINED.
5.4.6 SPAIN.................................ERROR! BOOKMARK NOT DEFINED.
5.4.7 OTHERS ..............................ERROR! BOOKMARK NOT DEFINED.
6 EUROPEAN E-LIQUIDMARKET PENETRATION BY
DISTRIBUTION CHANNEL.....................ERROR!BOOKMARK NOT DEFINED.
6.1 INTRODUCTION.............................ERROR! BOOKMARK NOT DEFINED.
6.1.1 MARKET STATISTICS..........ERROR! BOOKMARK NOT DEFINED.
6.2 ONLINE DISTRIBUTION CHANNELERROR! BOOKMARK NOT DEFINED.
6.2.1 ONLINE RESELLERS............ERROR! BOOKMARK NOT DEFINED.
6.2.2 ONLINE WEBSITES.............ERROR! BOOKMARK NOT DEFINED.
6.2.3 MARKET STATISTICS..........ERROR! BOOKMARK NOT DEFINED.
6.3 RETAIL (BRICK & MORTAR STORES)ERROR! BOOKMARK NOT DEFINED.
6.3.1 CONVENIENCE STORES.......ERROR! BOOKMARK NOT DEFINED.
6.3.2 VAPE SHOPS.......................ERROR! BOOKMARK NOT DEFINED.
6.3.3 OTHERS (PHARMACIES, DRUG STORES AND GAS
STATIONS) .........................ERROR! BOOKMARK NOT DEFINED.
6.3.4 MARKET STATISTICS..........ERROR! BOOKMARK NOT DEFINED.
7 EUROPE REGULATORY COMPLIANCE & GUIDELINESERROR!BOOKMARK NOT DEFIN
7.1 INTRODUCTION.............................ERROR! BOOKMARK NOT DEFINED.
7.2 REGULATORY BODIES ...................ERROR! BOOKMARK NOT DEFINED.
7.2.1 EU TOBACCO PRODUCTS DIRECTIVE (TPD)ERROR! BOOKMARK NOT DEFINE
7.2.1.1 Response to EU TPD .........Error! Bookmark not defined.
7.2.2 MEDICINES & HEALTHCARE PRODUCTS
REGULATORY AGENCY (MHRA)ERROR! BOOKMARK NOT DEFINED.
7.2.3 WORLD HEALTH ORGANIZATION-FRAMEWORK
CONVENTION ON TOBACCO CONTROL (WHO-FCTC)ERROR! BOOKMARK NO
7.3 CONSORTIUMS ..............................ERROR! BOOKMARK NOT DEFINED.

7. 7.3.1 ASSOCIATION FRANÇAISE DE NORMALISATION
(AFNOR).............................ERROR! BOOKMARK NOT DEFINED.
7.3.2 BRITISH MEDICAL ASSOCIATION (BMA)ERROR! BOOKMARK NOT DEFINED
7.3.3 ELECTRONIC CIGARETTE INDUSTRY TRADE
ASSOCIATION (ECITA).......ERROR! BOOKMARK NOT DEFINED.
7.3.4 TOBACCO VAPOR ELECTRONIC CIGARETTE
ASSOCIATION (TVECA) ......ERROR! BOOKMARK NOT DEFINED.
7.4 COMPLIANCE & CERTIFICATION ..ERROR! BOOKMARK NOT DEFINED.
7.4.1 INTERNATIONAL ORGANIZATION FOR
STANDARDIZATION (ISO) COMPLIANCEERROR! BOOKMARK NOT DEFINED.
7.4.2 CONFORMITÉ EUROPÉENNE (CE)ERROR! BOOKMARK NOT DEFINED.
7.4.3 RESTRICTION OF HAZARDOUS SUBSTANCES (ROHS)
COMPLIANCE......................ERROR! BOOKMARK NOT DEFINED.
7.5 COUNTRY-WISE LEGAL FRAMEWORK FOR E-CIGARETTEERROR! BOOKMARK NOT
8 BUYING CRITERIA–CONSUMER PERSPECTIVEERROR!BOOKMARK NOT DEFINED.
8.1 INTRODUCTION.............................ERROR! BOOKMARK NOT DEFINED.
8.2 CHOICE OF BASES/CARRIER LIQUIDERROR! BOOKMARK NOT DEFINED.
8.3 FLAVOR ..........................................ERROR! BOOKMARK NOT DEFINED.
8.4 NICOTINE LEVEL ...........................ERROR! BOOKMARK NOT DEFINED.
8.5 APPROVAL & STANDARDS.............ERROR! BOOKMARK NOT DEFINED.
8.6 COST ..............................................ERROR! BOOKMARK NOT DEFINED.
8.7 BRANDING.....................................ERROR! BOOKMARK NOT DEFINED.
8.8 PACKAGING & LABELLING............ERROR! BOOKMARK NOT DEFINED.
9 KEY STRATEGIES AND DEVELOPMENTSERROR!BOOKMARK NOT DEFINED.
9.1 INTRODUCTION.............................ERROR! BOOKMARK NOT DEFINED.
9.2 MERGERS AND ACQUISITIONS.....ERROR! BOOKMARK NOT DEFINED.
9.3 PARTNERSHIP, COLLABORATION & JOINT VENTURESERROR! BOOKMARK NOT D
9.4 PRODUCT LAUNCH.........................ERROR! BOOKMARK NOT DEFINED.
9.5 BUSINESS EXPANSION .................ERROR! BOOKMARK NOT DEFINED.
9.6 OTHERS..........................................ERROR! BOOKMARK NOT DEFINED.
10 COMPANY PROFILES...............................ERROR!BOOKMARK NOT DEFINED.
10.1 GLOBAL E-IQUID COMPANY PROFILES (DETAILED)ERROR! BOOKMARK NOT DEF
10.1.1 ALTRIA GROUP, INC...........ERROR! BOOKMARK NOT DEFINED.
10.1.1.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.1.1.1 MARK TEN..............Error! Bookmark not defined.

8. 10.1.1.1.2 GREEN SMOKE LLC .Error! Bookmark not defined.
10.1.1.2 FINANCIALS.....................Error! Bookmark not defined.
10.1.1.2.1 Overall Financials....Error! Bookmark not defined.
10.1.1.2.2 Net Revenue by Business SegmentsError! Bookmark not defined
10.1.1.3 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.2 BRITISH AMERICAN TOBACCO PLC (BAT)ERROR! BOOKMARK NOT DEFINED
10.1.2.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.2.1.1 Nicoventures Ltd.....Error! Bookmark not defined.
10.1.2.2 FINANCIALS.....................Error! Bookmark not defined.
10.1.2.2.1 Overall Financials....Error! Bookmark not defined.
10.1.2.2.2 Net Revenue by geographyError! Bookmark not defined.
10.1.2.3 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.3 CLEARETTE ELECTRONIC CIGARETTE CO.ERROR! BOOKMARK NOT DEFINED
10.1.3.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.3.2 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.4 ELECTRONIC CIGARETTES INTERNATIONAL GROUPERROR! BOOKMARK NO
10.1.4.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.4.1.1 Vapestick...............Error! Bookmark not defined.
10.1.4.1.2 Ten Motives............Error! Bookmark not defined.
10.1.4.1.3 Fin Branding Group LLCError! Bookmark not defined.
10.1.4.1.4 VIP........................Error! Bookmark not defined.
10.1.4.2 FINANCIALS.....................Error! Bookmark not defined.
10.1.4.3 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.5 FONTEM VENTURES ............ERROR! BOOKMARK NOT DEFINED.
10.1.5.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.5.2 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.6 GAMUCCI ELECTRONIC CIGARETTESERROR! BOOKMARK NOT DEFINED.
10.1.6.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.6.2 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.7 IMPERIAL TOBACCO GROUP PLCERROR! BOOKMARK NOT DEFINED.
10.1.7.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.7.2 FINANCIALS.....................Error! Bookmark not defined.
10.1.7.2.1 Overall Financials....Error! Bookmark not defined.
10.1.7.2.2 Financials By GeographyError! Bookmark not defined.
10.1.7.3 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.8 JAPAN TOBACCO, INC. (JT)ERROR! BOOKMARK NOT DEFINED.

9. 10.1.8.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.8.2 FINANCIALS.....................Error! Bookmark not defined.
10.1.8.2.1 Overall Financials....Error! Bookmark not defined.
10.1.8.2.2 Net revenue by Business SegmentsError! Bookmark not defined
10.1.8.3 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.9 LORILLARD, INC.................ERROR! BOOKMARK NOT DEFINED.
10.1.9.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.9.1.1 BLU CIG.................Error! Bookmark not defined.
10.1.9.1.1.1 SKYCIG ............... Error! Bookmark not defined.
10.1.9.2 FINANCIALS.....................Error! Bookmark not defined.
10.1.9.2.1 Overall Financials....Error! Bookmark not defined.
10.1.9.2.2 Revenue by SegmentsError! Bookmark not defined.
10.1.9.3 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.10 NJOY, INC...........................ERROR! BOOKMARK NOT DEFINED.
10.1.10.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.10.2 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.11 PHILIP MORRIS INTERNATIONAL INC. (PMI)ERROR! BOOKMARK NOT DEF
10.1.11.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.11.2 FINANCIALS.....................Error! Bookmark not defined.
10.1.11.2.1 Overall Financials....Error! Bookmark not defined.
10.1.11.2.2 Financials by GeographyError! Bookmark not defined.
10.1.11.3 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.12 REYNOLDS AMERICAN INC. (RAI)ERROR! BOOKMARK NOT DEFINED.
10.1.12.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.12.2 FINANCIALS.....................Error! Bookmark not defined.
10.1.12.3 KEY DEVELOPMENTS.........Error! Bookmark not defined.
10.1.13 SHENZHEN FIRST UNION TECHNOLOGY CO. LTDERROR! BOOKMARK NOT D
10.1.13.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.1.13.2 Financial Summary (Export Data by geography)Error! Bookmark not de
10.1.13.3 Key Developments............Error! Bookmark not defined.
10.1.14 SHENZHEN SMOORE TECHNOLOGY LIMITEDERROR! BOOKMARK NOT DEFIN
10.1.14.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2 EUROPE BASED E-LIQUID COMPANY (OVERVIEWS)ERROR! BOOKMARK NOT DEF
10.2.1 ALCHEM INTERNATIONAL ..ERROR! BOOKMARK NOT DEFINED.
10.2.1.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.2 BANDZ SRL .........................ERROR! BOOKMARK NOT DEFINED.

10. 10.2.2.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.3 BEVERLY HILLS VAPOR ......ERROR! BOOKMARK NOT DEFINED.
10.2.3.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.4 CHANGNING DEKANG BIOTECHNOLOGY SRLERROR! BOOKMARK NOT DEFIN
10.2.4.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.5 CIVAP.................................ERROR! BOOKMARK NOT DEFINED.
10.2.5.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.6 E-CIG HELLAS.....................ERROR! BOOKMARK NOT DEFINED.
10.2.6.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.7 ELGARETTE.........................ERROR! BOOKMARK NOT DEFINED.
10.2.7.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.8 EZSMOKE............................ERROR! BOOKMARK NOT DEFINED.
10.2.8.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.9 FLAVOURTEC ......................ERROR! BOOKMARK NOT DEFINED.
10.2.9.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.10 GIVISMOKE ........................ERROR! BOOKMARK NOT DEFINED.
10.2.10.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.11 HANGSEN ...........................ERROR! BOOKMARK NOT DEFINED.
10.2.11.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.12 JANTY TECHNOLOGY GROUP INC.ERROR! BOOKMARK NOT DEFINED.
10.2.12.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.13 LIQUIDEU...........................ERROR! BOOKMARK NOT DEFINED.
10.2.13.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.14 REJUICE .............................ERROR! BOOKMARK NOT DEFINED.
10.2.14.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.15 SKYSMOKE .........................ERROR! BOOKMARK NOT DEFINED.
10.2.15.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.16 TOTALLY WICKED...............ERROR! BOOKMARK NOT DEFINED.
10.2.16.1 COMPANY OVERVIEW........Error! Bookmark not defined.
10.2.17 VINIRETTE .........................ERROR! BOOKMARK NOT DEFINED.
10.2.17.1 COMPANY OVERVIEW........Error! Bookmark not defined.

11. LIST OF TABLES
TABLE 1 EUROPE E-LIQUID MARKET VALUE ($ MILLION), BY TYPE, 2015-2025 ERROR! BO
TABLE 2 EUROPE E-LIQUID MARKET VOLUME (1000 LITERS), BY TYPE, 2015-
2025 ERROR! BO
TABLE 3 PRE-FILLED E-LIQUID PRICING BY KEY VENDORS ERROR! BO
TABLE 4 EUROPE PRE-FILLED E-LIQUID MARKET VALUE ($ MILLION), BY
DISTRIBUTION CHANNEL, 2015-2025 ERROR! BO
TABLE 5 EUROPE PRE-FILLED E-LIQUID MARKET VOLUME (1000 LITERS), BY
DISTRIBUTION CHANNEL, 2015-2025 ERROR! BO
TABLE 6 EUROPE PRE-FILLED E-LIQUID MARKET VALUE ($ MILLION), BY
SOURCE OF ORIGIN, 2015-2025 ERROR! BO
TABLE 7 EUROPE PRE-FILLED E-LIQUID MARKET VOLUME (1000 LITERS), BY
SOURCE OF ORIGIN, 2015-2025 ERROR! BO
TABLE 8 BOTTLED E-LIQUID PRICING BY KEY VENDORS ERROR! BO
TABLE 9 EUROPE BOTTLED E-LIQUID MARKET VALUE ($ MILLION), BY
DISTRIBUTION CHANNEL, 2015-2025 ERROR! BO
TABLE 10 EUROPE BOTTLED E-LIQUID MARKET VOLUME (1000 LITERS), BY
DISTRIBUTION CHANNEL, 2015-2025 ERROR! BO
TABLE 11 EUROPE BOTTLED E-LIQUID MARKET VALUE ($ MILLION), BY SOURCE
OF ORIGIN, 2015-2025 ERROR! BO
TABLE 12 EUROPE BOTTLED E-LIQUID MARKET VOLUME (1000 LITERS), BY
SOURCE OF ORIGIN, 2015-2025 ERROR! BO
TABLE 13 EUROPE E-LIQUID MARKET VALUE ($ MILLION), BY SOURCE OF
ORIGIN, 2015-2025 ERROR! BO
TABLE 14 EUROPE E-LIQUID MARKET VOLUME (1000 LITERS), BY SOURCE OF
ORIGIN, 2015-2025 ERROR! BO
TABLE 15 EUROPEAN E-LIQUID MARKET VALUE ($ MILLION), BY COUNTRIES,
2015-2025 ERROR! BO
TABLE 16 EUROPEAN E-LIQUID MARKET VOLUME (1000 LITERS), BY COUNTRIES,
2015-2025 ERROR! BO
TABLE 17 E-LIQUID BRANDS & THEIR SALES CHANNEL ERROR! BO
TABLE 18 E-CIGARETTE BY LOCATION OF PURCHASE IN EU MEMBER STATES ERROR! BO
TABLE 19 EUROPE E-LIQUID MARKET VALUE ($ MILLION), BY DISTRIBUTION
CHANNEL, 2015-2025 ERROR! BO
TABLE 20 EUROPE E-LIQUID MARKET VOLUME (1000 LITERS), BY DISTRIBUTION
CHANNEL, 2015-2025 ERROR! BO
TABLE 21 EUROPE ONLINE DISTRIBUTION CHANNEL E-LIQUID MARKET VALUE ($
MILLION), BY TYPE, 2015-2025 ERROR! BO
TABLE 22 EUROPE ONLINE DISTRIBUTION CHANNEL E-LIQUID MARKET VOLUME
(1000 LITERS), BY TYPE, 2015-2025 ERROR! BO
TABLE 23 EUROPE RETAIL DISTRIBUTION CHANNEL E-LIQUID MARKET VALUE ($
MILLION), BY TYPE, 2015-2025 ERROR! BO

12. TABLE 24 EUROPE RETAIL DISTRIBUTION CHANNEL E-LIQUID MARKET VOLUME
(1000 LITERS), BY TYPE, 2015-2025 ERROR! BO
TABLE 25 EUROPE E-LIQUID RETAIL DISTRIBUTION CHANNEL MARKET VALUE ($
MILLION), 2015-2025 ERROR! BO
TABLE 26 EUROPE E-LIQUID RETAIL DISTRIBUTION CHANNEL MARKET VOLUME
(1000 LITERS), 2015-2025 ERROR! BO
TABLE 27 COMPARISON OF PROPYLENE GLYCOL (PG) AND VEGETABLE GLYCOL
(VG) AS CARRIER LIQUID IN E-CIGARETTE ERROR! BO
TABLE 28 TABLE 1 SHARE OF EXPORT REVENUE ERROR! BO
TABLE 29 F.O.B. PRICE OF PRODUCTS ERROR! BO

13. LIST OF FIGURES
FIGURE 1 BIS RESEARCH METHODOLOGY ERROR! BO
FIGURE 2 THE EUROPE E-LIQUID MARKET-RESEARCH METHODOLOGY ERROR! BO
FIGURE 3 EUROPEAN E-LIQUID MARKET VALUE COMPARISON BY TYPES ($
MILLION), 2015-2015 ERROR! BO
FIGURE 4 EUROPEAN E-LIQUID MARKET BY COUNTRIES: 2014 VS 2025 ERROR! BO
FIGURE 5 EUROPE E-LIQUID MARKET VALUE BY DISTRIBUTION CHANNEL
COMPARISON, 2015-2025 ERROR! BO
FIGURE 6 PORTERS FIVE FORCES ANALYSIS ERROR! BO
FIGURE 7 ADVANTAGES & DISADVANTAGES OF PRE-FILLED E-LIQUID ERROR! BO
FIGURE 8 ADVANTAGES & DISADVANTAGES OF BOTTLED E-LIQUID ERROR! BO
FIGURE 9 ADVANTAGES OF ONLINE SALES CHANNEL ERROR! BO
FIGURE 10 ADVANTAGES OF RETAIL SALES CHANNEL ERROR! BO
FIGURE 11 EU TPD PROPOSED GUIDELINES FOR EUROPEAN E-CIGARETTE MARKET ERROR! BO
FIGURE 12 HEALTH RISKS OF ELECTRONIC NICOTINE DELIVERY SYSTEMS (ENDS)
TO USERS AND NON USERS ERROR! BO
FIGURE 13 EFFICACY OF ELECTRONIC NICOTINE DELIVERY SYSTEMS (ENDS) AS A
SMOKING CESSATION TOOL ERROR! BO
FIGURE 14 REGULATIONS BY TVECA FOR E-LIQUID FIRMS: ERROR! BO
FIGURE 15 GENERAL PRINCIPLES OF CE MARKING ERROR! BO
FIGURE 16 KEY MERGERS & ACQUISITIONS (2014-15) ERROR! BO
FIGURE 17 KEY PARTNERSHIPS & COLLABORATIONS (2013-15) ERROR! BO
FIGURE 18 KEY PRODUCT LAUNCHES (2014-15) ERROR! BO
FIGURE 19 KEY BUSINESS EXPANSION ACTIVITIES (2013-15) ERROR! BO
FIGURE 20 ALTRIA GROUP, INC.: OVERALL FINANCIALS, 2012-2014 ($BILLION) ERROR! BO
FIGURE 21 ALTRIA GROUP, INC.: NET REVENUE BY BUSINESS SEGMENTS, 2012-
2014 ($MILLION) ERROR! BO
FIGURE 22 BRITISH AMERICAN TOBACCO PLC (BAT): OVERALL FINANCIALS, 2012-
2014 ($BILLION) ERROR! BO
FIGURE 23 BRITISH AMERICAN TOBACCO PLC (BAT): NET REVENUE, BY
GEOGRAPHY, 2012-2014 ($BILLION) ERROR! BO
FIGURE 24 ECIG : OVERALL FINANCIALS 2012-2014 ($MILLION) ERROR! BO
FIGURE 25 IMPERIAL TOBACCO GROUP PLC: OVERALL FINANCIALS, 2012-2014
($BILLION) ERROR! BO
FIGURE 26 IMPERIAL TOBACCO GROUP PLC: NET REVENUE BY GEOGRAPHY, 2012-
2014 ($BILLION) ERROR! BO
FIGURE 27 JAPAN TOBACCO CORPORATION (JT): OVERALL FINANCIALS, 2012-
2014 ($BILLION) ERROR! BO

14. FIGURE 28 JAPAN TOBACCO CORPORATION (JT): NET REVENUE BY BUSINESS
SEGMENTS, 2011-2013 ($BILLION) ERROR! BO
FIGURE 29 LORILLARD, INC.: OVERALL FINANCIALS, 2012-2014 ($MILLION) ERROR! BO
FIGURE 30 NET REVENUE BY SEGMENTS, 2012-2014 ($MILLION) ERROR! BO
FIGURE 31 PHILIP MORRIS INTERNATIONAL INC. (PMI): OVERALL FINANCIALS,
2012-2014 ($BILLION) ERROR! BO
FIGURE 32 PHILIP MORRIS INTERNATIONAL INC. (PMI): NET REVENUE BY
GEOGRAPHY, 2012-2014 ($BILLION) ERROR! BO
FIGURE 33 REYNOLDS AMERICAN INC. (RAI): OVERALL FINANCIALS, 2012-2014
($BILLION) ERROR! BO

15. LIST OF ACRONYMS
Acronyms Descriptions
NRT Nicotine Replacement Therapy
APV Advanced Personal Vaporizer
RBA Rebuildable atomizer
RTA Rebuildable tank atomizer
RDA Rebuildable dripping atomizer
PCC Portable charging case
WHO World Health Organization
FDA Food and Drug Administration
ASH Action on Smoking and Health
CDC Centers for Disease Control
OECD Organization for Economic Co- Operation and Development
EBRD European Bank for Reconstruction and Development
GDP Gross Domestic Product
CIA Central Intelligence Agency
APAC Asia-Pacific
EU European Union
IPR Intellectual Property Rights
PPP Purchasing Power Parity
FDI Foreign Direct Investment
ECTA Electronic Cigarette Trade Association of Canada

16. Acronyms Descriptions
MHRA Medicines and Healthcare Products Regulatory Agency
WTO World Trade Organization
UNSC United Nations Security Council
FCTC Framework Convention on Tobacco Control
NCP Nicotine-containing products
AFSSAPS French Agency for the Safety of Health Products
SEZ Special Economic Zones
FTA Free Trade Agreement
TPD Tobacco Products Directive
NGO Non-governmental organizations
COTPA Cigarettes and Other Tobacco Products Act
DCGI Drug Controller General of India
BMA British Medical Association
PG Propylene Glycol
VG Vegetable Glycerin