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The global e-liquid market size reached approximately USD 2.01 billion in 2023. The market is assessed to grow at a CAGR of 12.2% between 2024 and 2032 to attain a value of around USD 5.68 billion by 2032.
E-liquid, variously known as vape juice or e-juice, refers to a substance that is heated to produce vapour in e-cigarettes. It is typically made from nicotine, water, vegetable glycerin or propylene glycol base, and different flavourings. Lately, various flavours of e-liquids are also available in nicotine-free options to appeal to non-smokers.
Based on flavour, the market is segmented into methanol and mint, tobacco, desserts, fruits and nuts, and chocolate, among others. On the basis of base type, the e-liquid market segmentation includes PG (propylene glycol), VG (vegetable glycerin), and PG and VG.
By type, the market is bifurcated into pre-filled and bottled. On the basis of distribution channel, the market categorisation includes online and offline. The major regional markets for e-liquid include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global e-liquid market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
Tobacco accounts for a substantial portion of the e-liquid market share. Tobacco-flavoured e-liquid is popular among individuals seeking to quit smoking as it offers the experience of smoking combustible tobacco products. Meanwhile, fruit-flavoured e-liquids are increasingly gaining popularity among beginners as they are perceived as being less harmful than tobacco-flavoured e-liquids and are available in diverse flavours.
In the forecast period, desserts and chocolate-flavoured e-liquids, such as ice cream, fruit tarts, vanilla, and cinnamon, among others, are expected to enjoy significant popularity due to the rising demand for bold, innovative, and delectable flavours, especially among the young population.
As per the e-liquid market analysis, the demand for e-liquid in North America is significantly rising. E-cigarettes and vaping products are less harmful and contain fewer toxic chemicals than conventional tobacco, driving its popularity in the region. The presence of key players in countries like the United States, coupled with the development of innovative flavours, is anticipated to further propel the market growth in the coming years.
Meanwhile, the usage of e-cigarettes among smokers to quit combustible cigarettes is expected to aid the market growth in Europe. Besides, the increasing launch of safe and innovative flavoured e-cigarettes in the region is likely to favour the overall e-liquid market expansion in the forecast period.
Philip Morris International Inc., headquartered in Connecticut, the United States, is one of the leading tobacco manufacturers. With its history dating back to the 19th century, the company sells its products in over 180 markets. The company aims to develop smoke-free alternatives to cigarette smoking.
Savage Enterprises Inc. is a provider of cannabinoid and e-liquid solutions and products that can serve as an alternative to illegal and unsafe products. The company offers a wide range of e-liquids under its brand, Ripe collection. The company was founded in 2014 and is headquartered in California, the United States.
USA Vape Lab is a company that is engaged in manufacturing high-quality vape products. The company is recognised for its excellent customer service, brand development, and manufacturing. It is headquartered in California, the United States, and owns some of the most popular vaping brands like Naked 100 E-Liquids.
Other e-liquid market players include Nicopure Labs, Black Note Corporation, Crystal Canyon Vapes LLC, e-Liquid Factory, Mt Baker Vapor Ltd, Solace Vapor, and Air Factory, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Flavour |
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Breakup by Base Type |
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Breakup by Type |
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Breakup by Distribution Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a value of nearly USD 2.01 billion.
The market is assessed to grow at a CAGR of 12.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 5.68 billion by 2032.
The major drivers of the market are the increasing popularity of vaping, declining combustible cigarette smoking, and the surging popularity of fruit-flavoured e-liquids.
The increasing uses of e-cigarettes as a measure to quit smoking, the development of water-based e-liquids, and flavour innovations by market players are the key trends aiding the market demand.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant distribution channels in the market are online and offline.
The major players in the market are Nicopure Labs, Black Note Corporation, Crystal Canyon Vapes LLC, Philip Morris International Inc., Savage Enterprises Inc., e-Liquid Factory, USA Vape Lab, Mt Baker Vapor Ltd, Solace Vapor, and Air Factory, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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