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Global E-Liquid Market Size, Share, Trends, Forecast: By Flavour: Menthol and Mint, Tobacco, Dessert, Fruits and Nuts, Chocolate, Others; By Base Type: PG (Propylene Glycol), VG (Vegetable Glycerin), PG and VG; By Type: Pre-Filled, Bottled; By Distribution Channel: Online, Offline; Regional Analysis; Competitive Landscape; 2024-2032
Global E-Liquid Market Outlook
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.
Key Trends in the Market
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.
- One of the key e-liquid market trends is the rising popularity of vaping, especially among teenagers. Vaping products are easily available, cheap, compact, and flavoured, marketed as appealing to the youth, and are considered to be less harmful than other tobacco forms.
- Moreover, the introduction of stringent regulations by governments aimed at eradicating the consumption of traditional tobacco products is driving the popularity of vaping as a measure to reduce cigarette use.
- With increasing flavour bans to reduce the appeal of vaping among adolescents, the development of vape juices that are made from naturally extracted tobacco and do not contain sweeteners, artificial flavours, additives, or colours is favouring the e-liquid market demand. Such products are also packaged responsibly, targeting adult vapers, to provide an alternative to combustible tobacco and reduce their appeal among the young population.
- Increasing innovations aimed at lowering the harmful impacts of vape juices while enhancing their safety are significantly driving the e-liquid market growth. This is driving the development of water-based vaping that can enhance the smoking experience of users, provide cleaner flavours and improved chemical stability during the vaping process, and reduce dehydration.
Market Analysis
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.
- 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
- Air Factory
- Others
Market Share by Flavour
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.
Market Share by Region
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.
Competitive Landscape
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.
Key Highlights of the Report
| 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 |
|
| Breakup by Type |
|
| Breakup by Distribution Channel |
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| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global E-Liquid Market Analysis
8.1 Key Industry Highlights
8.2 Global E-Liquid Historical Market (2018-2023)
8.3 Global E-Liquid Market Forecast (2024-2032)
8.4 Global E-Liquid Market by Flavour
8.4.1 Menthol and Mint
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Tobacco
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Dessert
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Fruits and Nuts
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Chocolate
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Others
8.5 Global E-Liquid Market by Base Type
8.5.1 PG (Propylene Glycol)
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 VG (Vegetable Glycerin)
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 PG and VG
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global E-Liquid Market by Type
8.6.1 Pre-Filled
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Bottled
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global E-Liquid Market by Distribution Channel
8.7.1 Online
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Offline
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global E-Liquid Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America E-Liquid Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe E-Liquid Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific E-Liquid Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 ASEAN
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Others
12 Latin America E-Liquid Market Analysis
12.1 Chile
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Peru
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Others
13 Middle East and Africa E-Liquid Market Analysis
13.1 United Arab Emirates
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Nigeria
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 South Africa
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Nicopure Labs
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Black Note Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Crystal Canyon Vapes LLC
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Philip Morris International Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Savage Enterprises Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 e-Liquid Factory
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 USA Vape Lab
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Mt Baker Vapor Ltd
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Solace Vapor
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Air Factory
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global E-Liquid Market: Key Industry Highlights, 2018 and 2032
2. Global E-Liquid Historical Market: Breakup by Flavour (USD Billion), 2018-2023
3. Global E-Liquid Market Forecast: Breakup by Flavour (USD Billion), 2024-2032
4. Global E-Liquid Historical Market: Breakup by Base Type (USD Billion), 2018-2023
5. Global E-Liquid Market Forecast: Breakup by Base Type (USD Billion), 2024-2032
6. Global E-Liquid Historical Market: Breakup by Type (USD Billion), 2018-2023
7. Global E-Liquid Market Forecast: Breakup by Type (USD Billion), 2024-2032
8. Global E-Liquid Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
9. Global E-Liquid Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
10. Global E-Liquid Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global E-Liquid Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America E-Liquid Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America E-Liquid Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe E-Liquid Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe E-Liquid Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific E-Liquid Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific E-Liquid Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America E-Liquid Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America E-Liquid Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa E-Liquid Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa E-Liquid Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global E-Liquid Market Structure
Key Questions Answered in the Report
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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