Global E-Liquid Market Report and Forecast 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