E-liquid Market

Global E-liquid Market Size, Trends & Analysis - Forecasts to 2026 By Base (Propylene Glycol [PG], Vegetable Glycerin [VG], PG & VG), By Flavor (Menthol, Tobacco, Chocolate, Dessert, Fruits & Nuts, Others), By Type (Pre-filled, Bottled), By Distribution Channel (Online, Retail Store [Convenience Stores, Drug Stores, Newsstands, Tobacconists, Specialty Stores]) By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa), Competitive Landscape, Company Market Share Analysis, and Competitor Analysis

Category Food & Beverages

Format

This report was recently updated on November 15 2024 with the latest and most recent market numbers

E-liquid Market Size

The global E-liquid market is projected to grow from USD 1.7 billion in 2021 to USD 3.21 billion by 2026 at a CAGR value of 13.5% between 2021 to 2026.

E-cigarettes are deemed to be harmless since they do not combust tobacco and produce tar and combustion byproducts. Furthermore, growing public knowledge of the harmful effects of smoking on wellbeing is enhancing people's readiness to stop smoking, which is impacting global e-cigarette sales. This is one of the main motivators of the e-liquid market's expansion.

Furthermore, numerous health organizations and governmental bodies throughout the world are adopting steps to reduce tobacco consumption, including prohibitive taxes, indoor smoking restrictions, and public enlightenment programs. This encourages the use of ENDS as an alternative smoking discontinuation technique, which in turn contributes to market development.

The shift in customer preference from conventional smoking to vaping or electronic cigarettes is likely to drive growth in the e-liquids market over the forecast period. Other factors driving market expansion include the growing popularity of e-cigarettes among millennials and rising health concerns among the older population. Considerations amongst smokers concerning the inclusion of toxicants in e-liquids, on the other side, have resulted in significant market players spending heavily in the research and development of improved and cleaner e-liquids.

A variety of tastes utilized in e-liquid increase the mouthfeel and refreshing experience. Because there is no burning of tobacco as in traditional tobacco smoking, e-liquid smoking allows for lesser quantities of hazardous compounds to be inhaled, lowering the risk of lung illnesses. Furthermore, the growing popularity of vaping and e-cigarettes has led to a lower environmental impact as compared to cigarette buds. E-liquid firms are benefiting from the popularity of eco-friendly vaping, which is attracting consumer interest because e-liquids are rapidly being utilized in e-cigarettes.

The growing acceptance of safer alternatives to smoking throughout the world is expected to fuel demand for e-cigarettes throughout the projected period. Furthermore, the availability of e-liquids in a variety of tastes such as tobacco, menthol, chocolate, and fruit and nuts is expected to increase e-liquid consumption. Growing public health awareness, along with the availability of low-tox e-liquids, is likely to boost the market throughout the projected period.

global e-liquid market

E-liquid Market: By Base

Based on the base, the market is divided into propylene glycol [PG], vegetable glycerin [VG], and PG & VG. The propylene glycol [PG] category is presumed to lead the market. Propylene glycol [PG] is a non-toxic chemical substance that is usually regarded as safe for human ingestion by the FDA. PG E-liquids have a smoother composition, less muck accumulation, no effect on flavor, and a greater throat impact. PG e-liquid is thinner and delivers more of a "throat hit" than VG e-liquid, simulating the sensation of smoking.

E-liquid Market: By Flavor

Based on the flavour, the market is divided into menthol, tobacco, chocolate, dessert, fruits & nuts, and others. The tobacco category is presumed to lead the market. This can be linked to smokers' increasing demand for tobacco-flavored e-liquid, which simulates the sensation of consuming real tobacco. Likewise, rising tobacco item use among youths and women is anticipated to fuel tobacco category development throughout the forecast period. Because of the increased demand, suppliers are aggressively focusing on creating and introducing new flavors of e-liquids to the marketplace.

E-liquid Market: By Type

Based on the type, the market is divided into pre-filled and bottled. The bottled segment is presumed to dominate the market. Bottled e-liquids enables consumers to swiftly and conveniently refill their vape units. Additionally, bottled e-liquid may be kept efficiently and properly for a prolonged period of duration and can be employed to make DIY e-juices. These variables are anticipated to assist the category in achieving a remarkable growth rate throughout the forecast period.

E-liquid Market: By Distribution Channel

Based on the distribution channel, the market is divided into online and retail stores. The retail store segment is presumed to dominate the market and accounted for the largest revenue share. This is due to the notion that certain retail outlets enable consumers to try several e-liquid tastes and e-cigarette items before purchasing.

asia pacific e-liquid market

E-liquid Market: By Region

North America is presumed to predominate in the global market. This is due to the expanding volume of lung cancer instances caused by tobacco smoking, as well as the common belief that e-cigarettes and e-liquids are harmless than regular cigarettes. The existence of significant market players, as well as the growing notoriety of vape devices, fuel the advancement of the North American e-liquid market. Additionally, these manufacturers are concentrating on strengthening their revenue footprint in the area via mergers and acquisitions. This tendency is likely to continue to fuel market expansion in North America.

The Asia-Pacific region is advancing at a robust CAGR in the global e-liquid market over the forecast period. The growing popularity of vape flavors and e-cigarettes, as well as an increase in the proportion of patients suffering from lung cancer as a result of tobacco usage, are driving the growth of the Asia-Pacific e-liquid market. Moreover, the high prices placed on conventional cigarettes in Japan are likely to motivate smokers to switch to e-cigarettes, driving market development.

Europe has attractive development prospects in the global e-liquid market as people have become more conscious of tobacco-free e-liquid formulations.

E-liquid Market Share and Competitor Analysis

Black Note, Inc.; Breazy; BSMW Ltd.; Crystal Canyon Vapes LLC; eLiquid Factory; Mig Vapor LLC; Molecule Labs, Inc.; Nicopure Labs LLC; Philip Morris International Inc.; Turning Point Brands Inc.; andVMR Products LLC are the major players in the market.

Please note: This is not an exhaustive list of companies profiled in the report.

Chapter 1 Methodology

1.1 Market Scope & Definitions

1.2 Estimates & Forecast Calculation

1.3 Historical Data Overview And Validation

1.4 Data Sources

1.4.1 Secondary

1.4.2 Primary

Chapter 2 Report Outlook

2.1 E-liquid Industry Overview, 2019-2026

2.1.1 Industry Overview

2.1.2 Base Overview

2.1.3 Flavor Overview

2.1.4 Type Overview

2.1.5 Distribution Channel Overview

2.1.6 Regional Overview

Chapter 3 E-liquid Market Trends

3.1 Market Segmentation

3.2 Industry Background, 2019-2026

3.3 Market Key Trends

3.3.1 Positive Trends

3.3.1.1 Increasing shift in customer preference from conventional smoking to vaping or electronic cigarettes

3.3.1.2 growing popularity of e-cigarettes among millennials

3.3.2 Industry Challenges

3.3.2.1 Stringent regulations imposed by local authorities on the use of e-liquids

3.4 Prospective Growth Scenario

3.4.1 Base Growth Scenario

3.4.2 Flavor Growth Scenario

3.4.3 Type Growth Scenario

3.4.4 Distribution Channel Growth Scenario

3.5 COVID-19 Influence over Industry Growth

3.7 Porter’s Analysis

3.7 PESTEL Analysis

3.8 Value Chain & Supply Chain Analysis

3.9 Regulatory Framework

3.9.1 North America

3.9.2 Europe

3.9.3 APAC

3.9.4 LATAM

3.9.5 MEA

3.10 Technology Overview

3.11 Market Share Analysis, 2020

3.11.1 Company Positioning Overview, 2020

Chapter 4 E-liquid Market, By Base

4.1 Base Outlook

4.2 Propylene Glycol [PG]

4.2.1 Market Size, By Region, 2019-2026 (USD Billion)

4.3 Vegetable Glycerin [VG]

4.3.1 Market Size, By Region, 2019-2026 (USD Billion)

4.4 PG & VG

4.4.1 Market Size, By Region, 2019-2026 (USD Billion)

Chapter 5 E-liquid Market, By Flavor

5.1 Flavor Outlook

5.2 Menthol

5.2.1 Market Size, By Region, 2019-2026 (USD Billion)

5.3 Tobacco

5.3.1 Market Size, By Region, 2019-2026 (USD Billion)

5.4 Chocolate

5.4.1 Market Size, By Region, 2019-2026 (USD Billion)

5.5 Dessert

5.5.1 Market Size, By Region, 2019-2026 (USD Billion)

5.6 Fruits & Nuts

5.6.1 Market Size, By Region, 2019-2026 (USD Billion)

5.7 Others

5.7.1 Market Size, By Region, 2019-2026 (USD Billion)

Chapter 6 E-liquid Market, By Type

6.1 Type Outlook

6.2 Pre-filled

6.2.1 Market Size, By Region, 2019-2026 (USD Billion)

6.3 Bottled

6.3.1 Market Size, By Region, 2019-2026 (USD Billion)

Chapter 7 E-liquid Market, By Distribution Channel

7.1 Distribution Channel Outlook

7.2 Online

7.2.1 Market Size, By Region, 2019-2026 (USD Billion)

7.3 Retail Store

7.3.1 Market Size, By Region, 2019-2026 (USD Billion)

Chapter 8 E-liquid Market, By Region

8.1 Regional outlook

8.2 North America

8.2.1 Market Size, By Country 2019-2026 (USD Billion)

8.2.2 Market Size, By Base, 2019-2026 (USD Billion)

8.2.3 Market Size, By Flavor, 2019-2026 (USD Billion)

8.2.4 Market Size, By Type, 2019-2026 (USD Billion)

8.2.5 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.2.6 U.S.

8.2.6.1 Market Size, By Base, 2019-2026 (USD Billion)

8.2.6.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.2.6.3 Market Size, By Type, 2019-2026 (USD Billion)

8.2.6.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.2.7 Canada

8.2.7.1 Market Size, By Base, 2019-2026 (USD Billion)

8.2.7.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.2.7.3 Market Size, By Type, 2019-2026 (USD Billion)

8.2.7.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.3 Europe

8.3.1 Market Size, By Country 2019-2026 (USD Billion)

8.3.2 Market Size, By Base, 2019-2026 (USD Billion)

8.3.3 Market Size, By Flavor, 2019-2026 (USD Billion)

8.3.4 Market Size, By Type, 2019-2026 (USD Billion)

8.3.5 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.3.6 Germany

8.3.6.1 Market Size, By Base, 2019-2026 (USD Billion)

8.3.6.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.3.6.3 Market Size, By Type, 2019-2026 (USD Billion)

8.3.6.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.3.7 UK

8.3.7.1 Market Size, By Base, 2019-2026 (USD Billion)

8.3.7.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.3.7.3 Market Size, By Type, 2019-2026 (USD Billion)

8.3.7.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.3.8 France

8.3.8.1 Market Size, By Base, 2019-2026 (USD Billion)

8.3.8.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.3.8.3 Market Size, By Type, 2019-2026 (USD Billion)

8.3.8.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.3.9 Italy

8.3.9.1 Market Size, By Base, 2019-2026 (USD Billion)

8.3.9.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.3.9.3 Market Size, By Type, 2019-2026 (USD Billion)

8.3.9.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.3.10 Spain

8.3.10.1 Market Size, By Base, 2019-2026 (USD Billion)

8.3.10.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.3.10.3 Market Size, By Type, 2019-2026 (USD Billion)

8.3.10.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.3.11 Russia

8.3.11.1 Market Size, By Base, 2019-2026 (USD Billion)

8.3.11.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.3.11.3 Market Size, By Type, 2019-2026 (USD Billion)

8.3.11.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.4 Asia Pacific

8.4.1 Market Size, By Country 2019-2026 (USD Billion)

8.4.2 Market Size, By Base, 2019-2026 (USD Billion)

8.4.3 Market Size, By Flavor, 2019-2026 (USD Billion)

8.4.4 Market Size, By Type, 2019-2026 (USD Billion)

8.4.5 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.4.6 China

8.4.6.1 Market Size, By Base, 2019-2026 (USD Billion)

8.4.6.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.4.6.3 Market Size, By Type, 2019-2026 (USD Billion)

8.4.6.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.4.7 India

8.4.7.1 Market Size, By Base, 2019-2026 (USD Billion)

8.4.7.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.4.7.3 Market Size, By Type, 2019-2026 (USD Billion)

8.4.7.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.4.8 Japan

8.4.8.1 Market Size, By Base, 2019-2026 (USD Billion)

8.4.8.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.4.8.3 Market Size, By Type, 2019-2026 (USD Billion)

8.4.8.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.4.9 Australia

8.4.9.1 Market Size, By Base, 2019-2026 (USD Billion)

8.4.9.2 Market size, By Flavor, 2019-2026 (USD Billion)

8.4.9.3 Market Size, By Type, 2019-2026 (USD Billion)

8.4.9.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.4.10 South Korea

8.4.10.1 Market Size, By Base, 2019-2026 (USD Billion)

8.4.10.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.4.10.3 Market Size, By Type, 2019-2026 (USD Billion)

8.4.10.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.5 Latin America

8.5.1 Market Size, By Country 2019-2026 (USD Billion)

8.5.2 Market Size, By Base, 2019-2026 (USD Billion)

8.5.3 Market Size, By Flavor, 2019-2026 (USD Billion)

8.5.4 Market Size, By Type, 2019-2026 (USD Billion)

8.5.5 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.5.6 Brazil

8.5.6.1 Market Size, By Base, 2019-2026 (USD Billion)

8.5.6.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.5.6.3 Market Size, By Type, 2019-2026 (USD Billion)

8.5.6.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.5.7 Mexico

8.5.7.1 Market Size, By Base, 2019-2026 (USD Billion)

8.5.7.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.5.7.3 Market Size, By Type, 2019-2026 (USD Billion)

8.5.7.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.5.8 Argentina

8.5.8.1 Market Size, By Base, 2019-2026 (USD Billion)

8.5.8.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.5.8.3 Market Size, By Type, 2019-2026 (USD Billion)

8.5.8.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.6 MEA

8.6.1 Market Size, By Country 2019-2026 (USD Billion)

8.6.2 Market Size, By Base, 2019-2026 (USD Billion)

8.6.3 Market Size, By Flavor, 2019-2026 (USD Billion)

8.6.4 Market Size, By Type, 2019-2026 (USD Billion)

8.6.5 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.6.6 Saudi Arabia

8.6.6.1 Market Size, By Base, 2019-2026 (USD Billion)

8.6.6.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.6.6.3 Market Size, By Type, 2019-2026 (USD Billion)

8.6.6.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.6.7 UAE

8.6.7.1 Market Size, By Base, 2019-2026 (USD Billion)

8.6.7.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.6.7.3 Market Size, By Type, 2019-2026 (USD Billion)

8.6.7.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

8.6.8 South Africa

8.6.8.1 Market Size, By Base, 2019-2026 (USD Billion)

8.6.8.2 Market Size, By Flavor, 2019-2026 (USD Billion)

8.6.8.3 Market Size, By Type, 2019-2026 (USD Billion)

8.6.8.4 Market Size, By Distribution Channel, 2019-2026 (USD Billion)

Chapter 9 Company Landscape

9.1 Competitive Analysis, 2020

9.2 Black Note, Inc.

9.2.1 Company Overview

9.2.2 Financial Analysis

9.2.3 Strategic Positioning

9.2.4 Info Graphic Analysis

9.3 Breazy

9.3.1 Company Overview

9.3.2 Financial Analysis

9.3.3 Strategic Positioning

9.3.4 Info Graphic Analysis

9.4 BSMW Ltd.

9.4.1 Company Overview

9.4.2 Financial Analysis

9.4.3 Strategic Positioning

9.4.4 Info Graphic Analysis

9.5 Crystal Canyon Vapes LLC

9.5.1 Company Overview

9.5.2 Financial Analysis

9.5.3 Strategic Positioning

9.5.4 Info Graphic Analysis

9.6 eLiquid Factory

9.6.1 Company Overview

9.6.2 Financial Analysis

9.6.3 Strategic Positioning

9.6.4 Info Graphic Analysis

9.7 Mig Vapor LLC

9.7.1 Company Overview

9.7.2 Financial Analysis

9.7.3 Strategic Positioning

9.7.4 Info Graphic Analysis

9.8 Molecule Labs, Inc.

9.8.1 Company Overview

9.8.2 Financial Analysis

9.8.3 Strategic Positioning

9.8.4 Info Graphic Analysis

9.9 Nicopure Labs LLC

9.9.1 Company Overview

9.9.2 Financial Analysis

9.9.3 Strategic Positioning

9.9.4 Info Graphic Analysis

9.10 Philip Morris International Inc.

9.10.1 Company Overview

9.10.2 Financial Analysis

9.10.3 Strategic Positioning

9.10.4 Info Graphic Analysis

9.11 Turning Point Brands, Inc.

9.11.1 Company Overview

9.11.2 Financial Analysis

9.11.3 Strategic Positioning

9.11.4 Info Graphic Analysis

9.12 VMR Products LLC

9.12.1 Company Overview

9.12.2 Financial Analysis

9.12.3 Strategic Positioning

9.12.4 Info Graphic Analysis

9.13 Other Companies

9.13.1 Company Overview

9.13.2 Financial Analysis

9.13.3 Strategic Positioning

9.13.4 Info Graphic Analysis

The Global E-liquid Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the E-liquid Market.

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

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Frequently Asked Questions

What is the projected market size of the global E-liquid market?

The global E-liquid market size is projected to grow from USD 1.7 billion in 2021 to USD 3.21 billion by 2026, at a CAGR of 13.5% during the forecast period.

Who are the major vendors in the E-liquid market?

Key and innovative vendors in the E-liquid market include Black Note, Inc.; Breazy; BSMW Ltd.; Crystal Canyon Vapes LLC; eLiquid Factory; Mig Vapor LLC; Molecule Labs, Inc.; Nicopure Labs LLC; Philip Morris International Inc.; Turning Point Brands Inc.; and VMR Products LLC.

Which region has the highest market share in the E-liquid market?

North America is estimated to hold the highest market share in the E-liquid market.

What is the Covid-19 impact on future E-liquid manufacturers?

Globally, Covid-19 impact on the future E-liquid market will be quite significant for the manufacturers. E-liquid saw a rise in demand during the COVID-19 epidemic due to increasing customer desire for tobacco-free e-liquid formulations.

What are the major drivers in the E-liquid market?

The major driving factors for the E-liquid market include growing public knowledge of the harmful effects of smoking mainstream products; rising desire for safer alternatives to smoking; the growing popularity of e-cigarettes among millennials; and rising health concerns among the older population.