Product Code: GVR-4-68039-319-7
E-liquid Market Growth & Trends:
The global e-liquid market size is expected to reach USD 4.93 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.0% from 2025 to 2030. The advent of e-cigarette products such as squonk mods and pod systems has increased its popularity and adoption in recent years. The rising demand for these products globally is expected to drive the market over the forecast period. In addition, the general presumption that these products can reduce the risk of lung disorders is fueling the market. Moreover, the absence of the tobacco burning process that is often found in conventional smoking products is expected to drive the market in the near future.
The growing adoption of e-cigarettes among youngsters is escalating the market value of e-liquid. Owing to the absence of tobacco and the availability of various flavors, such as chocolate, menthol, blueberry, and a range of fruit flavors, the appeal, and acceptability of these products is expected to increase among non-smokers as well. The growing demand for e-cigarettes and vapes in the market can also be attributed to their minimal environmental footprint compared to traditional cigarette buds. As e-liquids are used in e-cigarettes and vaporizers, the producers are capitalizing on the trend of eco-friendly vaping, which is capturing consumer attention.
Market players are focusing on mergers and acquisitions, collaborations, and partnerships in order to expand their distribution networks and build an international presence for their brands. For instance, in January 2018, Nicopure, a manufacturer of e-cigarette and e-liquid, announced a partnership with VapD3/4r Ltd., a distributor of e-cigarette and e-liquid in Bulgaria. Nicopure appointed VapD3/4r Ltd. as one of its distributors in Bulgaria. The partnership allowed the former to expand its brand presence in Bulgaria.
Key players are increasingly investing in the marketing and distribution of their products owing to rising competition in the market. For instance, in July 2019, Turning Point Brands, Inc., a manufacturer, and distributor of consumer products, invested USD 3.0 million in the Canadian distribution firm ReCreation Marketing. Through the ReCreation Marketing platform, the company launched RipTide, an e-liquid vape technology, and a variety of Nu-X products in Canada.
E-liquid Market Report Highlights:
- In terms of flavor, the menthol segment is anticipated to register the highest growth rate over the forecast period owing to increasing adoption among young people, especially in students, coupled with its availability at affordable prices.
- In terms of type, the bottled segment is expected to register growth at a significant pace from 2025 to 2030. This can be attributed to the fact that bottles allow users to make their own e-juice by adding two or more e-liquids.
- In terms of distribution channel, the online segment is projected to grow at the highest CAGR during the forecast period due to increased accessibility, consumer awareness of vaping as a safer alternative to smoking, and a diverse range of product offerings.
- In terms of region, North America e-liquid market dominated the global revenue with a revenue share of 39.5% in 2024. There is a well-established vaping culture and a strong distribution network that supports both online and retail sales.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. E-Liquid Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent Market Outlook
- 3.1.2. Related Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.2.1. Profit Margin Analysis (Industry-level)
- 3.3. Market Dynamics
- 3.3.1. Market Driver Analysis
- 3.3.2. Market Restraint Analysis
- 3.3.3. Market Opportunities
- 3.3.4. Market Challenges
- 3.4. Industry Analysis Tools
- 3.4.1. Porter's Five Forces Analysis
- 3.5. Market Entry Strategies
Chapter 4. E-Liquid Market: Flavor Estimates & Trend Analysis
- 4.1. E-Liquid Market, By Flavor: Key Takeaways
- 4.2. Flavor Movement Analysis & Market Share, 2024 & 2030
- 4.3. Market Estimates & Forecasts, By Flavor, 2018 - 2030 (USD Million)
- 4.3.1. Menthols
- 4.3.1.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.3.2. Tobacco
- 4.3.2.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.3.3. Dessert
- 4.3.3.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.3.4. Fruits & Nuts
- 4.3.4.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.3.5. Chocolate
- 4.3.5.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.3.6. Others
- 4.3.6.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. E-Liquid Market: Type Estimates & Trend Analysis
- 5.1. E-Liquid Market, By Type: Key Takeaways
- 5.2. Type Movement Analysis & Market Share, 2024 & 2030
- 5.3. Market Estimates & Forecasts, By Type, 2018 - 2030 (USD Million)
- 5.3.1. Pre-Filled
- 5.3.1.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.3.2. Bottled
- 5.3.2.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. E-Liquid Market: Distribution Channel Estimates & Trend Analysis
- 6.1. E-Liquid Market, By Distribution Channel: Key Takeaways
- 6.2. Distribution Channel Movement Analysis & Market Share, 2024 & 2030
- 6.3. Market Estimates & Forecasts, By Distribution Channel, 2018 - 2030 (USD Million)
- 6.3.1. Online
- 6.3.1.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.2. Retail Store
- 6.3.2.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.2.2. Convenience Store
- 6.3.2.2.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.2.3. Drug Stores
- 6.3.2.3.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.2.4. News Stands
- 6.3.2.4.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.2.5. Tobacconist
- 6.3.2.5.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.2.6. Specialty Stores
- 6.3.2.6.1. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. E-Liquid Market: Regional Estimates & Trend Analysis
- 7.1. E-Liquid Market: Regional Outlook
- 7.2. Regional Marketplaces: Key Takeaways
- 7.3. Market Estimates & Forecasts, by Region, 2018 - 2030 (USD Million)
- 7.4. North America
- 7.4.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.2. U.S.
- 7.4.2.1. Key country dynamics
- 7.4.2.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.3. Canada
- 7.4.3.1. Key country dynamics
- 7.4.3.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.4. Mexico
- 7.4.4.1. Key country dynamics
- 7.4.4.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5. Europe
- 7.5.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.2. UK
- 7.5.2.1. Key country dynamics
- 7.5.2.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.3. Germany
- 7.5.3.1. Key country dynamics
- 7.5.3.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.4. France
- 7.5.4.1. Key country dynamics
- 7.5.4.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.5. Italy
- 7.5.5.1. Key country dynamics
- 7.5.5.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6. Asia Pacific
- 7.6.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.2. China
- 7.6.2.1. Key country dynamics
- 7.6.2.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.3. Japan
- 7.6.3.1. Key country dynamics
- 7.6.3.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.4. India
- 7.6.4.1. Key country dynamics
- 7.6.4.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.5. Australia
- 7.6.5.1. Key country dynamics
- 7.6.5.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.7. Latin America
- 7.7.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.7.2. Brazil
- 7.7.2.1. Key country dynamics
- 7.7.2.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.7.3. Argentina
- 7.7.3.1. Key country dynamics
- 7.7.3.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.8. Middle East and Africa
- 7.8.1. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.8.2. UAE
- 7.8.2.1. Key country dynamics
- 7.8.2.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.8.3. Saudi Arabia
- 7.8.3.1. Key country dynamics
- 7.8.3.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.8.4. South Africa
- 7.8.4.1. Key country dynamics
- 7.8.4.2. Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Recent Developments & Impact Analysis by Key Market Participants
- 8.2. Company Categorization
- 8.3. Participant's Overview
- 8.4. Financial Performance
- 8.5. Product Benchmarking
- 8.6. Company Heat Map Analysis
- 8.7. Company Profiles
- 8.7.1. Black Note, Inc.
- 8.7.1.1. Company Overview
- 8.7.1.2. Financial Performance
- 8.7.1.3. Product Portfolio
- 8.7.1.4. Recent Developments/ Strategic Initiatives
- 8.7.2. Breazy
- 8.7.2.1. Company Overview
- 8.7.2.2. Financial Performance
- 8.7.2.3. Product Portfolio
- 8.7.2.4. Recent Developments/ Strategic Initiatives
- 8.7.3. BSMW Ltd.
- 8.7.3.1. Company Overview
- 8.7.3.2. Financial Performance
- 8.7.3.3. Product Portfolio
- 8.7.3.4. Recent Developments/ Strategic Initiatives
- 8.7.4. Crystal Canyon Vapes LLC
- 8.7.4.1. Company Overview
- 8.7.4.2. Financial Performance
- 8.7.4.3. Product Portfolio
- 8.7.4.4. Recent Developments/ Strategic Initiatives
- 8.7.5. eLiquid Factory
- 8.7.5.1. Company Overview
- 8.7.5.2. Financial Performance
- 8.7.5.3. Product Portfolio
- 8.7.5.4. Recent Developments/ Strategic Initiatives
- 8.7.6. Mig Vapor LLC
- 8.7.6.1. Company Overview
- 8.7.6.2. Financial Performance
- 8.7.6.3. Product Portfolio
- 8.7.6.4. Recent Developments/ Strategic Initiatives
- 8.7.7. Molecule Labs, Inc.
- 8.7.7.1. Company Overview
- 8.7.7.2. Financial Performance
- 8.7.7.3. Product Portfolio
- 8.7.7.4. Recent Developments/ Strategic Initiatives
- 8.7.8. Nicopure Labs LLC
- 8.7.8.1. Company Overview
- 8.7.8.2. Financial Performance
- 8.7.8.3. Product Portfolio
- 8.7.8.4. Recent Developments/ Strategic Initiatives
- 8.7.9. Philip Morris International Inc.
- 8.7.9.1. Company Overview
- 8.7.9.2. Financial Performance
- 8.7.9.3. Product Portfolio
- 8.7.9.4. Recent Developments/ Strategic Initiatives
- 8.7.10. Turning Point Brands, Inc.
- 8.7.10.1. Company Overview
- 8.7.10.2. Financial Performance
- 8.7.10.3. Product Portfolio
- 8.7.10.4. Recent Developments/ Strategic Initiatives
- 8.7.11. VMR Products LLC
- 8.7.11.1. Company Overview
- 8.7.11.2. Financial Performance
- 8.7.11.3. Product Portfolio
- 8.7.11.4. Recent Developments/ Strategic Initiatives