The e-liquids market is expected to grow from USD 2.28 billion in 2022 to USD 11.60 Billion by 2032, at a CAGR of 17.65% during the forecast period 2023-2032.
Liquid for use inside an e-cigarette is called e-liquid, also known as vape juice or e-juice. E-liquid is a fluid utilised in electronic nicotine delivery methods products to produce smoke. It is warmed up to create an aerosol that the individual inhales to copy the sensation of smoking tobacco. E-liquids may contain propylene glycol, nicotine, glycerol or vegetable glycerin, other chemicals (containing those utilised to create flavours) and, in some cases, water. E-liquids also offer a price benefit over tobacco products and are available in different price ranges, enhancing the affordability of these e-liquids. E-liquids are created from vegetable glycerin and are free of compounds in traditional cigarettes, such as ethylene glycol, diacetyl, diethylene glycol, acetyl propionyl, and acrolein or acetoin, which can cause a variety of health problems.
The driving factors of the market growth are the availability of e-liquids from a different source, fewer amounts of toxicants in the e-liquids, availability of different flavours of e-liquids and the production of e- liquids. However, the growing demand for safer alternatives to smoking, coupled with the shifting customer inclination from conventional smoking toward electronic cigarettes or vaping, is also expected to boost the market growth in the forthcoming year. The concerns among smokers regarding the presence of toxicants in e-liquids are the restraining factors of the market growth. The technologically advanced e-cigarettes, the increasing popularity of e-cigarettes among millennials, and the rising health concerns among the geriatric population are the opportunity factors for market growth. However, the incidence of allergic reactions to the users' skin owing to propylene glycol-based e-cigarettes is a challenging factor in the market growth.
This study delivers a comprehensive analysis of flavors, base type, type, distribution channel, and region. The flavors segment includes menthol, dessert, chocolate, fruits & nuts, tobacco, and others. The tobacco segment holds the largest market share in 2022 due to smokers' rising demand for tobacco-flavored e-liquid. The base type segment includes vegetable glycerin [VG], propylene glycol [PG], and PG & VG. The vegetable glycerin [VG] segment held the largest market share in 2022 due to the increasing adoption of the vegetable glycerin-based e-liquid. The type segment includes pre-filled and bottled. The bottled segment held the largest market share in 2022. The bottled e-liquids permit users to refill their vape tanks easily and quickly. However, bottled e-liquid can be stored securely & safely for a longer time and can be used to create DIY e-juices. These factors are helping to boost the segment's market growth. The distribution channel segment includes online and retail store. The retail store segment held the largest market share in 2022 because certain retail outlets enable consumers to try several e-liquid tastes and e-cigarette items before purchasing.
The market has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America holds the largest market share due to the presence of a large number of key market participants. Furthermore, the increasing trend of utilising do-it-yourself (DIY) Vegetable Glycerin [VG] vape juices, coupled with the customer demand for disposable and prefilled e-liquids, is also helping to boost the market growth region. Moreover, the significant demand for e-cigarettes and e-liquid products across Canada and the US will drive market growth. The Asia Pacific is projected to observe significant growth due to the increasing disposable income of individuals. Further, the presence of numerous flavours for e-liquids, along with an increasing number of worldwide vape shops allowing customers to taste multiple flavours available for e-liquid, is also propelling the market growth in this region.
Some of the notable players in the market are Mig Vapor LLC, Crystal Canyon Vapes LLC, Nicopure Labs LLC, Turning Point Brands, Inc., Molecule Labs, Inc., e-Liquid Factory, VMR Products LLC, Philip Morris International Inc., Fontem Ventures B.V., Breazy, Black Note Vape, Inc., and among others.
Report Description:
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis By Type
4.3.2. Market Attractiveness Analysis By Base Type
4.3.3. Market Attractiveness Analysis By Type
4.3.4. Market Attractiveness Analysis By Distribution Channel
4.3.5. Market Attractiveness Analysis By Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. The growing demand for safer alternatives to smoking
5.2.2. The shifting customer inclination from conventional smoking toward electronic cigarettes or vaping
5.3. Restraints
5.3.1. The concerns among smokers regarding the presence of toxicants in e-liquids
5.4. Opportunities
5.4.1. The technologically advanced e-cigarettes
5.4.2. The increasing popularity of e-cigarettes among millennials
1. Global E-Liquids Market Analysis and Forecast, By Flavors
1.1. Segment Overview
1.2. Menthol
1.3. Dessert
1.4. Chocolate
1.5. Fruits & Nuts Tobacco
1.6. Others
2. Global E-Liquids Market Analysis and Forecast, By Base Type
2.1. Segment Overview
2.2. Vegetable Glycerin [VG]
2.3. Propylene Glycol [PG]
2.4. PG & VG
3. Global E-Liquids Market Analysis and Forecast, By Type
3.1. Segment Overview
3.2. Pre-filled
3.3. Bottled
4. Global E-Liquids Market Analysis and Forecast, By Distribution Channel
5.5. Segment Overview
5.6. Online
5.7. Retail Store
5. Global E-Liquids Market Analysis and Forecast, By Regional Analysis
5.1. Segment Overview
5.2. North America
5.2.1. U.S.
5.2.2. Canada
5.2.3. Mexico
5.3. Europe
5.3.1. Germany
5.3.2. France
5.3.3. U.K.
5.3.4. Italy
5.3.5. Spain
5.4. Asia-Pacific
5.4.1. Japan
5.4.2. China
5.4.3. India
5.5. South America
5.5.1. Brazil
5.6. Middle East and Africa
5.6.1. UAE
5.6.2. South Africa
6. Global E-Liquids Market-Competitive Landscape
6.1. Overview
6.2. Market Share of Key Players in Global E-Liquids Market
6.2.1. Global Company Market Share
6.2.2. North America Company Market Share
6.2.3. Europe Company Market Share
6.2.4. APAC Company Market Share
6.3. Competitive Situations and Trends
6.3.1. Product Launches and Developments
6.3.2. Partnerships, Collaborations, and Agreements
6.3.3. Mergers & Acquisitions
6.3.4. Expansions
7. Company Profiles
7.1. Mig Vapor LLC
7.1.1. Business Overview
7.1.2. Company Snapshot
7.1.3. Company Market Share Analysis
7.1.4. Company Product Portfolio
7.1.5. Recent Developments
7.1.6. SWOT Analysis
7.2. Crystal Canyon Vapes LLC
7.2.1. Business Overview
7.2.2. Company Snapshot
7.2.3. Company Market Share Analysis
7.2.4. Company Product Portfolio
7.2.5. Recent Developments
7.2.6. SWOT Analysis
7.3. Nicopure Labs LLC
7.3.1. Business Overview
7.3.2. Company Snapshot
7.3.3. Company Market Share Analysis
7.3.4. Company Product Portfolio
7.3.5. Recent Developments
7.3.6. SWOT Analysis
7.4. Turning Point Brands, Inc.
7.4.1. Business Overview
7.4.2. Company Snapshot
7.4.3. Company Market Share Analysis
7.4.4. Company Product Portfolio
7.4.5. Recent Developments
7.4.6. SWOT Analysis
7.5. Molecule Labs, Inc.
7.5.1. Business Overview
7.5.2. Company Snapshot
7.5.3. Company Market Share Analysis
7.5.4. Company Product Portfolio
7.5.5. Recent Developments
7.5.6. SWOT Analysis
7.6. e-Liquid Factory
7.6.1. Business Overview
7.6.2. Company Snapshot
7.6.3. Company Market Share Analysis
7.6.4. Company Product Portfolio
7.6.5. Recent Developments
7.6.6. SWOT Analysis
7.7. VMR Products LLC
7.7.1. Business Overview
7.7.2. Company Snapshot
7.7.3. Company Market Share Analysis
7.7.4. Company Product Portfolio
7.7.5. Recent Developments
7.7.6. SWOT Analysis
7.8. Philip Morris International Inc.
7.8.1. Business Overview
7.8.2. Company Snapshot
7.8.3. Company Market Share Analysis
7.8.4. Company Product Portfolio
7.8.5. Recent Developments
7.8.6. SWOT Analysis
7.9. Fontem Ventures B.V.
7.9.1. Business Overview
7.9.2. Company Snapshot
7.9.3. Company Market Share Analysis
7.9.4. Company Product Portfolio
7.9.5. Recent Developments
7.9.6. SWOT Analysis
7.10. Breazy
7.10.1. Business Overview
7.10.2. Company Snapshot
7.10.3. Company Market Share Analysis
7.10.4. Company Product Portfolio
7.10.5. Recent Developments
7.10.6. SWOT Analysis
7.11. Black Note Vape, Inc.
7.11.1. Business Overview
7.11.2. Company Snapshot
7.11.3. Company Market Share Analysis
7.11.4. Company Product Portfolio
7.11.5. Recent Developments
7.11.6. SWOT Analysis
List of Table
1. Global E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
2. Global Menthol, E-Liquids Market, By Region, 2019-2032 (USD Billion)
3. Global Dessert, E-Liquids Market, By Region, 2019-2032 (USD Billion)
4. Global Chocolate, E-Liquids Market, By Region, 2019-2032 (USD Billion)
5. Global Fruits & Nuts Tobacco, E-Liquids Market, By Region, 2019-2032 (USD Billion)
6. Global Others, E-Liquids Market, By Region, 2019-2032 (USD Billion)
7. Global E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
8. Global Vegetable Glycerin [VG], E-Liquids Market, By Region, 2019-2032 (USD Billion)
9. Global Propylene Glycol [PG], E-Liquids Market, By Region, 2019-2032 (USD Billion)
10. Global PG & VG, E-Liquids Market, By Region, 2019-2032 (USD Billion)
11. Global E-Liquids Market, By Type, 2019-2032 (USD Billion)
12. Global Pre-filled, E-Liquids Market, By Region, 2019-2032 (USD Billion)
13. Global Bottled, E-Liquids Market, By Region, 2019-2032 (USD Billion)
14. Global E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
15. Global Online, E-Liquids Market, By Region, 2019-2032 (USD Billion)
16. Global Retail Store, E-Liquids Market, By Region, 2019-2032 (USD Billion)
17. North America E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
18. North America E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
19. North America E-Liquids Market, By Type, 2019-2032 (USD Billion)
20. North America E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
21. U.S. E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
22. U.S. E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
23. U.S. E-Liquids Market, By Type, 2019-2032 (USD Billion)
24. U.S. E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
25. Canada E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
26. Canada E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
27. Canada E-Liquids Market, By Type, 2019-2032 (USD Billion)
28. Canada E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
29. Mexico E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
30. Mexico E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
31. Mexico E-Liquids Market, By Type, 2019-2032 (USD Billion)
32. Mexico E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
33. Europe E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
34. Europe E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
35. Europe E-Liquids Market, By Type, 2019-2032 (USD Billion)
36. Europe E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
37. Germany E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
38. Germany E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
39. Germany E-Liquids Market, By Type, 2019-2032 (USD Billion)
40. Germany E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
41. France E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
42. France E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
43. France E-Liquids Market, By Type, 2019-2032 (USD Billion)
44. France E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
45. U.K. E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
46. U.K. E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
47. U.K. E-Liquids Market, By Type, 2019-2032 (USD Billion)
48. U.K. E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
49. Italy E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
50. Italy E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
51. Italy E-Liquids Market, By Type, 2019-2032 (USD Billion)
52. Italy E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
53. Spain E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
54. Spain E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
55. Spain E-Liquids Market, By Type, 2019-2032 (USD Billion)
56. Spain E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
57. Asia Pacific E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
58. Asia Pacific E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
59. Asia Pacific E-Liquids Market, By Type, 2019-2032 (USD Billion)
60. Asia Pacific E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
61. Japan E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
62. Japan E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
63. Japan E-Liquids Market, By Type, 2019-2032 (USD Billion)
64. Japan E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
65. China E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
66. China E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
67. China E-Liquids Market, By Type, 2019-2032 (USD Billion)
68. China E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
69. India E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
70. India E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
71. India E-Liquids Market, By Type, 2019-2032 (USD Billion)
72. India E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
73. South America E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
74. South America E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
75. South America E-Liquids Market, By Type, 2019-2032 (USD Billion)
76. South America E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
77. Brazil E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
78. Brazil E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
79. Brazil E-Liquids Market, By Type, 2019-2032 (USD Billion)
80. Brazil E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
81. Middle East and Africa E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
82. Middle East and Africa E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
83. Middle East and Africa E-Liquids Market, By Type, 2019-2032 (USD Billion)
84. Middle East and Africa E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
85. UAE E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
86. UAE E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
87. UAE E-Liquids Market, By Type, 2019-2032 (USD Billion)
88. UAE E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
89. South Africa E-Liquids Market, By Flavors, 2019-2032 (USD Billion)
90. South Africa E-Liquids Market, By Base Type, 2019-2032 (USD Billion)
91. South Africa E-Liquids Market, By Type, 2019-2032 (USD Billion)
92. South Africa E-Liquids Market, By Distribution Channel, 2019-2032 (USD Billion)
List of Figures
1. Global E-Liquids Market Segmentation
2. Global E-Liquids Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global E-Liquids Market Attractiveness Analysis By Flavors
9. Global E-Liquids Market Attractiveness Analysis By Base Type
10. Global E-Liquids Market Attractiveness Analysis By Type
11. Global E-Liquids Market Attractiveness Analysis By Distribution Channel
12. Global E-Liquids Market Attractiveness Analysis By Region
13. Global E-Liquids Market: Dynamics
14. Global E-Liquids Market Share By Flavors (2023 & 2032)
15. Global E-Liquids Market Share By Base Type (2023 & 2032)
16. Global E-Liquids Market Share By Type (2023 & 2032)
17. Global E-Liquids Market Share By Distribution Channel (2023 & 2032)
18. Global E-Liquids Market Share By Regions (2023 & 2032)
19. Global E-Liquids Market Share By Company (2022)
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