E-Liquid Market Opportunities, Forecast, and Size till 2031

Historic Data: 2021-2023   |   Base Year: 2024   |   Forecast Period: 2025-2031

Coverage: E-Liquid Market covers analysis by Flavor [Tobacco, Fruits, Mint and Others], Base Type [Propylene Glycol, Vegetable Glycerin, and Blended], Distribution Channel [Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others], and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Date : Aug 2025
  • Report Code : TIPRE00015935
  • Category : Consumer Goods
  • Status : Upcoming
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 150

The e-liquid market was valued at US$ 1.4 billion in 2021 and it is expected to grow at a CAGR of 11.25% between 2022 and 2031.

E-liquid is a major ingredient used in e-cigarettes. E-liquids are available in various flavors, including chocolate, mint, cookies, and confectioneries. Nowadays, manufacturers are increasingly conscious about the selection of raw materials during the production process to comply with standards specified by the food safety regulators. E-liquids contain limited amounts of toxicants over other tobacco products. Increasing youngsters’ demand for safer alternatives to cigarette smoking is a prominent factor driving the growth of the e-liquid market

MARKET DYNAMICS


As per the data presented by CDC Foundation (Centers for Disease Control and Prevention), in 2021, nearly 290.4 million e-cigarette products were sold in the US, 31.1% up over the previous year. Increasing consumer preferences for technologically advanced e-cigarettes is likely to propel the demand for e-liquids globally. In addition, increasing prices of the traditional cigarettes is encouraging middle income population to buy e-cigarette products, favoring the e-liquids market growth.   

MARKET SCOPE


The "Global E-liquid Market Forecast to 2031"  report aims to provide an overview of the e-liquid market with detailed market segmentation based on flavor, base type, and distribution channel. The market report provides key statistics based on the performance of the leading e-liquid market players. The report also offers key trends and opportunities in the market.

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E-Liquid Market: Strategic Insights

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MARKET SEGMENTATION


The global e-liquid market is segmented on the basis of flavor, base type, and distribution channel. Based on flavor, the global market is segmented into tobacco, fruits, mint, and others.  By base type, the market is segmented into propylene glycol, vegetable glycerine, and blended. Based on distribution channel, the global e-liquid market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.

REGIONAL FRAMEWORK


The global e-liquid market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South & Central America. The market report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in the region.

From the regional perspective, North America dominated the e-liquid market with ~41% market share in 2021. The global market growth in the region is majorly attributed to the significant demand for e-cigarettes and e-liquid products across the US and Canada. In addition, presence of key players, such as USA Vape Labs and ZampleBox LLC., in the US and Canada results in significant revenue generation from such products in North America. The below figure shows the revenue growth trend in the North America e-liquid market:

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Source: The Insight Partners Analysis

The report analyses factors, such as drivers, opportunities, restraints, and future trends, which impacts the e-liquid market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.

IMPACT OF COVID-19 PANDEMIC

The lockdown restrictions imposed due to COVID-19 outbreak have adversely affected the supply chain of the tobacco products and reduced the consumption of the e-liquid and e-cigarette products. In addition, adherence of social distancing norms and to avoid the spread of novel coronavirus infection lowered the consumers’ confidence toward visiting tobacco shops for buying e-liquid products, thereby hindered the growth of the global e-liquid market. However, the reopening of tobacco shops and supermarkets post COVID-19 related lockdown restrictions has uplifted the e-liquids demand in regions, such as Asia Pacific, Europe, and North America.      

MARKET PLAYERS


The report covers key developments and organic/inorganic growth strategies implemented by key players in the e-liquid market. Various key companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions, and partnerships & collaborations are among the inorganic growth strategic activities witnessed in the market. These activities have paved way for the business expansion and customer base of market players. The players from e-liquid market are anticipated to experience lucrative growth opportunities in the future with the rising demand for e-liquid products.

The market report also includes the profiles of key e-liquid market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players’ information such as company profiles, components and services offered, financial information of last three years, and key developments in past five years. Below mentioned is the list of few companies engaged in the e-liquid market.

  • Black Note, Inc.
  • eLiquitech, a Tobacco Technology, Inc.
  • Pure Labs
  • ZampleBox LLC.
  • USA Vape Lab
  • Molecule Labs, Inc.
  • JUUL Labs, Inc.
  • Crystal Canyon Vapes LLC
  • eZy-e
  • Elda Liquids

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

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E-Liquid Report Scope

Report Attribute Details
Market size in 2024 US$ 1.92 Billion
Market Size by 2031 US$ 4.07 Billion
Global CAGR (2025 - 2031) 11.25%
Historical Data 2021-2023
Forecast period 2025-2031
Segments Covered By Flavor
  • Tobacco
  • Fruits
  • Mint
By Base Type
  • Propylene Glycol
  • Vegetable Glycerin
  • Blended
By Distribution Channel
  • Supermarkets and Hypermarkets
  • Specialty Stores
  • Online Retail
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Black Note, Inc
  • Fuggin Vapor Co.
  • Humble Juice Co.
  • Mig Vapor LLC
  • Molecule Labs, Inc.
  • Nicopure
  • Savage Enterprises
  • USA Vape Lab
  • Vape Craft Inc.
  • Shejal Jamdade
    Shejal Jamdade
    Associate Vice President,
    Market Research & Consulting

    With over 12 years of experience in managing custom research projects, Shejal is a seasoned research professional with deep cross-sector expertise spanning Chemicals & Materials, Food & Beverages, Biotechnology, and Consumer Goods. She excels in end-to-end project management, advanced data modelling, and providing strategic support to clients.

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    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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    The List of Companies

    1. Black Note, Inc
    2. Fuggin Vapor Co.
    3. Humble Juice Co.
    4. Mig Vapor LLC
    5. Molecule Labs, Inc.
    6. Nicopure
    7. Savage Enterprises
    8. USA Vape Lab
    9. Vape Craft Inc.
    10. ZampleBox LLC

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