E-Liquid Market

Global E-Liquid Market Size (2024 to 2029)

The global E-Liquid Market size is expected to be valued at USD 2.28 billion in 2024 and is anticipated to reach USD 4.39 billion by 2029. The market is also estimated to experience reasonable growth to record a CAGR of 14.0% throughout the forecast period (2024 to 2029).

MARKET OVERVIEW

The e-liquid is also known as vape juice or e-juice, which is a mixture of nicotine, base liquid, and a flavoring agent used in electronic cigarettes. E-liquids do not produce smoke, so they avoid passive smoking. Various flavors are used in e-liquids including chocolate, mint and menthol, fruits and nuts, etc. The e-liquids used in e-cigarettes reduce the risk of lung disorders because there is no tobacco-burning process that often occurs in traditional smoking. Besides this, some manufacturers have also introduced e-liquids without using these harmful ingredients for the non-smoking group.

MARKET DRIVERS AND RESTRAINTS

E-liquid can be considered as much superior compared to traditional tobacco. Many aromas used in e-liquids provide an enhanced mouthfeel and a refreshing sensation.

Due to the absence of a tobacco burning process as in traditional smoking, e-liquid smoking allows you to inhale lower levels of toxic substances, reducing the risk of lung disorders. All these factors are expected to drive the growth of the global e-liquids market over the estimated period. Also, the growing trend of e-cigarettes has helped reduce the environmental footprint compared to cigarette butts. With the gradual use of e-liquids in vaporizers and e-cigarettes, the producers of the e-liquid market are capitalizing on the eco-vaping trend, which is gaining consumer attention. Green vaping is an obvious trend, removing the environmental burden associated with disposing of large volumes of discarded cigarette butts. Furthermore, green vaping lessens the problem of deforestation and reduces environmental degradation caused by growing tobacco. Vaping has offered smokers many advantages over traditional smoking. It has also helped smokers reduce their tar and nicotine intake, leading many smokers to quit partially or completely. These health benefits are driving demand for liquid nicotine in the e-liquid market. However, strict regulations imposed by the government on excessive use of e-cigarettes are likely to hamper the growth of the global e-liquids market in the future.

REPORT COVERAGE

DETAILED SEGMENTATION OF THE GLOBAL E-LIQUID MARKET INCLUDED IN THIS REPORT

This research report on the global E-liquid market has been segmented and sub-segmented based on base, flavor, product, sales channels, and region.

Global E-Liquid Market By Base

• Propylene Glycol
• Vegetable Glycerin
• PG & VG

Global E-Liquid Market By Flavor

• dessert
• chocolate
• fruits & candy
• mint & menthol
• original tobacco

Global E-Liquid Market By Sales Channel

• Independent Shops           
• Specialty Stores   
• Specialty Stores   
• Hypermarkets/ Supermarkets

According to the sales channel, the market is divided into hypermarkets/supermarkets, convenience stores, specialty stores, small independent grocery stores, and online retail. In 2018, the Hypermarkets/Supermarkets segment represented the largest revenue share in the global e-liquids market. Hypermarkets combine supermarkets and discount stores and department stores, resulting in a large availability of different products under one roof. Therefore, customers choose hypermarkets for the wholesale purchase of daily products. This is supposed to fuel the demand in the hypermarket segment in the global business in the coming days. The growing supermarket chain is driving segment growth in the global e-liquids market. Supermarkets have established consumer trust by providing convenient services and attractive offers. In addition, a large majority of customers choose a particular brand over others, which are usually offered by supermarkets.

REGIONAL ANALYSIS

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

North America had the largest share of revenue in the global e-liquids market in 2023.

Additionally, the Asia-Pacific is expected to record the fastest growth over the estimated period. Japan and China are the top countries driving key market growth in the Asia Pacific. The increase in the number of lung cancer cases due to smoking is increasing the demand for e-cigarette devices, which in turn is driving the growth of the e-liquid market in the Asia-Pacific. According to the National Institute for Cancer Research and Prevention (NICPR), in 2018, around 67,795 new cases of lung cancer were reported in India, of which 48,698 were men and 19,097 women. The increasing frequency of lung cancer cases through smoking is unintentionally driving the demand for e-cigarette devices and thus driving the expansion of the global e-liquids market.

KEY PLAYERS IN THE GLOBAL E-LIQUID MARKET

Vape Dudes, VMR Flavors LLC, Virgin Vapor, Black Note, eLiquid Factory, VaporFi, Inc., Mt Baker Vapor, VistaVapors, Inc., Halo, ZampleBox, Henley, Highbrow Vapor, Strix Elixirs, Breazy are some of the notable companies in the global E-Liquid market.

RECENT DEVELOPMENTS IN THE MARKET

• Flavor Warehouse Ltd announced the purchase of Premier Retail Limited that is supposed to expand its presence in the UK. Uni and consolidate its position as one of the great protagonists of vaping hardware market.
• Qualif SAVEURVAPE, a leader in the manufacture and distribution of e-liquids, announced that it has acquired and added the Jazzy Boba brand to its industry-leading portfolio, which includes SVRF Vapor, MET4 Vapor, The Standard Vape and the original. Founded in 2014, Jazzy Boba has conquered the vaporizer industry with its jasmine-infused boba tea flavor.
• The owner of Lucky Strike brand confirmed about the recent purchase of an e-cigarette business in the Northwest area. In a section of its interim results titled "Other Group Changes", British American Tobacco said that it had purchased certain assets of Must Have Ltd (MHL) in the UK, including the e-cigarette brand ViP.