“Global E-liquid Market to reach a market value of 5.3 Billion by 2031 growing at a CAGR of 13.7%”
The Global E-liquid Market size is expected to reach $5.3 billion by 2031, rising at a market growth of 13.7% CAGR during the forecast period.
The North America region witnessed 38% revenue share in this market in 2023. This can be attributed to several factors, including the high prevalence of vaping in the United States and Canada, where vaping has become a popular alternative to smoking. The region also benefits from a well-established vaping infrastructure, with numerous vape shops, online platforms, and various e-liquid brands available to consumers.
As awareness about the health risks associated with nicotine continues to grow, there is an increasing demand for nicotine-free and low-nicotine liquids. Health-conscious consumers are seeking vaping alternatives that allow them to enjoy the act of vaping without the addictive and harmful effects of nicotine. This trend is not only seen in individuals looking to quit smoking but also in those who enjoy the sensation of vaping without any dependency on nicotine. Thus, rising demand for nicotine-free and low-nicotine liquids is driving the growth of the market.
Additionally, Vaping is increasingly recognized as a smoking cessation tool, contributing to the growing demand for these liquids. Smokers seeking alternatives to traditional cigarettes have turned to e-cigarettes as a way to reduce or eliminate nicotine intake. Vaping is seen as a less harmful option for smokers, offering them the sensation of smoking without the exposure to harmful chemicals found in combustible tobacco. Therefore, the increasing adoption of vaping as a smoking cessation tool is propelling the growth of the market.
However, One of the primary restraints affecting the market is the imposition of high taxes on these liquids in various regions. Many governments have introduced steep taxes on vaping products to discourage usage, similar to the taxation of tobacco products. These taxes increase retail prices, making these liquids less affordable for some consumers. The increased cost of these liquids due to taxes can also lead to reduced sales, particularly in price-sensitive markets where affordability is a key purchasing factor. Thus, high taxes and price volatility are hindering market growth.
Based on type, this market is divided into bottled and pre-filled. The pre-filled segment held 44% revenue share in this market in 2023. Pre-filled e-liquids are typically sold in cartridges or pods designed to use specific closed-system vaping devices. These products appeal to users who prioritize simplicity and portability. The hassle-free nature of pre-filled e-liquids eliminates the need for manual refilling, making them a popular choice among beginners and those who prefer a straightforward, mess-free vaping experience.
On the basis of distribution channel, this market is segmented into online and retail store. In 2023, the retail store segment attained 48% revenue share in this market. Retail stores, including specialized vape and convenience stores, provide an immediate and tangible shopping experience that many consumers still value. The ability to physically inspect products, seek personalized advice from knowledgeable staff, and make instant purchases are significant advantages of retail stores.
Based on flavor type, this market is divided into tobacco, fruits & nuts, menthol, dessert, chocolate, and others. In 2023, the fruits & nuts segment procured 21% revenue share in this market. This segment’s appeal lies in its diverse and refreshing range of flavors that cater to a broad spectrum of taste preferences. From the sweet and tangy notes of berries and citrus fruits to the rich and savory flavors of nuts, these liquids offer various options that attract both new and experienced vapers.
Free Valuable Insights: Global E-liquid Market size to reach USD 5.3 Billion by 2031
Region-wise, this market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region generated 30% revenue share in this market in 2023. The region’s significant contribution is driven by rapid urbanization, increasing disposable incomes, and the growing awareness of vaping as an alternative to smoking. Countries such as China, Japan, and South Korea have seen a rise in vaping culture, with more consumers shifting from traditional tobacco products to e-cigarettes and e-liquids.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 1.9 Billion |
| Market size forecast in 2031 | USD 5.3 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 13.7% from 2024 to 2031 |
| Number of Pages | 234 |
| Tables | 467 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Flavor Type, Region |
| Country scope |
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| Companies Included | Black Note, Inc., Breazy, Inc., Vaporesso, Air Factory E-liquids LLC, Nicopure Labs LLC, Juul Labs, Inc., FlavourArt S.r.l., and KangerTech-Shenzhen Kanger Technology Co., Ltd |
By Type
By Distribution Channel
By Flavor Type
By Geography
The Market size is projected to reach USD 5.3 billion by 2031.
Rising Demand For Nicotine-Free And Low-Nicotine E-Liquids are driving the Market in coming years, however, High Taxes And Price Volatility restraints the growth of the Market.
Black Note, Inc., Breazy, Inc., Vaporesso, Air Factory E-liquids LLC, Nicopure Labs LLC, Juul Labs, Inc., FlavourArt S.r.l., and KangerTech-Shenzhen Kanger Technology Co., Ltd
The expected CAGR of this Market is 13.7% from 2024 to 2031.
The Online segment led the maximum revenue in the Market by Distribution Channel in 2023, thereby, achieving a maraket value of $2.8 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1.9 billion by 2031.
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