E-liquid Market To Reach $4.93 Billion By 2030 | CAGR: 14.0%

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 Vapоr Ltd., a distributor of e-cigarette and e-liquid in Bulgaria. Nicopure appointed Vapоr 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.

 Request a free sample copy or view report summary: E-liquid Market Report

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.

E-liquid Market Segmentation

Grand View Research has segmented the global e-liquid market report based on flavor, type, distribution channel, and region: 

E-Liquid Flavor Outlook (Revenue, USD Million, 2018 - 2030)

• Menthol

• Tobacco

• Dessert

• Fruits & Nuts

• Chocolate

• Others

E-Liquid Type Outlook (Revenue, USD Million, 2018 - 2030)

• Pre-Filled

• Bottled

E-Liquid Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Online

• Retail Store

  • Convenience Store

  • Drug Stores

  • News Stands

  • Tobacconist

  • Specialty Stores

E-Liquid Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players of the E-Liquid Market

• Black Note, Inc.

• Breazy

• BSMW Ltd.

• Crystal Canyon Vapes LLC

• eLiquid Factory

• Mig Vapor LLC

• Molecule Labs, Inc.

• Nicopure Labs LLC

• Philip Morris International Inc.

• Turning Point Brands, Inc.

• VMR Products LLC