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E-liquid Market Segmentation by Flavor (Tobacco, Menthol, Fruit & Candy, Chocolate, and Others); by Product Type (Bottles, and Pre-Filled); by Distribution Channel (Offline, and Online Channels) – Global Demand Analysis & Opportunity Outlook 2029

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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  • January 15, 2021: The United States Food and Drug Administration (FDA) issued warning to remove unauthorized e-liquids to manufacturers who did not submit premarket applications by deadline.

E-Liquid Market Highlights 2020 – 2029

The e-liquid market is estimated to garner a large revenue by growing at a notable CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to factors such as the increasing adoption of safer smoking alternatives, widening introduction of e-liquids with lesser toxicants and rising prices of conventional cigarettes. Along with these, as vaping is gaining popularity as a means of quitting smoking, the demand for e-cigarettes is expected to increase, which in turn is projected to boost market growth for e-liquids in the near future. According to the CDC, the aerosol in e-cigarettes usually contain fewer toxic chemicals when compared to the smoke of regular cigarettes. The smoke of regular cigarettes is known to have a mix of around 7000 chemicals.

The market is segmented by flavor into tobacco, menthol, fruit & candy, chocolate, and others, out of which, the tobacco segment is anticipated to hold the largest share in the e-liquid market on account of the growing demand for tobacco flavored e-liquid as it provides the experience of smoking real tobacco to smokers. Furthermore, on the basis of product type, the bottled segment is evaluated to grab the largest market share owing to the ease of storage and refilling of bottled e-liquids. However, the pre-filled segment is assessed to witness significant growth over the forecast period, which can be ascribed to the cost-effectiveness and easy disposal of pre-filled cartridges. CLICK TO DOWNLOAD SAMPLE REPORT


Major Macro-Economic Indicators Impacting the Market Growth


The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global E-Liquid Market Regional Synopsis

On the basis of geographical analysis, the e-liquid market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest market share over the forecast period on the back of strong presence of major market players and the rising popularity of vaping devices. According to U.S Food and Drug Administration (FDA), in 2019, more than 1 million young people in the United States used a vaping device on a daily basis, and more than 1.6 million citizens used it more than 20 times a month. In addition, Asia Pacific is evaluated to witness the highest growth over the forecast period, which can be credited to the growing occurrence of lung diseases due to excessive cigarette smoking and increasing disposable income in the region. More than 35% people suffered from lung cancer in China in 2018, out of which 22% cases were of women.

The e-liquid market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the e-liquid market includes the following segments:

By Flavor

  • Tobacco
  • Menthol
  • Fruit & Candy
  • Chocolate
  • Others

By Product Type

  • Bottles
  • Pre-Filled

By Distribution Channel

  • Offline Channels
  • Online Channels

Growth Drivers

  • Growing Adoption of Safer Smoking Alternatives Worldwide
  • Increasing Availability of E-Liquids with Less Toxicants


  • Stringent Regulations Regarding Usage of E-Liquids

Top Featured Companies Dominating the Market

  • Breazy Inc
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Black Note, Inc
  • BSMW Ltd.
  • Crystal Canyon Vapes LLC
  • Molecule Labs, Inc
  • Mig Vapor LLC
  • Philip Morris International Inc.
  • Nicopure Labs LLC
  • VMR Products LLC
  • Turning Point Brands, Inc.



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