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E-liquid market driven by growing adoption among youngsters

The global e-liquid market size is expected to reach USD 3.3 billion by 2027, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.4% from 2021 to 2027. 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.

E-liquid Market Share By Geographical Regions:

North America dominated the e-liquid market and accounted for the largest revenue share of over 40.0%. The Asia Pacific regional market is anticipated to register significant growth over the forecast period. This is attributed to the increasing number of lung cancer cases owing to the growing consumption of tobacco smoking, coupled with the general perception that e-cigarettes and e-liquids are safer than traditional cigarettes.

E-liquid Market Insights By Major Manufacturers:

Some of the prominent players in the e-liquid market include Black Note, Inc.; Breazy; BSMW Ltd.; Crystal Canyon Vapes LLC; eLiquid Factory; Mig Vapor LLC; Molecule Labs, Inc.; and Nicopure Labs LLC. Manufacturers are dependent on a number of small and medium-sized third-party suppliers or manufacturers. However, failure to renew agreements or the failure of the distribution channels of third-party suppliers significantly affect the operations of manufacturers is anticipated to hamper the market growth. Key market players are engaging in new product development, partnerships, and acquisitions to strengthen their positions in the market and expand their operations across the globe. 

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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 2021 to 2027. 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 anticipated to register a significant growth rate over the forecast period as it provides customers with a wide variety of e-liquids that customers can choose from

·         In terms of region, Europe is anticipated to register notable market growth from 2021 to 2027. This can be attributed to rising awareness among individuals about the tobacco-free formulation of e-liquids

The report delivers insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments.

Base year for estimation


Historical data

2016 - 2019

Forecast period

2021 - 2027

Quantitative units

Revenue in USD million and CAGR from 2021 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Flavor, type, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; China; Australia; Japan; Brazil

Key companies profiled

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

Customization scope

Free report customization (equivalent to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.


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E-liquid Market Segmentation

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

E-liquid Flavor Outlook (Revenue, USD Million, 2016 - 2027)

·         Menthol

·         Tobacco

·         Dessert

·         Fruits & Nuts 

·         Chocolate

·         Others

E-liquid Type Outlook (Revenue, USD Million, 2016 - 2027)

·         Pre-Filled

·         Bottled

E-liquid Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

·         Online

·         Retail Store

o    Convenience Store

o    Drug Stores

o    Newsstands

o    Tobacconist

o    Specialty Stores

E-liquid Regional Outlook (Revenue, USD Million, 2016 - 2027)

·         North America

o    U.S.

o    Canada

·         Europe

o    U.K.

o    Germany

·         Asia Pacific

o    China

o    Japan

o    Australia

·         Latin America

o    Brazil

·         Middle East & 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

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

on March 4 at 9:13

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