E-liquid Market size was valued at USD 2.12 billion in 2024 and is likely to cross USD 11 billion by 2037, expanding at more than 13.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of E-liquid is estimated at USD 2.36 billion.
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.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
13.5% |
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Base Year Market Size (2024) |
USD 2.12 billion |
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Forecast Year Market Size (2037) |
USD 11 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments
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By Flavor |
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By Product Type |
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By Distribution Channel
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North America Market Statistics
On the basis of geographical analysis, the market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.North America industry is estimated to dominate majority revenue share by 2037, on the back of strong presence of major companies and rising popularity of vaping devices.
APAC Market Analysis
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.
Author Credits: Parul Atri
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