E-liquid Market Size

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.