E-Liquid Market Growth, Demand and Challenges of the Key Industry Players 2024-2032
                     Global E-Liquid Market 
Research and Forecast 
Report 2024-2032
Format: PDF+EXCEL
© 2023 IMARC All Rights Reserved 
About IMARC Group
IMARC Group is  a g lobal  management  consul t ing f i rm that  he lps the wor ld ’s  most  ambi t ious 
changemakers  to create a las t ing impact .  Across the s ix  major  cont inents  and 100+ count r ies ,  we 
work a longside our  bus iness par tners  as one team wi th  a common ambi t ion to achieve unparal le led 
resul ts ,  gain a compet i t ive edge,  and t ransform indust r ies .  IMARC Group excels  in  unders tanding 
i ts  c l ients ’  bus iness pr ior i t ies  and del iver ing ta i lored solut ions that  dr ive meaningfu l  outcomes.  Our 
c l ient  base spans over  3,000 organizat ions in  the pr ivate,  publ ic ,  and soc ia l  sectors ,  ranging f rom 
high-growth s tar tups to For tune 500 companies.
We prov ide a comprehensive sui te of  market  entry  and expansion serv ices.  Our of fer ings inc lude 
thorough market  assessment ,  feas ib i l i ty  s tudies,  company incorporat ion ass is tance,  fac tory  setup 
suppor t ,  regulatory  approvals and l icens ing navigat ion,  branding,  market ing and sales st rategies,  
compet i t ive landscape and benchmark ing analyses,  pr ic ing and cost  research,  and procurement  
research.  These serv ices are des igned to ass is t  companies in  evaluat ing market  oppor tuni t ies ,  
set t ing up new ent i t ies ,  navigat ing regulatory landscapes,  boost ing brand v is ib i l i ty ,  analyz ing 
compet i tors,  and opt imiz ing procurement  s t rategies.
A cc o r d i ng  t o  t h e  l a t e s t  r e p o r t  b y  I MA R C  Gr o u p ,  t i t l e d  " E -L i q u id  M a rk e t :  G l o b a l  
I n d u s t r y  T re n d s ,  S h a re ,  S i z e ,  Gr o w th ,  O p p o r t u n i ty  an d  F o r e ca s t  2 0 2 4 -
20 3 2 , "  t h e  g l o b a l  E - l i q u i d  m a r ke t  s i ze  i s  ex p e c te d  t o  e x h i b i t  a  g r o w t h  ra t e  ( C A G R )  o f  
11 . 6 1 %  d u r i n g  2 0 2 4 -2 0 3 2 .
Report E - l i q u i d  r e f e r s  t o  a  f l u i d  m i x t u r e  co m p o se d  o f  v a r i o u s  ba s e  i ng r e d i en t s ,  i n c l u d i n g  ve g e t a b l e  g l y c e r i n ,  p r o py l e n e  g l y c o l  ( P G ) ,  a n d  w a te r .  I t  i s  w a rm e d  up  t o  c re a t e  a n  
ae r o s o l ,  w h i c h  i s  i n h a l e d  b y  c o n s u me r s  t o  m i m i c  t h e  s e ns a t i o n  o f  s m o k i n g  t o b a c c o .  
Highlight and U n l i k e  t r a d i t i o n a l  t o ba c c o -b a s e d  p r o d u c ts ,  e - l i q u i d  d o e s  n o t  co m p r i se  t o x i c  s u b s t a n c e s ,  
su c h  a s  d i a c e ty l ,  a c e t y l ,  d i e t h y l e n e  g l y c o l ,  a c e to n e ,  p r o p i o ny l ,  a n d  d i a c e ty l .  
A pa r t  f r om  t h i s ,  e - l i q u i d  i nv o l v e s  f l a v o r i n g s  an d  o t h e r  a d d i t i v e s  th a t  c an  b e  na t u ra l ,  
Description a r t i f i c i a l ,  o r  o rg a n i c .  C o ns e q u en t l y ,  i t  i s  e x t e ns i v e l y  u se d  i n  e l e c t r o n i c  n i c o t i n e  
de l i v e r y  s ys t e ms  ( E N D S )  a n d  n o n - c om b u s t i b l e  t ob a c co  p r o d uc t s  f o r  c r e a t i n g  v a p o r ,  
co n t r o l l i ng  n i co t i n e  do s a g e ,  an d  o f f e r i n g  e f f e c t i v e  s m ok i n g  c es s a t i o n  an d  i n s t a n t  
sa t i s f a c t i o n .
R eq u e s t  f o r  a  P D F  sa m p l e  o f  t h i s  re p o r t :  
h t t p s : / /w w w . i ma r c g r o u p . co m / e - l i qu i d - ma r k e t / r e q u es t s a mp l e
Report Description
G l ob a l  E - L i q u i d  M arke t  T re nds :
The  s h i f t i ng  consu m er  i nc l i na t i on  t ow ar d s  e - l i qu id  and  e - c iga r e t t es  as  an  a l t e r na t i ve  due  t o  t he  g r ow ing  cons um e r  
awar e ness  r ega r d ing  t he  s eve r a l  de t r im en t a l  e f f ec t s  o f  co nsum ing  v a r i ous  t oba cco - b ase d  p r od uc t s  i s  p r im a r i l y  d r i v i ng  t h e  
m ar k e t  g r ow t h .  I n  l i ne  w i t h  t h i s ,  t he  i n c r ea s ing  w i l l i ngn ess  a m ong s t  i n d i v idu a l s  t o  q u i t  sm ok in g  and  t h e  esc a la t i ng  ove r a l l  
sa les  o f  e - c iga r e t t es  a r e  au gm e n t ing  p r oduc t  de m and  ac r o ss  t he  m ar ke t .  Add i t io na l l y ,  t he  r i s i ng  en v i r o nm en t a l  co nce r ns  
have  r esu l t e d  i n  t he  em er g in g  t r en d  o f  eco - f r i e nd l y  va p ing ,  wh i ch  he lps  e l im in a t e  t h e  e co log i ca l  l oad  o f  d i spos ing  o f  hug e  
vo lum es  o f  d i sc a r de d  c ig a r e t t e  bu t t s  a nd  r educe  deg r ada t i on  cause d  by  t he  c u l t i va t i on  o f  t obacc o .  
M or e ove r ,  t he  w ide sp r ead  ado p t i on  o f  va p ing  dev i ces ,  es pec ia l l y  am o ngs t  t he  youn g  pop u la t i on ,  ow ing  t o  t he i r  m u l t i p l e  
bene f i c i a l  p r ope r t i es ,  i n c lud ing  cos t - e f f ec t i v eness ,  ea sy  ava i l ab i l i t y ,  a nd  cu s t om izab i l i t y ,  a r e  p r o pe l l i ng  t he  m ar ke t  
g r ow t h .  A pa r t  f r om  t h i s ,  t h e  i n t r o duc t i on  o f  t echn o log i c a l l y  ad vance d  e - c ig a r e t t es  t o  p r ov i de  an  en hanc ed  vap i ng  
expe r ience ,  a nd  s t r a t eg i c  co l l ab o r a t i o ns  am on gs t  key  p laye r s  t o  i n t r o duce  e - l i qu id  i n  v a r y ing  f l avo r s  an d  i nn ova t i ve  
des ign  k i t s ,  a long  w i t h  t h e i r  eas y  av a i l ab i l i t y  ac r o ss  sev e r a l  d i s t r i b u t i on  chann e ls ,  a r e  pos i t i ve l y  s t i m u la t i ng  t he  m ar ke t  
g r ow t h .
Vi ew  Repo r t  T O C,  F i g ures  and  T ab l e s :  h t t ps : / / w w w . i mar cgrou p . com / e - l i qu i d - m arke t
Breakup by Flavor:
• Menthol and Mint
• Tobacco
• Dessert
• Fruits and Nuts
• Chocolate
• Others
Report 
Segmentation Breakup by Base Type:
• PG (Propylene Glycol)
• VG (Vegetable Glycer in)
• PG and VG
Breakup by Type:
• Pre-Fi l led
• Bott led
Breakup by Distribution Channel:
• Supermarkets and Hypermarkets
• Specialty Stores
• Online Stores
• Others
Report Breakup by Region:
Segmentation • North America
• Asia-Pacifi c
• Europe
• Latin America
• Middle East and Afr ica
• Black Note Inc.
• Breazy Inc.
• Crystal  Canyon Vapes LLC
Competitive • e-Liquid Factory
• Mig Vapor LLC
Landscape • Molecule Labs Inc.
with Key • Mt Baker Vapor LLC
Players • Nicopure Labs LLC
• Phil ip Morris International Inc.
• Turning Point Brands Inc.
• ZampleBox LLC
What is the expected growth rate of the global e-
liquid market during 2024-2032?
What are the key factors driving the global e-liquid 
market?
What has been the impact of COVID-19 on the 
global e-liquid market?
Key 
What is the breakup of the global e-liquid market 
based on the flavor?
Questions 
What is the breakup of the global e-liquid market 
Answered in based on the base type?
the Report What is the breakup of the global e-liquid market based on type?
What is the breakup of the global e-liquid market 
based on the distribution channel?
What are the key regions in the global e-liquid 
market?
Who are the key players/companies in the global e-
liquid market?
1     P r e f a c e
2     S c o p e  a n d  M e t h o d o l o g y
    2 . 1     O b j e c t i v e s  o f  t h e  S t u d y
    2 . 2     S t a k e h o l d e r s
    2 . 3     D a t a  S o u r c e s
        2 . 3 . 1     P r i m a r y  S o u r c e s
        2 . 3 . 2     S e c o n d a r y  S o u r c e s
    2 . 4     M a r k e t  E s t i m a t i o n
Table of         2 . 4 . 1     B o t t o m - U p  A p p r o a c h        2 . 4 . 2     T o p - D o w n  A p p r o a c h
    2 . 5     F o r e c a s t i n g  M e t h o d o l o g y
3     E x e c u t i v e  S u m m a r y
4     I n t r o d u c t i o n
Contents     4 . 1     O v e r v i e w    4 . 2     K e y  I n d u s t r y  T r e n d s5     G l o b a l  E - L i q u i d  M a r k e t
    5 . 1     M a r k e t  O v e r v i e w
    5 . 2     M a r k e t  P e r f o r m a n c e
    5 . 3     I m p a c t  o f  C O V I D - 1 9
    5 . 4     M a r k e t  F o r e c a s t
6      M a r k e t  B r e a k u p  b y  F l a v o r
    6 . 1     M e n t h o l  a n d  M i n t
        6 . 1 . 1  M a r k e t  T r e n d s
        6 . 1 . 2  M a r k e t  F o r e c a s t
    6 . 2     T o b a c c o
        6 . 2 . 1  M a r k e t  T r e n d s
        6 . 2 . 2  M a r k e t  F o r e c a s t
    6 . 3     D e s s e r t
        6 . 3 . 1  M a r k e t  T r e n d s
        6 . 3 . 2  M a r k e t  F o r e c a s t
       
    6 . 4     F r u i t s  a n d  N u t s
        6 . 4 . 1  M a r k e t  T r e n d s
        6 . 4 . 2  M a r k e t  F o r e c a s t
    6 . 5     C h o c o l a t e
        6 . 5 . 1  M a r k e t  T r e n d s
        6 . 5 . 2  M a r k e t  F o r e c a s t
    6 . 6     O t h e r s
        6 . 6 . 1  M a r k e t  T r e n d s
        6 . 6 . 2  M a r k e t  F o r e c a s t
7    M a r k e t  B r e a k u p  b y  B a s e  T y p e
    7 . 1     P G  ( P r o p y l e n e  G l y c o l )
        7 . 1 . 1  M a r k e t  T r e n d s
Table of         7 . 1 . 2  M a r k e t  F o r e c a s t    7 . 2     V G  ( V e g e t a b l e  G l y c e r i n )
        7 . 2 . 1  M a r k e t  T r e n d s
        7 . 2 . 2  M a r k e t  F o r e c a s t
Contents     7 . 3     P G  a n d  V G
        7 . 3 . 1  M a r k e t  T r e n d s
        7 . 3 . 2  M a r k e t  F o r e c a s t
8    M a r k e t  B r e a k u p  b y  T y p e
    8 . 1     P r e - F i l l e d
        8 . 1 . 1  M a r k e t  T r e n d s
        8 . 1 . 2  M a r k e t  F o r e c a s t
    8 . 2     B o t t l e d
        8 . 2 . 1  M a r k e t  T r e n d s
        8 . 2 . 2  M a r k e t  F o r e c a s t
9    M a r k e t  B r e a k u p  b y  D i s t r i b u t i o n  C h a n n e l
    9 . 1     S u p e r m a r k e t s  a n d  H y p e r m a r k e t s
        9 . 1 . 1  M a r k e t  T r e n d s
        9 . 1 . 2  M a r k e t  F o r e c a s t     
F o r  m o r e  i n f o r m a t i o n ,  v i s i t :  
ht t ps : / /w ww. i ma rc gro up . c o m /e - l i qu i d -m a rke t / t o c
Partial List of Clients
Partial List of Clients
Disclaimer
© 2024  IMARC Al l  R ights  Reserved 
Th is  Pub l i ca t ion  and  a l l  i t ’ s  con ten ts  un less  o therw ise  men t i oned  a re  copy r i gh ted  in  the  name o f  
I n t e rna t i ona l  Marke t  Ana lys i s  Research  and  Consu l t ing  ( IMARC) .  No  pa r t  o f  t h i s  pub l i ca t ion  may  be  
rep roduced ,  repackaged ,  red i s t r i bu ted  o r  res o ld  i n  who le  o r  i n  any  pa r t .  The  pub l i ca t ion  may  a l so  
no t  be  used  i n  any  f o rm o r  by  and means  g raph i c  e lec t ron ic  o r  mechan ic a l ,  i nc lud ing  pho tocopy ing ,  
reco rd ing ,  t ap ing  o r  by  i n fo rmat i on  s to rage  o r  re t r ieva l ,  o r  by  any  o the r  f o rm,  w i t hou t  the  exp ress  
c ons en t  o f  I n t e rna t iona l  Marke t  Ana lys i s  Research  and  Consu l t i ng  ( IMARC) .
Disc la imer :  Al l  con ten ts  and  da ta  o f  t h i s  pub l i c a t i on ,  i nc lud ing  fo recas t s ,  da ta  ana lys i s  and  op in ion  
have  been  based  on  in f o rmat ion  and  sources  be l ieved  to  be  accu ra te  and  re l iab le  a t  t he  t ime  o f  
pub l i sh ing .  In t e rna t i ona l  Ma rke t  Ana l ys is  Research  and  Consu l t ing  makes  no  rep resen ta t ion  o f  
war ran t y  o f  any  k ind  as  to  t he  acc u racy  o r  comp le teness  o f  any  I n fo rmat i on  p rov ided .  IMARC 
accep ts  no  l i ab i l i t y  wha tsoever  f o r  any  los s  o r  damage  resu l t i ng  f rom op in ion ,  e r ro rs  o r  
i naccu rac ies  i f  any  f ound  th is  pub l i ca t ion .
IMARC,  IMARC Group  and  G loba l  Therapy  I ns igh t  Ser i es  a re  reg is t e red  t rademarks  o f  I n te rna t iona l  
Marke t  Ana lys i s  Research  and  Consu l t ing .  A l l  o the r  t rademarks  used  i n  th i s  pub l i ca t i on  a re  
reg i s te red  t rademarks  o f  t he i r  r espec t i ve  compan ies .
Contact Us
Visit us at :
https://www.imarcgroup.com
+1-631-791-1145
[email protected]
Stay With Us: