E-liquid Market Size, Share, Opportunities, And Trends By Type (VG, PG, Others), By Distribution Channel (Online, Offline), By Nicotine Strength (Low, Medium, High), And By Geography - Forecasts From 2024 To 2029

The E-liquid market is anticipated to show steady growth during the forecast period.

E-liquids are the substances utilized in electronic cigarettes and are known by various names such as e-liquid, e-juice, or vape juice. E-liquid products, utilized in vaping, may or may not contain nicotine. The composition of e-liquids includes key elements such as nicotine, propylene glycol, vegetable glycerin or glycerol, and various chemicals, including those responsible for creating flavors. In certain instances, water may also be included in the formulation.

E-liquids with a higher concentration of vegetable glycerine (VG) typically produce larger vapour clouds while delivering a smoother throat hit. On the other hand, e-liquids with a higher concentration of propylene glycol (PG) offer a more pronounced throat hit. These PG-dominant liquids, however, tend to have a modest amount of vapour.

The E-Liquid Market is further segmented based on nicotine strength, categorized into Low, Medium, and High strengths. This segmentation reflects the diverse preferences and needs of consumers, allowing for a customized vaping experience based on desired nicotine levels.

Market Drivers

• For alternate smoking

People who smoke perceive e-cigarettes as a potentially less harmful substitute for traditional cigarettes, presenting a possible aid in endeavours to quit smoking. The aerosol produced by e-cigarettes typically contains a lower quantity of toxic chemicals compared to the complex mixture of 7,000 chemicals present in the smoke from conventional cigarettes. This distinction makes e-cigarettes a considerably preferable option when compared to traditional cigarettes. The prevailing perception of reduced harm associated with e-cigarettes arises from the absence of tar and other harmful chemicals that are prevalent in traditional cigarette smoke. This perception serves as an important driving force behind the growing demand for e-liquids, the essential components used in e-cigarettes.

• Development in new technologies

Advancements in technology have significantly transformed the e-cigarette market, with continuous developments that result in more sophisticated and user-friendly devices. These technological strides not only enhance the overall vaping experience but also contribute to the expansion of the E-liquid market.

Noteworthy product innovations in the realm of e-cigarettes expanded the market growth. For instance, the introduction of the Juul C1, a Bluetooth-enabled vape device. This device empowers users to monitor usage, lock the device, and even track a missing device seamlessly through a dedicated mobile app. In addition to connectivity features, advancements in nicotine control have also marked a significant stride in the industry. Enovap, for instance, introduced a product with the capability to control nicotine delivery through its 'Hit Control' feature. This innovation allows users to adjust nicotine levels anywhere between 18 mg to 0 mg with a button.

Further emerging trends involve vaping products cleverly disguised as everyday items, including watches, hoodies, backpacks, pens, jewellery, and more. These innovative offerings allow consumers with diverse preferences and lifestyles. Overall, these technological developments play a pivotal role in propelling the E-cigarette and E-liquid market growth.

Market Restraints

• Regulation restraints in some countries

One of the significant impediments to the e-cigarette industry's growth lies in the regulatory challenges it faces. Numerous countries have imposed complete bans on e-cigarette usage, citing concerns about its potential accessibility and appeal to youth and children. For example, the Indian Government took a decisive step in September 2019 by approving the Prohibition of Electronic Cigarettes, reinforcing the restrictions on their usage.

Despite the acknowledged advantages of e-cigarettes over traditional ones, regulatory hurdles persist, serving as a gateway to traditional cigarette use. The struggle for acceptance within the regulatory framework underscores the surrounding e-cigarettes, emphasizing the need for regulations to balance the potential benefits and concerns associated with it.

E-liquid market segmentation by type into VG, PG, and others

The e-liquid market segmentation by type is primarily into VG (vegetable glycerin), PG (propylene glycol), and various flavored options. VG, known for producing dense vapour clouds and offering a silky mouthfeel, is favored by seasoned vapers indulging in cloud chasing. On the other hand, PG, with its thinner consistency, imparts a robust throat hit reminiscent of traditional cigarette smoking, appealing to those seeking a familiar experience. The market further diversifies with a range of flavoured e-liquids, including fruit, mint, menthol, dessert, cola, and bubblegum, catering to diverse taste preferences.

North America is anticipated to hold a significant share of the E-liquid market.

North America will hold a notable share in the E-liquid market, driven by its considerable population of smokers, creating a receptive market for alternatives like e-cigarettes and e-liquids. According to the Centers for Disease Control, in 2021, approximately 11.5% of U.S. adults, equivalent to 28.3 million individuals, were reported as current cigarette smokers. Notably, North America has adopted comparatively lenient regulations on e-cigarettes and e-liquids. The region benefits from the presence of major industry players, including Juul Labs, Philip Morris International, and Turning Point Brands, contributing to the market's prominence and growth potential.

Market Developments

• March 2023-  Altria officially disclosed a definitive agreement to acquire NJOY Holdings, Inc., solidifying its position with complete global ownership of NJOY's e-vapor product portfolio. Incorporating NJOY's e-vapor intellectual property, Altria strategically positioned itself to establish a new platform for further innovation. Altria's acquisition of NJOY marked a pivotal move within the e-vapor industry, showcasing its commitment to staying at the forefront of evolving technologies and market trends.
• May 2022- Innokin Technology unveiled its latest addition to the lineup of vaporizers with the introduction of Lota, a brand-new sub-brand. Aquios Labs introduced water-based vape juice, AQ30, with a remarkable 30% water content. Innokin's venture into the water-based vape juice domain with AQ30 further emphasizes its dedication to advancing technology and meeting evolving consumer preferences in the vaping landscape.

Company Products

•  OG KUSH-  OG Kush is a favored hybrid strain renowned for its popularity. This distinctive strain incorporates subtle notes of linalool and pinene. It is tailored for electronic cigarettes. The e-liquid formulation is carefully balanced with a PG/VG ratio of 80/20, ensuring an optimal and satisfying vaping experience. The CBD strengths include 30 mg (0.28%) priced at £5, 100 mg (0.94%) at £7, and a higher potency option of 600 mg (5.61%) available for £15.  
•  Eavisun- Eavisun, is available in two convenient capacities: 10ML and 30ML. With a diverse range of nicotine strengths, including 0mg, 6mg, 11mg, 18mg, 24mg, and 26mg, allowing for a personalized vaping experience. This product is thoughtfully packaged in either PET Bottles or Glass Bottles.
• Tribeca- The Tribeca Tobacco E-Liquid is priced at $3.99 for its regular offering. With variations in blend, bottle size, and nicotine content. With different options available, Tribeca provides a versatile and customizable preferred blend, bottle size, and nicotine level.

Market Segmentation

• By Type
  • VG
  • PG
  • Others
• By Distribution Channel
  • Online
  • Offline
• By Nicotine Strength
  • Low
  • Medium
  • High
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • South Korea
    • Indonesia
    • Thailand
    • Others