Global E-liquid Market Size & Outlook, 2025-2030
Global e-liquid market, 2018-2030 (US$M)
Related Markets
Global e-liquid market highlights
- The global e-liquid market generated a revenue of USD 2,257.2 million in 2024 and is expected to reach USD 4,925.5 million by 2030.
- The market is expected to grow at a CAGR (2025 - 2030) of 14% by 2030.
- In terms of segment, tobacco accounted for a revenue of USD 816.3 million in 2024.
- Menthol is the most lucrative flavor segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2024.
- Country-wise, Australia is expected to register the highest CAGR from 2025 to 2030.
Global data book summary
| Market revenue in 2024 | USD 2,257.2 million |
| Market revenue in 2030 | USD 4,925.5 million |
| Growth rate | 14% (CAGR from 2025 to 2030) |
| Largest segment | Tobacco |
| Fastest growing segment | Menthol |
| Historical data covered | 2018 - 2023 |
| Base year for estimation | 2024 |
| Forecast period covered | 2025 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Menthol, Tobacco, Dessert, Fruits & Nuts, Chocolate |
Other key industry trends
- In terms of revenue, the North America accounted for 39.5% of the global e-liquid market in 2024.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, Australia is the fastest growing regional market and is projected to reach USD 163.5 million by 2030.
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E-liquid Market Scope
E-liquid Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| VMR Products | View profile | 101-250 | Miami, Florida, United States, North America | http://www.vmrproducts.com/ |
| Nicopure Labs | View profile | 51-100 | Gainesville, Florida, United States, North America | http://nicopure.com |
| Crystal Canyon Vapes | View profile | - | Queen Creek, Arizona, United States, North America | https://www.ccvapes.com |
| Breazy | View profile | 11-50 | Brooklyn, New York, United States, North America | https://breazy.com/ |
| Black Note | View profile | 11-50 | Irvine, California, United States, North America | https://blacknote.com |
| Molecule Holdings Inc Ordinary Shares | View profile | - | 591 Reynolds Road, Landsdowne, ON, Canada, K0E 1L0 | https://www.molecule.ca |
| Vapor Group Inc | View profile | 20 | 2260 West 80th Street, Suite 6, Hialeah, FL, United States, 33016 | http://www.vaporgroup.com |
| Invesco BulletShares 2032 Muncpl Bd ETF | View profile | - | - | - |
| Philip Morris International Inc | View profile | 82700 | 677 Washington Boulevard, Suite 1100, Stamford, New York, NY, United States, 06901 | https://www.pmi.com |
Global e-liquid market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to e-liquid market will help companies and investors design strategic landscapes.
Tobacco was the largest segment with a revenue share of 36.16% in 2024. Horizon Databook has segmented the Global e-liquid market based on menthol, tobacco, dessert, fruits & nuts, chocolate covering the revenue growth of each sub-segment from 2018 to 2030.
- Global E-liquid Flavor Outlook (Revenue, USD Million, 2018-2030)
- Menthol
- Tobacco
- Dessert
- Fruits & Nuts
- Chocolate
- Others
- Global E-liquid Type Outlook (Revenue, USD Million, 2018-2030)
- Pre-filled
- Bottled
- Global E-liquid Distribution Channel Outlook (Revenue, USD Million, 2018-2030)
- Online
- Retail Store
- Convenience Stores
- Drug Stores
- Newsstands
- Tobacconists
- Specialty Stores
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Target buyers of Global e-liquid market databook
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Our clientele includes a mix of e-liquid market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of global-level data and insights on the Global e-liquid market, including forecasts for subscribers. This global databook contains high-level insights into Global e-liquid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
Partial client list
Global e liquid market size, by regions, 2018-2030 (US$M)
Top 10 countries: E liquid market size, 2024 (US$M)
Global e liquid market share, by flavor, 2024 & 2030 (%, US$M)
E-liquid market: Opportunity assessment by country
Global e-liquid market, by region, 2024 (US$M)
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