E-Liquids Market - Global Forecast 2026-2032

The e-liquids market is entering a new phase marked by regulatory evolution, increased compliance, and innovation throughout the product lifecycle. Senior decision-makers must navigate complex operational shifts and identify growth strategies that balance risk management, supply resilience, and brand differentiation.

Market Snapshot: E-Liquids Market Size and Outlook

The e-liquids market advanced from USD 2.79 billion in 2025 to USD 3.16 billion in 2026, maintaining a robust compound annual growth rate of 14.08% and poised to reach USD 7.02 billion by 2032. This acceleration is driven by broad industry initiatives adapting to regulatory expectations, compliance-focused product strategies, and the growing differentiation across end-user groups and retail sectors. The shift toward compliance-centric operations has redefined the competitive landscape, prompting companies to realign resources, product development, and distribution channels in response to regulatory, consumer, and technology-driven pressures.

E-Liquids Market Scope & Segmentation

Product Types: Portfolio includes freebase formulations, nicotine salt solutions, blends without nicotine, and diverse flavor-specific options such as tobacco, menthol, fruit, and dessert experiences. Segmentation by ingredient clusters supports differentiated consumer targeting and compliance alignment.
Packaging Formats: Child-resistant bottles, refill cartridges, and packaging in multiple volumes are tailored to meet different regulatory limitations and adjust for regional consumer purchasing patterns.
Distribution Channels: Specialty vape retailers, controlled and vetted distribution networks, convenience and large-format stores, direct-to-consumer channels, and regions characterized by informal marketplace routes all shape accessibility and compliance enforcement.
Device Ecosystems: A variety of pod systems, refillable/open-platform devices, and hardware-restricted closed systems cater to compatibility requirements and evolving user preferences for sensory customization.
Regional Coverage: The category spans the Americas, Europe, Middle East & Africa, and Asia-Pacific. Each region is distinguished by unique policy frameworks, enforcement mechanisms, and consumer adoption rates, requiring tailored approaches for market entry and expansion.
Compliance and Quality Tiers: Market leaders implement traceable manufacturing processes, ingredient verification, detailed batch labeling, and assurance protocols. These practices are integral for meeting both regulatory expectations and retailer audit standards across diverse operational environments.

Key Takeaways for Decision-Makers

Regulatory oversight shapes product development and portfolio strategy, elevating the need for clear compliance and product transparency throughout the value chain.
Advances in flavor engineering and ingredient stabilization are enabling brands to develop more targeted products, addressing both channel-specific requirements and end-user preferences.
Segmented approaches—by nicotine chemistry, legality of flavors, and device compatibility—are informing go-to-market tactics and supporting precise market positioning.
Focused supply resilience, robust documentation, and adaptive assortment governance improve competitive strength, especially where retail partners demand deeper traceability and proactive risk management.
Strategic collaborations—ranging from ingredient sourcing to hardware alliances—are increasingly vital for achieving stable market access and navigating multi-jurisdictional policy challenges.

E-Liquids Market Tariff Impact

Anticipated United States tariff actions in 2025 are set to alter input sourcing models for companies reliant on imported nicotine, flavors, packaging, or e-liquid devices. These adjustments may elevate upstream costs, encourage the adoption of dual-sourcing strategies, and stimulate investment in domestic or nearshore supply chain partners. Procurement teams will need to rigorously expand supplier qualification standards to preserve product integrity and stabilize operating margins. Enterprises unprepared for evolving tariffs could experience margin variability and channel volatility as a result.

Methodology & Data Sources

This market assessment is built on triangulation of regulatory analysis, international trade data, company statements, and structured interviews with manufacturers, suppliers, distributors, regulatory experts, and retail channel partners. The resulting analysis cross-checks regulatory trends, segmentation frameworks, and supply chain exposures to provide accurate, actionable market insights for senior leadership.

Why This Report Matters

Integrates regulatory, technological, and commercial perspectives to empower executive-level decisions on product development and commercialization approaches.
Delivers segmentation-based views to help identify optimal product opportunities and suitable entry strategies amid regulatory fluctuations.
Clarifies risk factors by explaining tariff implications, regional policy variations, and the critical role of compliance in creating sustainable business value.

Conclusion

The e-liquids market is maturing around rigorous compliance, operational refinement, and advanced segmentation. Executives who emphasize adaptability and strategic focus will guide their organizations through the shifting regulatory and consumer environment with greater confidence.

1. Preface

1.1. Objectives of the Study
1.2. Market Definition
1.3. Market Segmentation & Coverage
1.4. Years Considered for the Study
1.5. Currency Considered for the Study
1.6. Language Considered for the Study
1.7. Key Stakeholders

2. Research Methodology

2.1. Introduction
2.2. Research Design
2.2.1. Primary Research
2.2.2. Secondary Research
2.3. Research Framework
2.3.1. Qualitative Analysis
2.3.2. Quantitative Analysis
2.4. Market Size Estimation
2.4.1. Top-Down Approach
2.4.2. Bottom-Up Approach
2.5. Data Triangulation
2.6. Research Outcomes
2.7. Research Assumptions
2.8. Research Limitations

3. Executive Summary

3.1. Introduction
3.2. CXO Perspective
3.3. Market Size & Growth Trends
3.4. Market Share Analysis, 2025
3.5. FPNV Positioning Matrix, 2025
3.6. New Revenue Opportunities
3.7. Next-Generation Business Models
3.8. Industry Roadmap

4. Market Overview

4.1. Introduction
4.2. Industry Ecosystem & Value Chain Analysis
4.2.1. Supply-Side Analysis
4.2.2. Demand-Side Analysis
4.2.3. Stakeholder Analysis
4.3. Porter’s Five Forces Analysis
4.4. PESTLE Analysis
4.5. Market Outlook
4.5.1. Near-Term Market Outlook (0-2 Years)
4.5.2. Medium-Term Market Outlook (3-5 Years)
4.5.3. Long-Term Market Outlook (5-10 Years)
4.6. Go-to-Market Strategy

5. Market Insights

5.1. Consumer Insights & End-User Perspective
5.2. Consumer Experience Benchmarking
5.3. Opportunity Mapping
5.4. Distribution Channel Analysis
5.5. Pricing Trend Analysis
5.6. Regulatory Compliance & Standards Framework
5.7. ESG & Sustainability Analysis
5.8. Disruption & Risk Scenarios
5.9. Return on Investment & Cost-Benefit Analysis

6. Cumulative Impact of United States Tariffs 2025
7. Cumulative Impact of Artificial Intelligence 2025

8. E-Liquids Market, by Formulation Type

8.1. Freebase Nicotine
8.2. Nicotine Salts

9. E-Liquids Market, by Nicotine Strength

9.1. High Strength
9.2. Low Strength
9.3. Medium Strength
9.4. Zero Milligram

10. E-Liquids Market, by PG VG Ratio

10.1. Balanced PG VG
10.2. High PG
10.3. High VG

11. E-Liquids Market, by Distribution Channel

11.1. Convenience Stores
11.2. Online Retail
11.3. Pharmacies
11.4. Vape Shops

12. E-Liquids Market, by Flavor Type

12.1. Dessert
12.2. Fruit
12.3. Menthol Mint
12.4. Tobacco

13. E-Liquids Market, by Region

13.1. Americas
13.1.1. North America
13.1.2. Latin America
13.2. Europe, Middle East & Africa
13.2.1. Europe
13.2.2. Middle East
13.2.3. Africa
13.3. Asia-Pacific

14. E-Liquids Market, by Group

14.1. ASEAN
14.2. GCC
14.3. European Union
14.4. BRICS
14.5. G7
14.6. NATO

15. E-Liquids Market, by Country

15.1. United States
15.2. Canada
15.3. Mexico
15.4. Brazil
15.5. United Kingdom
15.6. Germany
15.7. France
15.8. Russia
15.9. Italy
15.10. Spain
15.11. China
15.12. India
15.13. Japan
15.14. Australia
15.15. South Korea

16. United States E-Liquids Market
17. China E-Liquids Market

18. Competitive Landscape

18.1. Market Concentration Analysis, 2025
18.1.1. Concentration Ratio (CR)
18.1.2. Herfindahl Hirschman Index (HHI)
18.2. Recent Developments & Impact Analysis, 2025
18.3. Product Portfolio Analysis, 2025
18.4. Benchmarking Analysis, 2025
18.5. Aspire Global Inc.
18.6. BD Vape Ltd.
18.7. British American Tobacco PLC
18.8. Halo Cigs, LLC
18.9. Hangsen International Co., Ltd.
18.10. IJOY LLC
18.11. Imperial Brands PLC
18.12. Innokin Technology Co., Ltd.
18.13. Japan Tobacco Inc.
18.14. Joyetech Group Co., Ltd.
18.15. JUUL Labs, Inc.
18.16. Liquideo SAS
18.17. NJOY, Inc.
18.18. Philip Morris International Inc.
18.19. RELX Technology Co., Ltd.
18.20. Shenzhen IVPS Technology Co., Ltd.
18.21. Smoore International Holdings Limited
18.22. Vaptio Technology Co., Ltd.

List of Figures

FIGURE 1. GLOBAL E-LIQUIDS MARKET SIZE, 2018-2032 (USD MILLION)
FIGURE 2. GLOBAL E-LIQUIDS MARKET SHARE, BY KEY PLAYER, 2025
FIGURE 3. GLOBAL E-LIQUIDS MARKET, FPNV POSITIONING MATRIX, 2025
FIGURE 4. GLOBAL E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2025 VS 2026 VS 2032 (USD MILLION)
FIGURE 5. GLOBAL E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2025 VS 2026 VS 2032 (USD MILLION)
FIGURE 6. GLOBAL E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2025 VS 2026 VS 2032 (USD MILLION)
FIGURE 7. GLOBAL E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2025 VS 2026 VS 2032 (USD MILLION)
FIGURE 8. GLOBAL E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2025 VS 2026 VS 2032 (USD MILLION)
FIGURE 9. GLOBAL E-LIQUIDS MARKET SIZE, BY REGION, 2025 VS 2026 VS 2032 (USD MILLION)
FIGURE 10. GLOBAL E-LIQUIDS MARKET SIZE, BY GROUP, 2025 VS 2026 VS 2032 (USD MILLION)
FIGURE 11. GLOBAL E-LIQUIDS MARKET SIZE, BY COUNTRY, 2025 VS 2026 VS 2032 (USD MILLION)
FIGURE 12. UNITED STATES E-LIQUIDS MARKET SIZE, 2018-2032 (USD MILLION)
FIGURE 13. CHINA E-LIQUIDS MARKET SIZE, 2018-2032 (USD MILLION)

List of Tables

TABLE 1. GLOBAL E-LIQUIDS MARKET SIZE, 2018-2032 (USD MILLION)
TABLE 2. GLOBAL E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 3. GLOBAL E-LIQUIDS MARKET SIZE, BY FREEBASE NICOTINE, BY REGION, 2018-2032 (USD MILLION)
TABLE 4. GLOBAL E-LIQUIDS MARKET SIZE, BY FREEBASE NICOTINE, BY GROUP, 2018-2032 (USD MILLION)
TABLE 5. GLOBAL E-LIQUIDS MARKET SIZE, BY FREEBASE NICOTINE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 6. GLOBAL E-LIQUIDS MARKET SIZE, BY NICOTINE SALTS, BY REGION, 2018-2032 (USD MILLION)
TABLE 7. GLOBAL E-LIQUIDS MARKET SIZE, BY NICOTINE SALTS, BY GROUP, 2018-2032 (USD MILLION)
TABLE 8. GLOBAL E-LIQUIDS MARKET SIZE, BY NICOTINE SALTS, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 9. GLOBAL E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 10. GLOBAL E-LIQUIDS MARKET SIZE, BY HIGH STRENGTH, BY REGION, 2018-2032 (USD MILLION)
TABLE 11. GLOBAL E-LIQUIDS MARKET SIZE, BY HIGH STRENGTH, BY GROUP, 2018-2032 (USD MILLION)
TABLE 12. GLOBAL E-LIQUIDS MARKET SIZE, BY HIGH STRENGTH, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 13. GLOBAL E-LIQUIDS MARKET SIZE, BY LOW STRENGTH, BY REGION, 2018-2032 (USD MILLION)
TABLE 14. GLOBAL E-LIQUIDS MARKET SIZE, BY LOW STRENGTH, BY GROUP, 2018-2032 (USD MILLION)
TABLE 15. GLOBAL E-LIQUIDS MARKET SIZE, BY LOW STRENGTH, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 16. GLOBAL E-LIQUIDS MARKET SIZE, BY MEDIUM STRENGTH, BY REGION, 2018-2032 (USD MILLION)
TABLE 17. GLOBAL E-LIQUIDS MARKET SIZE, BY MEDIUM STRENGTH, BY GROUP, 2018-2032 (USD MILLION)
TABLE 18. GLOBAL E-LIQUIDS MARKET SIZE, BY MEDIUM STRENGTH, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 19. GLOBAL E-LIQUIDS MARKET SIZE, BY ZERO MILLIGRAM, BY REGION, 2018-2032 (USD MILLION)
TABLE 20. GLOBAL E-LIQUIDS MARKET SIZE, BY ZERO MILLIGRAM, BY GROUP, 2018-2032 (USD MILLION)
TABLE 21. GLOBAL E-LIQUIDS MARKET SIZE, BY ZERO MILLIGRAM, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 22. GLOBAL E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 23. GLOBAL E-LIQUIDS MARKET SIZE, BY BALANCED PG VG, BY REGION, 2018-2032 (USD MILLION)
TABLE 24. GLOBAL E-LIQUIDS MARKET SIZE, BY BALANCED PG VG, BY GROUP, 2018-2032 (USD MILLION)
TABLE 25. GLOBAL E-LIQUIDS MARKET SIZE, BY BALANCED PG VG, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 26. GLOBAL E-LIQUIDS MARKET SIZE, BY HIGH PG, BY REGION, 2018-2032 (USD MILLION)
TABLE 27. GLOBAL E-LIQUIDS MARKET SIZE, BY HIGH PG, BY GROUP, 2018-2032 (USD MILLION)
TABLE 28. GLOBAL E-LIQUIDS MARKET SIZE, BY HIGH PG, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 29. GLOBAL E-LIQUIDS MARKET SIZE, BY HIGH VG, BY REGION, 2018-2032 (USD MILLION)
TABLE 30. GLOBAL E-LIQUIDS MARKET SIZE, BY HIGH VG, BY GROUP, 2018-2032 (USD MILLION)
TABLE 31. GLOBAL E-LIQUIDS MARKET SIZE, BY HIGH VG, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 32. GLOBAL E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 33. GLOBAL E-LIQUIDS MARKET SIZE, BY CONVENIENCE STORES, BY REGION, 2018-2032 (USD MILLION)
TABLE 34. GLOBAL E-LIQUIDS MARKET SIZE, BY CONVENIENCE STORES, BY GROUP, 2018-2032 (USD MILLION)
TABLE 35. GLOBAL E-LIQUIDS MARKET SIZE, BY CONVENIENCE STORES, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 36. GLOBAL E-LIQUIDS MARKET SIZE, BY ONLINE RETAIL, BY REGION, 2018-2032 (USD MILLION)
TABLE 37. GLOBAL E-LIQUIDS MARKET SIZE, BY ONLINE RETAIL, BY GROUP, 2018-2032 (USD MILLION)
TABLE 38. GLOBAL E-LIQUIDS MARKET SIZE, BY ONLINE RETAIL, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 39. GLOBAL E-LIQUIDS MARKET SIZE, BY PHARMACIES, BY REGION, 2018-2032 (USD MILLION)
TABLE 40. GLOBAL E-LIQUIDS MARKET SIZE, BY PHARMACIES, BY GROUP, 2018-2032 (USD MILLION)
TABLE 41. GLOBAL E-LIQUIDS MARKET SIZE, BY PHARMACIES, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 42. GLOBAL E-LIQUIDS MARKET SIZE, BY VAPE SHOPS, BY REGION, 2018-2032 (USD MILLION)
TABLE 43. GLOBAL E-LIQUIDS MARKET SIZE, BY VAPE SHOPS, BY GROUP, 2018-2032 (USD MILLION)
TABLE 44. GLOBAL E-LIQUIDS MARKET SIZE, BY VAPE SHOPS, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 45. GLOBAL E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 46. GLOBAL E-LIQUIDS MARKET SIZE, BY DESSERT, BY REGION, 2018-2032 (USD MILLION)
TABLE 47. GLOBAL E-LIQUIDS MARKET SIZE, BY DESSERT, BY GROUP, 2018-2032 (USD MILLION)
TABLE 48. GLOBAL E-LIQUIDS MARKET SIZE, BY DESSERT, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 49. GLOBAL E-LIQUIDS MARKET SIZE, BY FRUIT, BY REGION, 2018-2032 (USD MILLION)
TABLE 50. GLOBAL E-LIQUIDS MARKET SIZE, BY FRUIT, BY GROUP, 2018-2032 (USD MILLION)
TABLE 51. GLOBAL E-LIQUIDS MARKET SIZE, BY FRUIT, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 52. GLOBAL E-LIQUIDS MARKET SIZE, BY MENTHOL MINT, BY REGION, 2018-2032 (USD MILLION)
TABLE 53. GLOBAL E-LIQUIDS MARKET SIZE, BY MENTHOL MINT, BY GROUP, 2018-2032 (USD MILLION)
TABLE 54. GLOBAL E-LIQUIDS MARKET SIZE, BY MENTHOL MINT, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 55. GLOBAL E-LIQUIDS MARKET SIZE, BY TOBACCO, BY REGION, 2018-2032 (USD MILLION)
TABLE 56. GLOBAL E-LIQUIDS MARKET SIZE, BY TOBACCO, BY GROUP, 2018-2032 (USD MILLION)
TABLE 57. GLOBAL E-LIQUIDS MARKET SIZE, BY TOBACCO, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 58. GLOBAL E-LIQUIDS MARKET SIZE, BY REGION, 2018-2032 (USD MILLION)
TABLE 59. AMERICAS E-LIQUIDS MARKET SIZE, BY SUBREGION, 2018-2032 (USD MILLION)
TABLE 60. AMERICAS E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 61. AMERICAS E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 62. AMERICAS E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 63. AMERICAS E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 64. AMERICAS E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 65. NORTH AMERICA E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 66. NORTH AMERICA E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 67. NORTH AMERICA E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 68. NORTH AMERICA E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 69. NORTH AMERICA E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 70. NORTH AMERICA E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 71. LATIN AMERICA E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 72. LATIN AMERICA E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 73. LATIN AMERICA E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 74. LATIN AMERICA E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 75. LATIN AMERICA E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 76. LATIN AMERICA E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 77. EUROPE, MIDDLE EAST & AFRICA E-LIQUIDS MARKET SIZE, BY SUBREGION, 2018-2032 (USD MILLION)
TABLE 78. EUROPE, MIDDLE EAST & AFRICA E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 79. EUROPE, MIDDLE EAST & AFRICA E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 80. EUROPE, MIDDLE EAST & AFRICA E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 81. EUROPE, MIDDLE EAST & AFRICA E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 82. EUROPE, MIDDLE EAST & AFRICA E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 83. EUROPE E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 84. EUROPE E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 85. EUROPE E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 86. EUROPE E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 87. EUROPE E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 88. EUROPE E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 89. MIDDLE EAST E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 90. MIDDLE EAST E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 91. MIDDLE EAST E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 92. MIDDLE EAST E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 93. MIDDLE EAST E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 94. MIDDLE EAST E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 95. AFRICA E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 96. AFRICA E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 97. AFRICA E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 98. AFRICA E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 99. AFRICA E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 100. AFRICA E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 101. ASIA-PACIFIC E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 102. ASIA-PACIFIC E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 103. ASIA-PACIFIC E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 104. ASIA-PACIFIC E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 105. ASIA-PACIFIC E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 106. ASIA-PACIFIC E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 107. GLOBAL E-LIQUIDS MARKET SIZE, BY GROUP, 2018-2032 (USD MILLION)
TABLE 108. ASEAN E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 109. ASEAN E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 110. ASEAN E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 111. ASEAN E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 112. ASEAN E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 113. ASEAN E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 114. GCC E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 115. GCC E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 116. GCC E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 117. GCC E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 118. GCC E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 119. GCC E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 120. EUROPEAN UNION E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 121. EUROPEAN UNION E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 122. EUROPEAN UNION E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 123. EUROPEAN UNION E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 124. EUROPEAN UNION E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 125. EUROPEAN UNION E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 126. BRICS E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 127. BRICS E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 128. BRICS E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 129. BRICS E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 130. BRICS E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 131. BRICS E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 132. G7 E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 133. G7 E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 134. G7 E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 135. G7 E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 136. G7 E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 137. G7 E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 138. NATO E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 139. NATO E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 140. NATO E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 141. NATO E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 142. NATO E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 143. NATO E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 144. GLOBAL E-LIQUIDS MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION)
TABLE 145. UNITED STATES E-LIQUIDS MARKET SIZE, 2018-2032 (USD MILLION)
TABLE 146. UNITED STATES E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 147. UNITED STATES E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 148. UNITED STATES E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 149. UNITED STATES E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 150. UNITED STATES E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)
TABLE 151. CHINA E-LIQUIDS MARKET SIZE, 2018-2032 (USD MILLION)
TABLE 152. CHINA E-LIQUIDS MARKET SIZE, BY FORMULATION TYPE, 2018-2032 (USD MILLION)
TABLE 153. CHINA E-LIQUIDS MARKET SIZE, BY NICOTINE STRENGTH, 2018-2032 (USD MILLION)
TABLE 154. CHINA E-LIQUIDS MARKET SIZE, BY PG VG RATIO, 2018-2032 (USD MILLION)
TABLE 155. CHINA E-LIQUIDS MARKET SIZE, BY DISTRIBUTION CHANNEL, 2018-2032 (USD MILLION)
TABLE 156. CHINA E-LIQUIDS MARKET SIZE, BY FLAVOR TYPE, 2018-2032 (USD MILLION)

Companies Mentioned

The key companies profiled in this E-Liquids market report include:

Aspire Global Inc.
BD Vape Ltd.
British American Tobacco PLC
Halo Cigs, LLC
Hangsen International Co., Ltd.
IJOY LLC
Imperial Brands PLC
Innokin Technology Co., Ltd.
Japan Tobacco Inc.
Joyetech Group Co., Ltd.
JUUL Labs, Inc.
Liquideo SAS
NJOY, Inc.
Philip Morris International Inc.
RELX Technology Co., Ltd.
Shenzhen IVPS Technology Co., Ltd.
Smoore International Holdings Limited
Vaptio Technology Co., Ltd.

Table Information

Report Attribute	Details
No. of Pages	192
Published	January 2026
Forecast Period	2026 - 2032
Estimated Market Value ( USD ) in 2026	$ 3.16 Billion
Forecasted Market Value ( USD ) by 2032	$ 7.02 Billion
Compound Annual Growth Rate	14.0%
Regions Covered	Global
No. of Companies Mentioned	19

License	Properties	Price
SINGLE USER LICENSE PDF, Excel and Online Access	This is a single user license, allowing one user access to the product.	€3511EUR$3,939USD£3,045GBP
1 - 5 USER LICENSE PDF, Excel and Online Access	This is a 1-5 user license, allowing up to five users have access to the product.	€3787EUR$4,249USD£3,285GBP
SITE LICENSE PDF, Excel and Online Access	This is a site license, allowing all users within a given geographical location of your organization access to the product.	€5133EUR$5,759USD£4,452GBP
ENTERPRISE LICENSE PDF, Excel and Online Access	This is an enterprise license, allowing all employees within your organization access to the product.	€6212EUR$6,969USD£5,387GBP

Market Snapshot: E-Liquids Market Size and Outlook

E-Liquids Market Scope & Segmentation

Key Takeaways for Decision-Makers

E-Liquids Market Tariff Impact

Methodology & Data Sources

Why This Report Matters

Conclusion

Table of Contents

Companies Mentioned

Table Information

Related Topics

Related Reports

E-Liquid Market Report and Forecast 2025-2034

E-Liquids - Global Strategic Business Report

Natural E-liquid Market Report: Trends, Forecast and Competitive Analysis to 2031

CBD e-Liquids Market - Global Forecast 2026-2032

2025 E-Liquid Market Report - Industry Size, Competition, Trends and Growth Opportunities by Region - Forecast by Types and Applications (2024-2032)