E Liquids Market Report 2025 (Global Edition)

Global E Liquids Market Report 2025 Market Size Split by Type (Bottled, Pre-Filled), by Base Liquid (PG (Propylene Glycol), VG (Vegetable Glycol), PG & VG), by Flavor (Menthol, Dessert, Tobacco, Choco...

E Liquids Market Report Description

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How 2025 Tariffs Are Reshaping the Consumer Goods Industry

In 2025, the global trade landscape has shifted dramatically following the U.S. introduction of sweeping tariffs under President Donald Trump’s administration. These "Liberation Day Tariffs," launched in April, aim to reduce trade deficits and boost domestic manufacturing. Tariffs range from 10% on imports from countries like the UK and Australia to 46% on Vietnamese goods, with a blanket 34% tariff on many Chinese imports and 25% on all steel, aluminum, and auto parts. This policy heavily impacts the consumer goods sector apparel, appliances, packaged foods, and personal care products due to their deep reliance on global supply chains, especially in Asia. U.S.–China trade tensions have intensified, with reciprocal tariffs reaching up to 145% on U.S. goods and 125% on Chinese exports, while China’s trade surplus with the U.S. hit USD 102.6 billion in March 2025. In response, the EU and Canada have implemented retaliatory measures, signaling a broader shift toward protectionism.

The consumer goods industry is feeling immediate effects: production costs are rising, sourcing is delayed, and inflation pressures are mounting. Apparel and footwear now face 25% tariffs, prompting brands to seek nearshoring options or raise prices. Household appliances incur 20% tariffs, complicating inventory and procurement strategies. Packaged foods and beverages are hit with 10–15% tariffs, impacting contracts and leading to supplier diversification and product reformulation. Personal care firms face higher costs for imported ingredients and packaging, leading to local sourcing efforts and delays in new product launches. Meanwhile, electronics, though temporarily exempt, are preparing for possible disruptions by diversifying suppliers and increasing inventories.

China remains the backbone of U.S. consumer goods sourcing, accounting for a large portion of imports either directly or through upstream components. This makes tariffs on Chinese goods especially disruptive. The rising input costs 15–30% in many categories combined with seasonal pressures and tight timelines, are causing delays and increased costs. Smaller brands, in particular, are struggling due to limited capital and reduced supplier leverage. Many are being forced to increase prices, cut product variety, or compromise on quality.

Market research is now critical to navigating this volatile environment. It supports supplier mapping and risk assessment, helping brands identify alternative sourcing countries with stable regulations and quality control. It also aids in cost and margin analysis, guiding decisions on pricing and sourcing changes. Optimization of product design and materials through research allows companies to reduce costs while maintaining consumer expectations. Additionally, research helps assess consumer price sensitivity, enabling strategic repositioning. Tracking regulatory changes and running scenario planning models allow firms to anticipate and adapt to future trade shifts.

To cope, companies are restructuring their global sourcing models. Major brands like Nike and IKEA are expanding operations in Vietnam, India, and Mexico, while embracing “in-market for market” strategies to reduce exposure to tariffs and logistics risks. Many are adopting AI-driven demand forecasting and automated procurement, and pushing suppliers for transparency. Product redesign and SKU rationalization are also common. The most successful firms are those using data-driven insights, operational flexibility, and strategic supplier partnerships to adapt not just survive in this new era of global trade.

Competitive Landscape: E-Liquid Market

To meet the increasing demands of consumers the industry players are now investing and giving more attention to their research and development of E-Liquid so that they sustain and survive in the competition. ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.

Top Companies Market Share in E Liquids Industry: (In no particular order of Rank)

• Philips Morris International Inc.
• Black Note Inc.
• eLiquid Factory
• ZampleBox LLC
• Crystal Canyon Vapes LLC
• Naked 100
• Juul Labs
• Cutwood
• Cosmic Fog
• Innevape
• Air Factory
• Kilo E-Liquids
• Pacha Mama
• Ruthless
• Five Pawns
• Space Jams
• Halo
• Vapetasia
• Bad Drip Labs
• Jam Monster
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Which Region will dominate the E-Liquid Market in 2024?

According to Cognitive Research, the North American region dominated the market and accounted for the highest revenue of XX% in 2023 and it is projected that it will grow at a CAGR of XX% in the future. This growth is supported by the consumer's early adoption of vaping products in the region, together with the existence of a large number of key vendors such as Philip Morris, JUUL Labs, Inc., and Nicquid increasing the market share in the region., stimulating market innovation and competitiveness. For Instance, In September 2018, Turning Points Brands acquired International Vapor Group, LLC, enabling the integration of vapor B2C platforms into its electronic vape and component distribution channel.
(Source-https://www.turningpointbrands.com/investor-relations/news/news-details/2018/Turning-Point-Brands-Acquires-International-Vapor-Group/default.aspx)

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is projected to grow at a CAGR of XX% over the period. This is due to the growing number of lung cancer cases caused by tobacco smoking, as well as the widespread belief that e-cigarettes and e-liquids are safer than regular cigarettes. High tariffs on traditional cigarettes are likely to encourage smokers to switch to e-cigarettes, boosting industry growth. The market for e-cigarettes presents both opportunities and challenges, with a growing consumer base and growing awareness of their potential as smoking cessation aids.

The current report Scope analyzes E Liquids Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America E Liquids Market Analysis

According to Cognitive Market Research, the North America E-Liquid Market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031

Europe E Liquids Market Analysis

According to Cognitive Market Research, the Europe E-Liquid Market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031

Asia-Pacific E Liquids Market Analysis

According to Cognitive Market Research, the Asia-Pacific E-Liquid Market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031

South America E Liquids Market Analysis

According to Cognitive Market Research, the South America E-Liquid Market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031

Middle East E Liquids Market Analysis

According to Cognitive Market Research, the Middle East and Africa E-Liquid Market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031

E Liquids Market Analysis

The Bottled type segment accounts for the largest market share and is expected to rise over the period. Bottle E-Liquids allow consumers to refill their vape tanks easily and rapidly. It can be stored securely and safely for a longer duration and used to make DIY juices. Consumers have access to a wide range of Flavors, nicotine strength, and bottle sizes, allowing them to customize and personalize their vaping experience. These factors are expected to contribute to the segment’s steady growth rate throughout the forecast period. The pre-filled segment is expected to have a significant increase throughout the projection period due to ease of disposal, low cost, and increasing demand for novel flavors among young generations. However, the COVID–19 pandemic had an adverse effect on the market, as lockdowns have shut down the factories that manufacture non-essential commodities, impacting the production of e-liquids.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of E Liquids Industry. Request a Free Sample PDF!

Base Liquid Segment Analysis of E Liquids Market

This industry is one of the most evolving industry, driven by advanced technologies, changing consumer preferences, urbanization and rising disposable income. In this chapter, we present the E Liquids market size, revenue share, and growth rate for each application/end-user segment, both globally and at the regional level.

Additionally, we provide qualitative insights, such as key driving and restraining factors that influence the growth of the E Liquids market. This section offers valuable information for companies to gain a deeper understanding of market trends, challenges, and technological advancements. By leveraging this analysis, businesses can develop strategies and make well informed decisions to stay competitive in a rapidly changing and highly competitive market.

Some of the key Base Liquid of E Liquids are:

• PG (Propylene Glycol)
• VG (Vegetable Glycol)
• PG & VG

The above Graph is for representation purposes only. This chart does not depict actual Market share.

E Liquids Flavor Segment Analysis

The Tobacco flavor segment accounts for the largest market share and is expected to rise over the period because it stimulates the pleasure of smoking real tobacco. The market has been classified into menthol, tobacco, desserts, fruits and nuts, and chocolate, driven by the rising prevalence of tobacco products among students and females.
The fruit flavor segment is expected to grow in the future as it is consistently popular among health-conscious people. This fruit flavor for vaping largely depends on personal preference, as everyone's taste differ. However, some popular fruit flavors in the vaping community include strawberry, blueberry, watermelon, and mango. These flavors are known for their sweet and refreshing profiles, making them favorite among many consumers.

• Menthol
• Dessert
• Tobacco
• Chocolate
• Fruits & Nuts
• others

E Liquids Distribution Channel Segment Analysis

• Online
• Retail store
• Convenience stores
• Newsstands
• Drug stores
• Speciality stores
• Tobacconists

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

LinkedIn

Profile

I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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