Wilmington, Delaware, United States, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global cannabis vaporizer market is projected to flourish at a CAGR of 16.8% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 20.5 billion is anticipated for the market in 2031. As of 2023, the market for cannabis vaporizers is expected to close at US$ 6.2 billion.
Cannabis vaporizers are mainly used for medical and recreational purposes. The legalization of vaping for medical and recreational uses in many countries will foster market growth over the coming years.
The growing consumer preference for cannabis vaporizers due to their discreetness, ease of use, and minimal odor compared to traditional smoking methods, drives the demand for cannabis vaporizers during the forecast period.
An increase in the usage of portable vaporizers and normalized spending on recreational activities will have a positive effect on cannabis vaporizers demand as Vaporizers are often perceived as a safer and healthier alternative to smoking cannabis. Vaporizing avoids the combustion process that occurs when smoking, which can reduce exposure to harmful chemicals and toxins.
Increased technological innovations and advancements in vaporizer technology have led to improved functionality, efficiency, and customization options such as temperature control, app connectivity, and compatibility with different cannabis formulations.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 5.4 Bn | |
| Estimated Value | US$ 20.5 Bn | |
| Growth Rate - CAGR | 16.8% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 166 Pages | |
| Market Segmentation | By Type, By Heating Method, Ingredients, Purpose, Price, By Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Apollo AirVape, Arizer, Grenco Science, Boundless Technology, KandyPens, Inc, PAX Labs, Inc., O.pen-Slang Worldwide, STORZ & BICKEL GmbH, DaVinci Vaporizer, DynaVap | |
Key Takeaways from the Market Study
- As of 2022, the cannabis vaporizer market was valued at US$ 5.4 billion
- By type, the portable vaporizers segment to enjoy high demand, accumulating a high revenue share during the forecast period due to the inbuilt power batteries function
- Based on purpose, the medical segment accounts for the highest market share
- Based on the distribution channel, the online segment is expected to generate high revenue during the forecast period, due to the increased purchase from e-commerce websites.
Cannabis Vaporizers Market – Regional Analysis
- The increasing legalization of cannabis for medical and recreational use across various states would drive the demand for vaporizers in North America. The United States and Canada are major contributors to cannabis vaporizers market expansion in North America. An increase in focus on adopting safer alternatives to cigarettes has boosted the cannabis vaporizers market demand in North America.
- The cannabis vaporizer market in the Asia Pacific is gaining traction, owing to the increasing awareness about the benefits of using cannabis for medical purposes, within this region. Vaporizers could become popular among medical users seeking a convenient and controlled method of consumption.
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Competitive Landscape
The cannabis vaporizer market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global cannabis vaporizer market report:
- Apollo AirVape
- Arizer
- Grenco Science
- Boundless Technology
- KandyPens, Inc
- PAX Labs, Inc.
- O.pen-Slang Worldwide
- STORZ & BICKEL GmbH
- DaVinci Vaporizer
- DynaVap
Key Developments in the HVAC Chillers Market
- PAX Labs has continued to innovate its popular line of portable vaporizers, including the PAX 3 and PAX Era.The company has been working on improving features like temperature control, vapor quality, and app integration for a customized vaping experience.
- Davinci Vaporizer has been developing new models with advanced features, such as precision temperature control and compatibility with both dry herbs and extracts. The company has emphasized ease of use and discreet design for users looking for a more inconspicuous vaporizer.
- Arizer Tech has been developing vaporizers with glass components to enhance the purity and flavor of the vapor. The company has also incorporated modern features like digital displays and adjustable temperature settings.
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Cannabis Vaporizers Market – Key Segments
By Type
- Portable
- Tabletop
By Heating Method
- Conduction
- Convection
- Induction
Ingredients
- Herbs
- Oils
- Cannabis Wax
Purpose
- Medical Purpose
- THC
- Non-THC
- Recreational Purpose
- THC
- Non-THC
Price
- Low
- Medium
- High
By Distribution Channel
- Online
- E-commerce Websites
- Company-owned Websites
- Offline
- Hypermarkets / Supermarkets
- Specialty Stores
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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