Wilmington, Delaware, United States, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The global market for cannabis heat-not-burn devices was estimated to have acquired US$ 7.2 million in 2022. It is anticipated to advance with a robust 15.1% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 25.3 million.
Cannabis is heated in cannabis vaporizers to a temperature where the plant's psychedelic constituents are released in form of a vapor that is breathed. Vaping is regarded to be safer for cannabis and tobacco usage because it does not generate many of the hazardous byproducts of burning material, such as tar and other cancer-causing symptoms. In the upcoming years, these elements are anticipated to drive the demand for cannabis heat-not-burn devices.
Market trends show that a variety of vaporizers as well as electronic cigarettes have developed and grown in popularity as a way to consume cannabis, especially in jurisdictions that enable non-medical use of cannabis, like California. According to Canada.ca, smoking was the most popular way of cannabis consumption among those who had used it within the previous year, although the usage of vaporizers and vape pens climbed by 24% and 7%, respectively. Pocket-friendly portable cannabis vaporizers are readily accessible for a reasonable cost, are simple to operate, and are crafted to comfortably fit in the palm.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 7.2 Mn | |
| Estimated Value | US$ 25.3 Mn | |
| Growth Rate - CAGR | 15.1% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 150 Pages | |
| Market Segmentation | Charging Port Type, Number of Sessions per Charge, Price, End-user, Distribution Channel | |
| Regions Covered | North America,Europe,Asia Pacific,Middle East & Africa,South America | |
| Companies Covered | E1011 Labs,Flat Planet, LTD,Glo,BAT,Imperial Brands,IQOS,Philip Morris,iuoc2,Shenzhen Yukan Technology Co., Ltd,KT&G Corp.,Mok,Omura,Ploom,Japan Tobacco International,Other Key Players | |
Key Findings of Market Report
- From 2023 to 2031, North America is anticipated to hold the greatest share.
- Products for the cannabis business that don't burn but instead heat up are a recent innovation.
- eat-not-burn devices use specifically engineered cannabis sticks to provide a joyful experience devoid of the smoke, ash, or tar that comes from standard devices.
Market Trends for Cannabis Heat-Not-Burn Devices
- The legalization of cannabis for medicinal or recreational use in many countries has had a significant impact on market demand. Some of the countries where cannabis usage is legal include South Africa, the Netherlands, Jamaica, Canada, Uruguay, The Czech Republic, Costa Rica, Colombia, Spain, and Belize. In several of these countries, users who are 18 or older are allowed to possess a maximum of a few grams of cannabis.
- Several countries and states are expected to legalize medicinal marijuana in the future years due to the potential medical advantages of cannabis. The Narcotics Act of Thailand's government formally delisted marijuana from its list of illegal drugs on June 9, 2022, making Thailand the first nation in Asia to legalize marijuana.
- Factors such as these are thus propelling the market growth during the forecast period.
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Cannabis Heat-Not-Burn Devices Regional Market Outlook
Various reasons are propelling the growth of the cannabis heat-not-burn devices market in different regions. These are:
- From 2023 to 2031, North America is anticipated to hold the majority of the share. Given that cannabis use is permitted in Canada for medicinal as well as recreational purposes, the market for cannabis vaporizers is expected to grow significantly over the next years. The market for cannabis heat not burn devices is growing quickly due to the region's fast increase in marijuana usage.
- Europe is expected to develop into a profitable market for cannabis vaporizers throughout the predicted period. In the near future, it is anticipated that the markets in the Middle East, Africa, and South America would rise quickly.
Global Cannabis Heat-Not-Burn Devices Market: Key Players
The majority of businesses invest a lot of money on thorough research and development initiatives, mostly to create cutting-edge items. The main techniques used by producers of cannabis heat-not-burn devices are product portfolio expansion and mergers and acquisitions.
The following companies are well-known participants in the global Cannabis Heat-Not-Burn Devices market:
- E1011 Labs
- Flat Planet, LTD
- Glo
- BAT
- Imperial Brands
- IQOS
- Philip Morris
- iuoc2
- Shenzhen Yukan Technology Co., Ltd
- KT&G Corp.
- Mok
- Omura
- Ploom
- Japan Tobacco International
- Other Key Players
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Developments by the key players in the global market for Cannabis Heat-Not-Burn Devices are:
| Market Player | Year | Key Developments |
| Imperial | 2023 |
|
| KT&G Corp. | 2022 |
|
Global Cannabis Heat-Not-Burn Devices Market Segmentation
By Charging Port Type
- USB-C
- Micro USB
By Number of Sessions per Charge
- Up to 10
- 10 to 15
- Above 15
By Price
- Below US$ 60
- US$ 60 to US$ 130
- Above US$ 130
By End-user
- Men
- Women
By Distribution Channel
- Online
- Company-owned Website
- E-commerce Websites
- Offline
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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