The Cannabis Vaporizers Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cannabis Vaporizers Global Market Report 2024, The cannabis vaporizers market size has grown rapidly in recent years. It will grow from $4.41 billion in 2023 to $5.05 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to the legalization of cannabis, increased awareness of the health risks associated with smoking, the growing acceptance and normalization of cannabis, and shifts in government policies and regulations favoring cannabis.
The cannabis vaporizers market size is expected to see rapid growth in the next few years. It will grow to $8.76 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to growing awareness of the health risks associated with traditional smoking, the availability of customizable and high-quality vaporizer products, growing demand for alternative smoking methods, and growing acceptance of cannabis. Major trends in the forecast period include innovations in battery technology, the development of vaporizers that can handle both dry herbs and concentrates, the implementation of intuitive touchscreens and digital displays, and product innovation.
The growth of e-commerce platforms is expected to propel the growth of the cannabis vaporizers market going forward. E-commerce platforms are online systems or software enabling businesses and individuals to buy, sell, and manage products and services online. These platforms facilitate digital transactions, allowing users to conduct business activities anywhere with an internet connection. The growth of the e-commerce platform is due to the growing availability of high-speed internet and mobile connectivity, changing consumer behavior, and the growth of online payment solutions. E-commerce platforms enable cannabis vaporizer retailers to reach a global audience, allowing consumers from various regions to access a broad selection of products that may not be available locally. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, US retail e-commerce sales in the first quarter of 2024 were $289.2 billion, a 2.1% (±0.7%) increase over the fourth quarter of 2023. Therefore, the growth of e-commerce platforms is driving the growth of the cannabis vaporizers market.
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The cannabis vaporizers market covered in this report is segmented –
1) By Type: Portable, Tabletop
2) By Ingredients: Herbs, Oils, Cannabis Wax
3) By Heating Method: Conduction, Convection, Induction
4) By Purpose: Medical Purpose, Recreational Purpose
5) By End User: E-Commerce Websites, Company-Owned Websites, Hyper market, Super market, Specialty Stores, Other End-Users
Major companies operating in the cannabis vaporizers market are focusing on developing innovative products, such as biodegradable cannabis vape pens, to address environmental concerns and cater to the growing demand for eco-friendly products. A biodegradable cannabis vape pen is a vaporizer made from environmentally friendly materials that decompose naturally, reducing waste and minimizing environmental impact. For instance, in December 2023, AVEO Vapor Device, a China-based cannabis vape hardware manufacturer, launched the URTHC, a biodegradable cannabis vape pen designed to tackle the environmental challenges of single-use vape products. This innovative pen is made from hemp-reinforced plastics that decompose significantly faster than traditional plastics in less than 1,100 days. It features a user-friendly design that allows for easy removal and recycling of the lithium battery, thereby minimizing battery waste. The URTHC pen also includes a wide filling channel for efficient automation, a patent-pending unlocking function for easier access during testing, and a capacity of 1.0 ML, which can accommodate smaller quantities like 0.5 ML or 0.3 ML.
The cannabis vaporizers market report table of contents includes:
1. Executive Summary
2. Cannabis Vaporizers Market Characteristics
3. Cannabis Vaporizers Market Trends And Strategies
4. Cannabis Vaporizers Market – Macro Economic Scenario
5. Global Cannabis Vaporizers Market Size and Growth
…
32. Global Cannabis Vaporizers Market Competitive Benchmarking
33. Global Cannabis Vaporizers Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cannabis Vaporizers Market
35. Cannabis Vaporizers Market Future Outlook and Potential Analysis
36. Appendix
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