Transparency Market Research delivers key insights on the global cannabis vaporizers market. In terms of revenue, the global cannabis vaporizers market is estimated to expand at a growth rate of ~17% during the forecasted timeline, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global cannabis vaporizers market report.
In the report, TMR predicts that the global cannabis vaporizers market would be largely driven by factors such as usage of cannabis and cannabis extracts such as cannabis and wax in various parts of the globe. Increase in trend of using vapes is projected to boost demand for cannabis vaporizers in the near future.
According to the cannabis vaporizers market research report, based on type, the market includes portable/handheld, and desktop cannabis vaporizers. Portable or handheld cannabis vaporizers are anticipated to dominate the global cannabis vaporizers market. In terms of ingredients, dry herbs accounted for ~64% market share in the year 2019, as dry herb is cheaper in terms of price as compared to other cannabis extracts. Based on heating method, conduction vaporizers are considered as the preferred choice of consumers in recent years. This segment dominated the market in the year 2019.
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In terms of usage, the use of cannabis vaporizers for recreational purposes accounts for largest market share and is expected to maintain its dominance in the near future due to rapid increase in popularity of cannabis vaporizers, especially among teenagers and youngsters. On the basis of distribution channel, online mode of distribution held over 55% of the market share in terms of value in the year 2019. The online mode of distribution is projected to expand rapidly during the forecast period.
Cannabis Vaporizers Market: Drivers, Opportunities, and Restraints
The major driving factor for the cannabis vaporizers market are legalization of cannabis in several countries and rise in usage of cannabis for medicinal purposes. From 2018 onward, Canada legalized the usage of cannabis for recreational purposes. Uruguay is the second country to legalize usage of cannabis. Rise in advancement in terms of technology and launch of innovative cannabis vaporizers in the market is anticipated to create new business opportunities for manufacturers and distributors of cannabis vaporizers in the near future.
Strict rules and regulations imposed by federal governments of different countries regarding usage of cannabis and cannabis extracts are projected to be a restraint for the cannabis vaporizers market. Cannabis is considered illegal in several countries across the globe which includes Albania, Bahrain, Bahamas, Central African Republic, Indonesia, Hong Kong, and Hungary. Also, many other countries have only legalized the usage of cannabis for medical purposes but not for recreational purposes. These are considered as the restraining factors for the overall growth of the market.
Cannabis Vaporizers Market: Prominent Regions
At present, North America dominates the global cannabis vaporizers market followed by Europe. Europe is projected to be an emerging market and anticipated to expand at a significant growth rate during the forecast period. In most European countries, usage of cannabis is considered legal for medical purpose. In the U.K., Germany, Georgia, Ireland, Italy, and the Netherlands, etc. usage of cannabis vaporizers are projected to rise in a significant manner in the near future. Georgia is one of the rare countries in Europe were usage of cannabis is legalized for recreational purposes as well. Several European nations have already implemented the policy of decriminalization and some of the countries are planning to implement in the near future.
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In Middle & Africa, demand for cannabis vaporizers is low compared to other regions, since most of the countries, especially GCC countries have strictly prohibited the usage of cannabis, cannabis extracts, and other related products. These factors have impacted the growth of the cannabis vaporizers market in Middle East & Africa.
Cannabis Vaporizers Market: Key Players
Key players operating in the global cannabis vaporizers market include PAX Labs, Inc, STORZ & BICKEL GmbH & Co. KG, Arizer, Apollo Vaporizers Inc., KandyPens, Inc., SLANG Worldwide Inc., DaVinci, Ghost Herbal Concepts Ltd., Grenco Science, and Boundless Technology LLC.
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