Global Portable Cannabis Vaporizer Market Growth Rate 2024, Forecast To 2033
12 Nov, 2024
The portable cannabis vaporizer market is rapidly expanding, projected to grow from $2.56 billion in 2023 to $2.90 billion in 2024 at a CAGR of 13.4%. Growth drivers include heightened health awareness, demand for discretion, consumer education, environmental concerns, and cannabinoid research. The portable cannabis vaporizer market is projected to grow to $4.82 billion by 2028, with a CAGR of 13.5%. This growth is driven by cultural shifts, the expansion of the cannabis industry, community events, recreational industry growth, and increased online distribution channels. Major trends include longer-lasting batteries, wireless charging, portable extraction systems, advanced sensors, and integration with wearable tech.
Major Driver In The Portable Cannabis Vaporizer Market
The increasing legalization of cannabis is expected to promote the portable cannabis vaporizer market. Cannabis is recognized for its medicinal benefits and shifting public attitudes towards drug policy. Portable vaporizers provide a discreet and efficient way to consume cannabis while minimizing harmful byproducts. In January 2024, the Government of Canada reported that the proportion of individuals purchasing cannabis from legal sources rose to 73% in 2023, up from 69% in 2022. Consequently, the cannabis legalization trend drives the portable cannabis vaporizer market, with projected market size growing from USD 1,262.18 million in 2023 to USD 1,426.35 million in 2024, reaching USD 2,247.45 million by 2028.
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PAX Labs Inc., VaporFi Inc., Storz & Bickel GmbH & Co. KG, TVAPE Inc., Magic-Flight Inc., Dynavap LLC, Arizer Inc., Linx Vapor Inc., Grenco Science Inc.., KandyPens Inc., Mig Vapor Inc., Vuber Technologies Inc., Yocan Technology Co Ltd., Planet of the Vapes LLC, Focus V Technologies Inc., AtmosRx LLC, The Kind Pen LLC, Dr. Dabber Inc., Apollo Cannabis Clinics, Vivant Inc.
Key Portable Cannabis Vaporizer Market Trend
Companies in the portable cannabis vaporizer market are focusing on developing advanced solutions like portable vaporizers to enhance user experience and meet growing consumer demands. Portable vaporizers are compact, battery-operated devices that heat cannabis without combustion. In November 2022, Dr. Dabber launched the XS Nano eRig, a portable cannabis vaporizer with unique features like a direct flavor pathway, customizable temperature settings, and a spill-proof design. It offers up to 35 heating cycles per charge, making it ideal for travel and outdoor use.
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Global Portable Cannabis Vaporizer Market Segmentation
The portable cannabis vaporizer market covered in this report is segmented –
1) By Heating Method: Conduction, Convection, Hybrid
2) By Power Source: Battery, Battery Free
3) By Price Range: Low, Medium, High
4) By Usage: Medical Purpose, Recreational Purpose
5) By Distribution Channel: Online, Offline
By Geography:The regions covered in the portable cannabis vaporizer market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the portable cannabis vaporizer market in 2023.
The Portable Cannabis Vaporizer Global Market Report 2024 furnishes information about the global portable cannabis vaporizer market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.