Wilmington, New Castle, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Handheld Marijuana Vaporizer Market by Product Type (Conduction Vaporizer, Convection Vaporizer and Hybrid Vaporizer), Material Type (Dry Herb Vaporizer, Concentrate Vaporizer and Dual-use Vaporizer), Price Range (Low-end Vaporizer, Mid-range Vaporizer and High-end Vaporizer): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the handheld marijuana vaporizer market was valued at $5.4 billion in 2023, and is estimated to reach $18.1 billion by 2033, growing at a CAGR of 12.9% from 2024 to 2033.
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Prime determinants of growth
The growth of the handheld marijuana market is driven by several key factors. The handheld marijuana vaporizer market growth is primarily driven by the increasing legalization of cannabis for both medicinal and recreational use, which expands the consumer base. Rising health consciousness among consumers, who perceive vaping as a safer alternative to smoking, further boost the market demand. Technological advancements in vaporizer design, offering improved functionality, portability, and user experience, attract a wide range of users. Additionally, evolving consumer preferences for discreet and convenient cannabis consumption methods, along with the growing acceptance and normalization of cannabis use in society, significantly contribute to the market expansion.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size In 2023 | $5.4 Billion |
| Market Size In 2033 | $18.1 Billion |
| CAGR | 12.9% |
| No. Of Pages In Report | 488 |
| Segments Covered | Product Type, Material Type, Price Range And Region. |
| Drivers | Legalization And Regulatory Changes Health Consciousness Technological Advancements |
| Opportunity | Emerging Markets |
| Restraints | Regulatory Uncertainty Health Concerns |
Segment Highlights
The conduction vaporizer has high demand in the market. Its lower cost compared to convection and hybrid models increases its popularity among a broader range of consumers, including beginners and casual users. The simplicity and ease of use of conduction vaporizers, which heat marijuana through direct contact with a heating element, appeal to those seeking straightforward and reliable devices. Technological advancements have also improved the efficiency and performance of conduction vaporizers, enhancing user experience. Additionally, increasing consumer demand for portable and discreet consumption methods supports the popularity of conduction vaporizers, which are often more compact and easier to carry than their convection counterparts.
The growth of dry herb vaporizers in the handheld marijuana market is driven by several key factors. Increasing legalization and acceptance of cannabis for both medicinal and recreational use boost demand for convenient and efficient consumption methods. Health-conscious consumers prefer vaporizers as they offer a smoke-free alternative, reducing the inhalation of harmful toxins compared to traditional smoking. Technological advancements in dry herb vaporizers, such as precise temperature control, improved battery life, and portability, enhance user experience and attract a broader range of users.
Mid-range vaporizers in the handheld marijuana market are driven by several key factors that appeal to a broad spectrum of consumers looking for quality and affordability. These vaporizers typically strike a balance between price and features, making them attractive to regular users who seek better performance without the premium price tag of high-end devices.
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Regional Outlook
North America dominates the handheld marijuana vaporizer market due to its progressive stance on cannabis legalization, particularly in numerous states across the U.S. and in Canada where both medical and recreational cannabis usage is legal. This regulatory framework not only legitimizes the cannabis industry but also encourages innovation and investment in products like vaporizers. Coupled with widespread consumer acceptance and awareness of cannabis benefits, North America benefits from a large and affluent market with significant spending power. Technological innovation in vaporizer design, supported by a robust industry infrastructure and cultural trends favoring health-conscious alternatives to smoking, further solidifies North America's dominance. This combination of regulatory support, economic strength, technological prowess, and cultural influence establishes North America as the primary driver of growth and innovation in the handheld marijuana vaporizer market globally.
Players: -
Pax Labs
Storz & Bickel
DaVinci
Arizer
Firefly Vapor
Boundless Technology
Grenco Science (G Pen)
KandyPens
Atmos
Cloudious9
The report provides a detailed analysis of these key players in the global handheld marijuana vaporizer market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Key Strategies and Developments
- In June 2021, PAX Labs launched a new color collection for the PAX 3 vaporizer, which is compatible with both dry herbs and concentrates. The device features a sleek design, haptic feedback, and Bluetooth connectivity. The PAX 3 also offers four temperature settings, a 10-year warranty, and a smartphone app for customization.
- In December 2023, Storz & Bickel partnered with Canopy Growth, a global cannabis company, to distribute its handheld marijuana vaporizers in Canada. The partnership allowed Storz & Bickel to access Canopy Growth's network of retail stores, online platforms, and medical cannabis patients. The partnership also enhanced Canopy Growth's offering of high-quality vaporizers to its customers.
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