What Is The Scope Of The Global Portable Cannabis Vaporizer Market?
A portable cannabis vaporizer refers to a handheld device designed to heat cannabis to a temperature that produces vapor rather than smoke. A portable cannabis vaporizer utilizes precise temperature control to heat cannabis, producing a vapor that can be inhaled for a smoother and potentially healthier alternative to smoking.
Portable Cannabis Vaporizer Global Market Report 2024 provides data on the global portable cannabis vaporizer market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The portable cannabis vaporizer market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Portable Cannabis Vaporizer ?
The portable cannabis vaporizer market has seen rapid growth in recent years. It is projected to increase from $2.56 billion in 2023 to $2.90 billion in 2024, at a compound annual growth rate (CAGR) of 13.4%. The historical growth can be attributed to greater awareness of health risks, growing demand for discretion, increased education, environmental concerns, and heightened research on cannabinoid effects. The market is expected to grow to $4.82 billion by 2028, with a CAGR of 13.5%. The forecasted growth is fueled by shifting cultural attitudes, the expansion of the cannabis industry, community events and expos, growth in the recreational industry, and the expansion of online distribution channels. Key trends include the development of longer-lasting batteries, wireless charging, portable extraction systems, advanced sensors, and integration with wearable technology.
What Are The Leading Drivers Of Growth In The Portable Cannabis Vaporizer Market?
The rising legalization of cannabis is expected to fuel the growth of the portable cannabis vaporizer market. Cannabis is a plant genus known for its psychoactive and medicinal properties, commonly used in forms like marijuana and hemp. The growing recognition of its medicinal benefits, potential for economic growth, and changing public attitudes toward drug policy reform are driving its legalization. A portable cannabis vaporizer offers users a discreet, convenient, and efficient method of consuming cannabis, reducing harmful byproducts compared to smoking. For instance, in January 2024, the Government of Canada reported that in 2023, 73% of cannabis purchases came from legal sources, up from 69% in 2022. As a result, the increasing legalization of cannabis is contributing to the growth of the portable cannabis vaporizer market.
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How Are The Segments Defined Within The Global Portable Cannabis Vaporizer Market?
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
How Are New Trends Expected To Influence The Growth Of The Portable Cannabis Vaporizer Market?
In the portable cannabis vaporizer market, companies are focusing on advanced designs to improve user experiences. Portable cannabis vaporizers heat cannabis to produce vapor without combustion. In November 2022, Dr. Dabber, a US-based vaping company, introduced the XS Nano eRig, a portable vaporizer with features like a direct flavor pathway, customizable heat settings, spill-proof construction, and an extended battery life, enhancing convenience for on-the-go use.
Which Region Drives The Highest Growth In The Portable Cannabis Vaporizer Market?
North America was the largest region in the portable cannabis vaporizer market in 2023. The regions covered in the portable cannabis vaporizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
