Cannabis Vaporizers 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 during the historic period can be attributed to the legalization of cannabis, increased awareness of the health risks related to smoking, growing acceptance and normalization of cannabis, and changes in government policies and regulations that favor 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 anticipated growth during the forecast period can be attributed to increasing awareness of the health risks associated with traditional smoking, the availability of customizable and high-quality vaporizer products, a rising demand for alternative smoking methods, and greater acceptance of cannabis. Major trends for this period include innovations in battery technology, the development of vaporizers that can handle both dry herbs and concentrates, the introduction of intuitive touchscreens and digital displays, and ongoing product innovation.

The expansion of e-commerce platforms is expected to drive the growth of the cannabis vaporizers market in the future. E-commerce platforms are online systems or software that enable businesses and individuals to buy, sell, and manage products and services over the internet. These platforms facilitate digital transactions, allowing users to conduct business from anywhere with an internet connection. The growth of e-commerce is attributed to the increasing availability of high-speed internet and mobile connectivity, shifting consumer behaviors, and the rise of online payment solutions. E-commerce platforms allow cannabis vaporizer retailers to reach a global audience, giving consumers from various regions access to a wide range of products that may not be available locally. For example, in May 2024, the United States Census Bureau, a US-based government agency, reported that US retail e-commerce sales in the first quarter of 2024 totaled $289.2 billion, reflecting a 2.1% (±0.7%) increase from the fourth quarter of 2023. Consequently, the growth of e-commerce platforms is fueling the cannabis vaporizers market.

Key players in the cannabis vaporizers market are concentrating on developing innovative products, such as biodegradable cannabis vape pens, to address environmental concerns and meet the increasing demand for eco-friendly solutions. A biodegradable cannabis vape pen is made from environmentally friendly materials that naturally decompose, thereby 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 address the environmental issues associated with single-use vape products. This innovative pen is constructed from hemp-reinforced plastics that break down significantly faster than traditional plastics in less than 1,100 days. It features a user-friendly design that facilitates easy removal and recycling of the lithium battery, thereby reducing 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 ML, which can accommodate smaller quantities such as 0.5 ML or 0.3 ML.

In November 2021, Greenlane Holdings Inc., a US-based company specializing in cannabis accessories, acquired DaVinci for an undisclosed amount. This acquisition aims to enhance Greenlane's portfolio of higher-margin proprietary brands, boost revenue and profitability, and solidify its position in the cannabis accessories market by integrating DaVinci's innovative vaporizer technology. DaVinci is a US-based manufacturer of premium portable cannabis vaporizers.

Major companies operating in the cannabis vaporizers market are Greenlane Holdings Inc., Pax Labs Inc., Leafly LLC, Firefly Vapor LLC, Boundless Technology LLC, V2 Cigs LLC, Storz & Bickel GmbH & Co. KG, Arizer Technologies Inc., Shenzhen Smiss Technology Co. Ltd., Cloudious9 Inc., Dr. Dabber Inc., Grenco Science Inc., Haze Technologies LLC, KandyPens LLC, Sutra Vape Inc., Topgreen Technology Co. Ltd, Vaporbrothers Inc., Vuber Technologies LLC, E-Toke LLC, Pulsar Vaporizers LLC, Atmos Nation LLC, Bong Vaporizer Co. LLC, Herbalizer Inc., Nugget Vaporizer Co. Inc., ZenPen LLC.

North America was the largest region in the cannabis vaporizers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cannabis vaporizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cannabis vaporizers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cannabis vaporizers are devices designed to heat cannabis (marijuana) to a temperature where the active compounds, mainly cannabinoids and terpenes, are vaporized instead of combusted. They are favored by cannabis users for offering a potentially healthier alternative to smoking and for providing more precise control over dosage and flavor.

The main types of cannabis vaporizers are portable and tabletop. Portable cannabis vaporizers are compact, handheld devices that heat cannabis flowers or concentrates to create inhalable vapor, offering a discreet and convenient alternative to smoking. These vaporizers can use various materials, such as herbs, oils, and cannabis wax, and employ heating methods such as conduction, convection, and induction. They are used for both medical and recreational purposes, with end-users including e-commerce websites, company-owned websites, hypermarkets, supermarkets, specialty stores, and others.

The cannabis vaporizers market research report is one of a series of new reports that provides cannabis vaporizers market statistics, including cannabis vaporizers industry global market size, regional shares, competitors with a cannabis vaporizers market share, detailed cannabis vaporizers market segments, market trends and opportunities, and any further data you may need to thrive in the cannabis vaporizers industry. This cannabis vaporizer market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cannabis vaporizers market consists of sales of vaporizer pens, dry herb vaporizers, hybrid vaporizers, vaporizer accessories, and cleaning kits. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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