The global vaporizers market, valued at approximately USD 20 billion in 2022, is projected to experience significant growth over the next decade, with a compound annual growth rate (CAGR) of 28% during the forecast period from 2022 to 2032. The market is expected to surpass USD 236.12 billion by the end of 2032, fueled by increasing consumer awareness of health-conscious smoking alternatives and the growing legalization of marijuana for recreational and medical use.
Key Drivers of the Vaporizers Market
- Shift Towards Healthier Alternatives: As consumers become more health-conscious, the demand for less harmful smoking alternatives like vaporizers has risen. Unlike traditional smoking, vaporizers heat substances without combustion, reducing the intake of harmful chemicals and carcinogens, making them a popular choice for individuals looking to quit smoking or reduce their tobacco consumption.
- Increased Legalization of Cannabis: The ongoing legalization of marijuana in various countries for both medicinal and recreational use is a major driver of vaporizer demand. Vaporizers are widely used for cannabis consumption, and as public acceptance grows, the market for cannabis-compatible vaporizers expands accordingly.
- Technological Advancements in Vaping Devices: Continuous innovation in vaporizer design and technology is helping drive market growth. New features such as precise temperature controls, enhanced battery life, improved portability, and more efficient heating methods are attracting a growing base of consumers.
- Regulatory Pressure on Tobacco Products: Stricter regulations on traditional tobacco products, such as smoking bans in public spaces and increasing taxes, are encouraging consumers to switch to alternatives like e-cigarettes and vaporizers. These products are perceived as less harmful and more socially acceptable.
- Social Acceptance of Vaping: The increasing social acceptance of vaping, particularly among younger generations, is fueling the growth of the vaporizer market. Vaping is seen as a trendy alternative to smoking, with many users viewing it as a way to socialize and experience flavors in a safer manner.
Market Trends in the Vaporizers Industry
- Customization of Vaping Experience: There is a growing trend toward personalized and customizable vaping devices. Consumers are seeking vaporizers that offer adjustable temperature settings, precise dosing, and customizable features, allowing for a tailored experience based on individual preferences.
- Flavored Vape Liquids: Flavored vape extracts and liquids continue to be a popular trend, particularly among younger consumers. Flavors ranging from fruity to dessert-inspired options have helped make vaping more enjoyable, especially as an alternative to tobacco.
- Sustainability and Eco-friendly Designs: As consumers become more environmentally conscious, there is a rising demand for sustainable and eco-friendly vaporizer products. Manufacturers are responding by using recyclable materials, designing longer-lasting devices, and offering eco-friendly packaging to appeal to environmentally-minded customers.
- Growth of Online Sales Channels: E-commerce is becoming an increasingly important sales channel for vaporizers, driven by convenience and wider product availability. The ease of purchasing vaporizers and vape-related accessories online, along with the ability to compare different products, has contributed to the growing online market share.
- Medical Use and Health Applications: The growing acceptance of vaporizers for medical marijuana consumption is a notable trend. Vaporizers are seen as a safer option for patients seeking controlled doses of cannabis for therapeutic purposes, especially in countries where medical marijuana is legalized. This trend is expected to continue as awareness of the medical benefits of cannabis rises.
Key Companies Profiled
DaVinci
PAX Labs Inc.
Ghost Vapes Inc.
SLANG Worldwide Inc.
Vapium Inc.
STORZ & BICKEL GmbH
Boundless Technology
Recent Development
- DaVinci is providing number of attractive portable and handheld vapes, using conduction type of heating. The company is attracting customers by giving them digital displays indicating dosage information. They are also giving warranty on their products, capturing more customers.
- Greenlane holdings, a well-known cannabis accessories seller had partnered with Canopy Growth Corporation in 2019, to distribute STORZ & BICKEL vapes in United States. German based STORZ & BICKEL was acquired by Canopy Growth Corporation to develop and increase sales. The partnership between these two big players led to expansion of distribution line to Canada.
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Key Segments Profiled in the Vaporizers Market
By Product Type:
- Portable
- Pen Style
- Regular Size
- Desktop
- Whip Style
- Forced Air
- E-Nail
- Multifunctional
By Heating Methods:
- Conduction
- Convection
By Price:
- Premium
- Economy/Mid-Range
By Consumable Type:
- Dry herb
- Concentrates
- Others
By Heat Up Time:
- 10 seconds or less
- 20-60 seconds
- 2-4 minutes
By Sales Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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