Global Handheld Marijuana Vaporizers Market to Grow at 19% CAGR
The increasing use of marijuana for medical purposes is driving the demand for laboratory testing services. The marijuana plant contains chemicals (cannabinoids) which helps to treat a range of illness such as HIV/AIDS, multiple sclerosis (MS) etc. Legalization of marijuana for medical usage by governments is further anticipated to boost the handheld marijuana vaporizers market.
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Furthermore, shifting trend towards the usage of vaporizers has increased the demand for handheld marijuana vaporizers. Handheld marijuana vaporizers are surging in popularity owing to its portable nature, discrete method of consumption, and convenience. In 2019, worldwide sales of handheld marijuana vaporizers, mostly contributed by conduction vaporizers saw an upswing, as compared to convection vaporizers. On the back of these factors, the global handheld marijuana vaporizers market is estimated to be valued at ~US$ 5 Bn in 2019 and expected to expand at a CAGR of ~19.0% during the forecast period of 2019-2029.
Stringent Government Regulations across Regions to Impede Handheld Marijuana Vaporizers Market
Strict rules and regulations related to marijuana usage in various countries is anticipated to be a restraining factor for the growth of the handheld marijuana vaporizers market. According to the American Civil Liberties Union, marijuana arrests account for more than half of all drug arrests in the United States. This restrains the growth of the handheld marijuana vaporizers market, particularly in the Middle East and some parts of Asia Pacific where it is banned. Besides, availability of low cost substitutes is also expected to impact the growth of the market during the forecast period.
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Key Takeaways of Global Handheld Marijuana Vaporizers Market
- North America is expected to lead in the global handheld marijuana vaporizers market due to the presence of good medical infrastructure and accelerated growth in medical research activities.
- Conduction vaporizers are gaining popularity vis-à-vis convection vaporizers owing to its beneficial properties such as low product price, size and portability. Conduction vaporizers accounted for ~82% in 2018.
- Offline sales of handheld marijuana vaporizers will gather momentum during the forecast while online sales channel will see a rapid growth trajectory at a CAGR of (~16.5%). Handheld marijuana vaporizers are relatively new in the market and require certain permits which will limit its availability through online channels.
“The demand for marijuana vaporizers will see a high growth owing to higher demand for concentrates. Sales of marijuana flowers may drop in the future but vaporizers’ sales will keep increasing as vape pens work with non-psychoactive CBD, concentrates, vape oil and dry herbs.” says the FMI analyst
Who is Winning
The report highlights some prominent players in the global handheld marijuana vaporizers market are Davinci Vaporizers, PAX Labs Inc., etc. Companies are investing in R&D to come up with innovative products in handheld marijuana vaporizers category. For instance,
- Firefly, a weed tech startup in California offers smart vaporizers (Fitrefly 2+) of ~US$ 250 which can regulate the cannabis temperature with app enabled precision and produces zero waste.
- Now companies are continuously adding new features or technology such as one-button control, ceramic heating chamber, smartphone app compatibility, removable battery etc.
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More Valuable Insights on Handheld Marijuana Vaporizers Market
Future Market Insights, in its new offering, provides an analysis of the global handheld marijuana vaporizers market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The global handheld marijuana vaporizers study reveals compelling insights on the basis of product (convection vaporizers, conduction vaporizers), charger type (USB, Micro USB), temperature control (fixed & variable), and sales channel (online, offline) across seven major regions.
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