Cannabis Vape Market Size & Growth Trends:

The Cannabis Vape Market Size was valued at USD 5.06 Billion in 2023 and is expected to reach USD 17.11 Billion by 2032 and grow at a CAGR of 14.53% over the forecast period 2024-2032. Consumer preferences for different product types dry herb, concentrate and hybrids continue to segment the cannabis vape market. Online and offline retail stores share sales channels for obvious reasons related to convenience, product variety, and business-driven intangible factors. Flavor profiles, ease of use, and high-end options, such as temperature control and portability. As expected, price sensitivity varies with the consumer, so price-conscious buyers are buying cheaper phones while premium users of phones are opting for high-end, feature-rich devices, showing significant price elasticity within consumer segments.

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Cannabis Vape Market Dynamics

Key Drivers: 

• Global Cannabis Vape Market Soars with Legalization and Health-Conscious Consumer Demand

The global cannabis vape market is largely supported by the growing legalization and acceptance of cannabis products around the world. Consumer demand for discreet and convenient consumption methods like vaping is soaring as more regions legalize cannabis for medicinal and recreational use. Furthermore, the increasing prevalence of health-conscious customers choosing smokeless substitutes for regular cannabis consumption is promoting the usage of vaporizers. Continued innovation in heating methods like induction and convection can contribute to better flavor and efficiency, improving the user experience and thus boosting market growth.

Restrain:

• Regulatory Inconsistencies and Health Concerns Challenge Cannabis Vape Market Growth and Consumer Confidence

Inconsistent cannabis regulations from country to country, and even state to state, are problematic for manufacturers and distributors. Such strict regulations concerning advertising, packaging, and product safety standards will impede the market expansion. Furthermore, health issues associated with vaping, particularly after the outbreaks of vaping-related lung injuries, attention, and more robust laws subsequently have stifled consumer confidence. The latest controversies surrounding health have compelled governments to impose bans or restrictions on some vaping products resulting in uncertainty in the market.

Opportunity: 

• The Cannabis Vape Market Thrives on Premium Customization Growing User Base and Strategic Industry Partnerships

There will be plentiful opportunities in the cannabis vape market, especially with modern consumers' continued preference for vape devices that are becoming increasingly premium, customizable, and portable. Features such as temperature regulation and app integration are drawing in the tech enthusiast consumer. Induction heating especially represents a goldmine for this, as it is not only a more efficient and cleaner vaping experience. Additionally, with the ongoing reduction of the stigma associated with cannabis, new user groups such as older adults and wellness consumers are appearing. This trend bequeaths companies the inevitability to engineer niche products and venture into companies. Partnerships with cannabis growers and specific distribution channels also offer enormous room for growth in this fast-developing industry.

Challenges:

• Cannabis Vape Industry Faces High Competition Counterfeits Supply Chain Challenges and Demand for Continuous Innovation

The cannabis vape industry, however, also has struggles which include the necessity for continual innovation to keep up with changing tastes. In a world of rapidly evolving technology, businesses must spend considerable resources on research and development to remain competitive. Additionally, the fragmented market with the presence of many big and small global players asserting market share, which causes a very high competition level in the market. Counterfeit products and quality control issues represent a huge hurdle affecting brand image and consumer trust. Furthermore, dealing with challenging supply chain logistics, particularly in countries with high import/export rules, can stifle expansion.

Cannabis Vape Market Segmentation Outlook

By Type

Portable cannabis vaporizers captured the largest share of 69.6% in 2023, growing due to their portability, ease of use, and discreet design. Millennials and on-the-go consumers prefer portable vapes to their bulkier, bigger counterparts due to their portability aspect. Improvements in technology have also aided in their widespread adoption. The continued rise of social consumption and higher acceptance levels of different types of cannabis products have also driven demand for portable devices.

The tabletop vaporizers segment is predicted to register the fastest CAGR from 2024-2032. That has driven growth because they provide better quality vapor, greater control over vaporization temperature, and improved user experience. Tabletop devices are becoming popular amongst enthusiasts and medical users seeking a premium, home-based experience, as more consumers focus on potency and flavor. Moreover, the increasing prevalence of social vaping practices and the proliferating cannabis lounges are driving the demand for tabletop vaporizers with high efficiency.

By Ingredient

Dry herb vaporizers accounted for 44.8% of the total cannabis vape market in 2023, largely driven by the preference of traditional cannabis consumers for the natural taste and the whole-spectrum effects provided by unprocessed plant material. These vaporizers are popular because of their beauty, their economical, and their capability to vaporize without combustion hence, preserving cannabinoids and terpenes. Moreover, seeking less harmful substitutes for smoking and the legalization of recreational cannabis have also fueled their popularity.

Hybrid vaporizers are expected to grow at the fastest CAGR from 2024 to 2032. These devices provide the functionality to vape dry herbs as well as concentrates, catering to a wider segment of consumers who desire versatility and improved experiences. With users evolving their level of experience and looking for more customizable options, hybrid vaporizers are rising in popularity due to offerings like increased levels of control, including precision temperature settings and optimized vapor. Such an increase in demand is a great opportunity for manufacturers to innovate their products and take a step forward in this changing cannabis vape business.

By Heating Method

Conduction vaporizers captured the highest market share accounting for 43.2% of the cannabis vape market in 2023 owing to their affordability, ease of use, and quick heat capability. Their simpler design and consistent design make them a favorite tool for beginners and the casual user. Another major factor is that conduction-based portable vaporizers are widely available, appealing to consumers looking for affordable and easy-to-use vaping products.

Induction vaporizers are expected to grow at the fastest CAGR from 2024 to 2032. Their innovative technology provides much more efficient heating, exceptionally accurate temperature control, and purer vapor production which is where this growth derives from. With health-conscious consumers seeking safety without compromising on flavor,  induction vaporizers are quickly growing in popularity for using a non-contact heating method, and in turn, lessening combustion risks.

By Power Source

Battery-powered vaporizers, known for their ease of use and portability, were the leading category in the global cannabis vaporizers market, capturing 64.7% of the market in 2023. These products have become a consumer favorite due to their reliability, variable temperature settings, and rechargeable capabilities, as they make for easy use wherever you go. The acceleration in battery technology, having longer battery longevity and higher charging, also set up their wide acceptance.

Vaporizers without batteries are expected to grow at the fastest CAGR from 2024 to 2032. These devices represent an attractive offering for consumers looking for a more natural approach that requires no maintenance beyond traditional butane or other external heat sources. With anguished users trying to ditch electronic components and possible battery glitches, there is a growing interest in flame-powered and mechanical vaporizers.

By Distribution

Online sales channels accounted for the highest share of the cannabis vape market at 56.4%,  due to the convenience offered by E-commerce, availability of multiple brands for consumers, and easy and discreet purchasing options associated with online purchases. Tech-savvy users, on the other hand, are flocking to online platforms since the comparability of prices, reviews from past customers, and product vetting made them the better choice. The rise of digital marketing and social media marketing also contributed significantly to online sales, especially among young consumers who are searching for the latest in vaping technology and trends.

The offline sales channels segment is likely to witness the highest CAGR over the forecast period from 2024 to 2032. This growth is driven by several factors including the growing legalization of cannabis products, with brick-and-mortar dispensaries and specialty vape shops opening proliferate. Consumers are increasingly gravitating toward making purchases in real life, where they can get personalized recommendations and touch the products they plan to buy. Also, offline channels offer a more trusted shopping experience, which attracts first-time buyers and older generations.

Cannabis Vape Market Regional Analysis

In 2023, North America accounted for the larger revenue with a share of 37.2% of the global volume allocations, attributable to the legalization of cannabis in Canada and many states in the U.S. A fully developed regulatory landscape, broad consumer acceptance, and burgeoning recreational cannabis culture is driving significant market expansion. Some real examples are PAX Labs and Grenco Science in the U.S., which are about the new innovative and high-quality vape. Furthermore, established dispensary networks, including MedMen, and Curaleaf, have expanded available products and consumer education. STLTH, as well as Tokyo Smoke, assure a sizable domestic footprint with an array of vapor goods and branded retail experiences across Canada.

Asia Pacific is anticipated to account for the highest CAGR from 2024 to 2032, due to shifting regulatory landscapes as well as rising consumer knowledge. Cannabis laws are slowly being liberalized in countries like Thailand and South Korea, which could lead to legal markets. As an example, Thailand recently legalized cannabis and so we started to see licensed dispensaries and cannabis cafes pop up in the country. This trend has led some companies, including Alchemy Botanics, to release products specific to their region. Japan is also rapidly developing interest in CBD-based vaping products, providing new opportunities for international brands to break into the market.

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Key Players

Some of the major players in the Cannabis Vape Market are:

• Pax Labs (Pax 3, Pax Era Pro)

• Curaleaf (Select Elite Live Cartridges, Select Cliq)

• Stiiizy (Stiiizy Starter Kit, Stiiizy Pods)

• OrganiGram Holdings Inc. (Edison Vape Pens, Trailblazer Spark)

• Little Green Pharma (LGP Classic Vape Oil, LGP CBD50 Vape Oil)

• Qnovia (Respira Vape, Qnovia Migraine Relief)

• MIIST Therapeutics (MIIST Asthma Inhaler, MIIST Migraine Vape)

• Greentank (GT Spectrum Cartridge, GT Core Pod)

• Cornbread Hemp (CBD Vape Cartridges, CBD Vape Pens)

• Beam (Beam CBD Vape Pen, Beam CBD Cartridges)

• HOLISTIK Wellness (HOLISTIK CBD Stir Stik, HOLISTIK Sleep Vape)

• Medterra (Medterra CBD Vape Kit, Medterra CBD Vape Oil)

• CBDistillery (CBDistillery Vape Pen, CBDistillery Vape Cartridge)

• Foria (Foria Intimacy Vape Pen, Foria Relief Vape)

• Martha Stewart CBD (Martha Stewart CBD Wellness Gummies, Martha Stewart CBD Oil Drops)

Recent Trends

• In March 2024, PAX Labs launched industry-leading sustainability initiatives, partnering with rePurpose Global to achieve Plastic Negative certification and introducing the PAX TRIP, the first vape made from ocean-bound plastic.

• In May 2024, Curaleaf launched the Select Fruit Stiq, a rechargeable all-in-one cannabis vape with six fruit-flavored terpene blends, expanding its product lineup.