Handheld Marijuana Vaporizers Market
Handheld Marijuana Vaporizers Market to Surpass US$28.1 billion, Registering 16.5% CAGR by 2029
SUITE, NEWARK, DELAWARE, USA, July 4, 2022 /EINPresswire.com/ -- During the projection period of 2019-2029, the global handheld marijuana vaporizers market is predicted to grow at a CAGR of 19.0 percent, with a market value of US$ 5 billion in 2019. Laboratory testing services are in high demand due to the growing usage of marijuana for medical purposes. Cannabis includes compounds (cannabinoids) that aid in the treatment of a variety of illnesses, including HIV/AIDS, multiple sclerosis (MS), and others.
The market for handheld marijuana vaporizers is expected to grow as nations legalise marijuana for medical purposes. Furthermore, the growing popularity of vaporizers has boosted demand for portable marijuana vaporizers. Handheld marijuana vaporizers are becoming increasingly popular because to its portability, discreet ingestion method, and ease. In 2019, worldwide sales of handheld marijuana vaporizers increased, with conduction vaporizers accounting for the majority of the increase compared to convection vaporizers.
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
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-a-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
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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.
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.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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