The cannabis vaporizer market, valued at $5.06 billion in 2023, is projected to reach $17.11 billion by 2032.

This growth represents a Compound Annual Growth Rate (CAGR) of 14.53% between 2024 and 2032, according to a new report from the consultancy SNS Insider.

Legalization and Health Drive the Market

The main drivers of this growth are the ongoing legalization of cannabis for medicinal and recreational purposes in various regions and the high demand from health-conscious consumers.

With the expanding legalization, especially in the United States, there is an increasing demand for discreet and practical consumption methods. Simultaneously, a growing number of consumers seek smoke-free alternatives to traditional use.

The report also highlights that continuous innovation in heating techniques, such as convection and induction, enhances flavor and efficiency, increasing consumer satisfaction and stimulating the expansion of the cannabis vaporizer market.

North America Leads the Cannabis Vaporizer Market

Geographically, North America generated the highest revenue in 2023, accounting for 37.2% of the global volume. Factors such as established legalization in Canada and various U.S. states, a well-developed regulatory environment, and broad cultural acceptance drive this market.

However, the Asia-Pacific region is expected to have the highest growth rate during the forecast period. Changes in the regulatory landscape and increasing consumer awareness in countries like Thailand and South Korea are the key factors.

Portable Devices Dominate, but Desktop Models Advance

In the product type analysis, portable cannabis vaporizers held the largest market share, at 69.6% in 2023. This dominance is attributed to their portability, ease of use, and discreet design.

Nevertheless, it is anticipated that the desktop vaporizer segment will record a faster CAGR by 2032. These devices are sought after for providing better quality vapor and greater temperature control.

Innovation and Preferences Dictate Trends

The report also details consumer preferences shaping the cannabis vaporizer market:

Material: Dry herb vaporizers accounted for 44.8% of the market in 2023, driven by traditional consumer preference. However, hybrid vaporizers (herbs and concentrates) are expected to show the highest CAGR.

Heating: Conduction vaporizers captured the largest share (43.2%) in 2023 due to affordability. The highest growth rate, however, is expected for induction vaporizers, for their innovative technology.

Power: Battery-operated devices led the market (64.7%) in 2023, thanks to their reliability. The report notes, however, that battery-free vaporizers will record the highest CAGR, attracting consumers seeking a "more natural" approach.

Online Sales Dominate, but Physical Stores Accelerate

Online sales channels represented the largest share of the cannabis vaporizer market (56.4%) in 2023. This is due to the convenience of e-commerce, wide availability of brands, and discreet purchasing options.

The offline sales channel segment, however, is expected to have the highest growth rate during the forecast period. This growth is attributed to increasing legalization, allowing for the proliferation of physical dispensaries and specialized stores.