The global handheld cannabis vaporizer market is expected to grow by 218% over the next decade, reaching $15.9 billion by 2031, according to a new report from Transparency Market Research.
Valued at $5 billion in 2021, the report sees vaporizers as a growing section of a growing market as medical and recreational cannabis legalization spreads, citing the compact nature, ease of use and discretion of the products. Continued research and development in handheld vaporizers, including dry herb and oil vaporizers, will also drive the market, according to TMR.
North America remains the largest market for vaporizers, according to the research, but there are also “sizable avenues for growth” in Europe over the next decade.
The report looks at different vaporizer types, with conduction vaporizers accounting for about 85% of the 2021 market share, compared to convection and hybrid vaporizers. It also profiles 10 companies that TMR view as “key players” in the handheld vaporizer market.
— Brian Beckley