Vaporizers are the fastest growing product in the legal cannabis market. Experts agree that this trend is here to stay, predicting the vaporizer market to exceed $43 billion by 2023. We take a look at why retailers can trust that vaporizers are a good investment for their business.
Growth to Date
The cannabis concentrates market is the fastest growing segment in the emerging legal marijuana market. The Big Three categories in legal cannabis are:
Almost every year, according to BDS Analytics, concentrates dominates the biggest growth category. Inside this category, vape pens are one of the fastest growing categories.
Each year people are discovering the benefits of vaporizers and the advantages of disposable vape pens. From health reasons to improved cannabis experiences, vapes are becoming the new normal.
Cannabis oil producers and retailers are always looking for the best vape pens to distribute their product.
Vape Pens Co-Opt the Health Trend
In the 2000s the world transitioned from the era of Jane Fonda and Richard Simmons at-home workout tapes, to adopt a real passion for health and fitness. The health and supplement industry is booming. Fitness apparel is booming in the textiles industry, and strength athletics are entering the world of mainstream sports.
For the cannabis industry, this health trend is creating a growing demand for vaporizers. Vape pens are a healthier alternative to traditional methods of smoking cannabis. The vape pen does a more complete burn of the cannabis, resulting in a vapour that is significantly less harmful than inhaling smoke.
In fact, people are even using vape pens to quit smoking.
Vaping is Proven to Help Quit Smoking
Smokers have a hard time quitting, so any tool that can help can literally be a lifesaver. 70% of American smokers want to quit, but 95% of quitting attempts fail without help. Vape pens are helping to increase the number of successful quitters.
Studies have shown that cannabis can curb cigarette cravings. People are using CBD oil, a non-psychoactive cannabis extract, to this end. CBD can be introduced through a variety of methods like topical or oral ingestion, but the preferred method is vaping.
Active smokers who vape CBD oil have shown signs of reduced cravings, withdrawal symptoms, and smoking cues. The result is a promising 40% reduction in smoking rates in preliminary research.
With over 46 million smokers in America alone, the market for vape pens as a tool to quit smoking is huge.
Increase in Legalization & Decriminalization
There is a growing trend in the decriminalization, legal medical use, and legal recreational use of marijuana. In the USA, there are currently 9 states and the District of Columbia with complete legalization, and a rapidly growing number of states accepting medical marijuana use.
The charts below show the progress in legalization over the last 10 years in America.
Legal Marijuana in USA 2008-2018
Many states began with decriminalization and then took on some form of legal medical use over time. Most states that currently have broad legalization were early adopters of medical marijuana. Based on these patterns there’s a high probability of seeing current medical states adopting legalization over the next decade.
The growth of the legalization trend isn’t just in the USA. Canada is set to become the second country to legalize cannabis nationally. Uruguay legalized cannabis in 2013. As these programs continue to grow and have success around the world, the international market will continue to swell.
The vaporizer industry is undergoing a complete overhaul. Much of what is currently on the market are essentially versions of cheap electronic cigarettes. However, the opportunity in this industry has lead to rapid improvements in vape pen technology.
Vapes have become safer, reliable, and better designed. There is a wide range of vape pen products available. Ranging from small, discreet vape pens to handheld electronic dab rigs, and interchangeable pod systems.
Seize the Opportunity: Entering the Vaporizer Market
Those getting involved in the vaporizer market today have a rare opportunity. The legal cannabis industry is already a success, and it is poised for rapid growth. Discover the best vape pens for enterprise and retail from Green Tank Technology.
Contact our sales team today for questions, products, prices, and more.