Dynamic Growth of the Cannabis Vaping Market
While flower has long been the largest revenue generator in the cannabis industry, the rise of vaping is here to challenge its dominance. In 2023, vape sales grew by 3% year-on-year in the third quarter, making it the second-largest category in the US cannabis market with a 24% segment share. Continued growth is anticipated in 2024, coupled with advancements in vaping technology and an increase in consumer demand as more states legalize recreational marijuana.
As the cannabis vape market continues to evolve, it's critical to be forward-thinking about vaping trends, ensuring your product offerings align with the latest innovations. In this article, we will dive deeper into why vaping has become a preferred consumption method among many cannabis enthusiasts while forecasting vape trends set to shape the landscape in 2024, empowering you to stay ahead of the curve.
History of Vaping
The history of vaping started in 1996 when German entrepreneur Markus Storz developed a tabletop vaporizer called The Volcano. In the same year, a Chinese pharmacist, Hon Lik, developed the first vaporizer pen. Unlike the tabletop vaporizer, this one had a built-in battery, an atomizer, and a cartridge, much like the vape parts seen on the market today.
This innovative invention first hit the US market in 2007, inspiring others to create similar products for the consumption of cannabis. Over the years, vaporizer technology has continued to take massive strides in functionality and convenience, making it one of the most popular methods of cannabis consumption.
How Popular Is Vaping and Why?
Although vape sales took a hit because of the 2019 vape crisis, since 2021, sales have come back tenfold. Today, vaping is super popular in the cannabis community, especially among young adults. According to data from Headset, Gen Z and Millennials makeup 62.8% of all US cannabis sales and 70.8% of all vape sales.
When looking for the motives behind the uptick in demand for vapes, there are a few crucial variables to consider. One is that cannabis vapes are more discreet, making them more convenient to hit in public. Since vapes produce a milder smell than traditional buds, stoners can vape their pen almost anywhere. Another bonus of vaping cannabis is the flavor it provides, especially when using advanced technology like sub-ohm vaping.
With new advancements in vape technology and convenience, it's a no-brainer that many consumers favor vaping cannabis over other consumption methods. Now that we have explained why vapes are so popular among consumers, we can move on to discuss what we see ahead for the future of cannabis vapes so you can stock your store accordingly.
Future of Weed Vape Pens: Cannabis Vape Market Trends 2024
1. New Digital Technology & Better Functionality
Each year, vape brands push the boundaries of innovation, adding increasingly advanced features to their products. As we look ahead to 2024, this trend shows no signs of slowing down. Vape enthusiasts and shop owners can anticipate a wave of new devices boasting enhanced digital capabilities.
One technological integration we anticipate is more digital screens, providing vapers with greater control and visibility over their devices. Digital screens offer detailed information like settings adjustments at the touch of a button, simplifying the vaping process for users of all levels of expertise. We also expect new vape devices to come with other functional features like battery indicator lights that tell the user their pen's remaining charge. This will help users manage their vaping sessions more effectively, ensuring they never run out of power unexpectedly. Overall, we see the industry moving towards new digital technology and functionality for a more seamless user experience.
2. Increased Focus on Safety with Device Protection Enhancements
In addition to enhancing digital features, vape brands are also expected to prioritize user safety and device durability in 2024. This renewed focus will be showcased with the addition of advanced protection features like automatic shut-off mechanisms. This feature safeguards the device and provides users with peace of mind before, after, and during their session.
Vape manufacturers are also going to pay close attention to building quality by utilizing materials that are more resistant to daily wear, impacts, and accidents. An increased emphasis on safety and durability reflects a commitment to delivering products with impeccable performance while prioritizing user well-being.
3. New Vape Shapes with Discrete Device Designs
In an age of innovation, the standard stick vape shape isn't everyone's go-to anymore. In terms of design, vape brands are exploring innovative shapes that prioritize cartridge protection to minimize the risk of damage during drops or falls. We also expect to see popular vape brands expand their designs into more concealed and discrete devices. This makes it easier for vape users to travel with their pen, which is one of the main reasons customers choose vapes over flowers.
4. Elevated Dab Devices
Consumers are looking for the next cool thing to show off to their friends. For concentrate users, how efficiently a device vaporizes extract is one of the most important aspects of a device. The brands who can establish their dab technology as superior will have more freedom to experiment with different shapes and forms.
Keep an eye out for elevated dab pens that look more like a heavy-duty nicotine vape mod than a wax device. Customers are looking for more power and heavier hitters. New forms of tabletop devices are also expected to release.
In 2024, we can look forward to many innovations throughout the cannabis industry that aim to enhance the vaping experience. These advancements reflect a streamlined approach to product development, where user satisfaction, product innovation, and device safety are the backbone of cannabis vape trends. When stocking your store for the future, now you know exactly what to look for in order to give your customers the best experience possible!