CANNATRON BLOG
Exploring Cannabis Vaping Market Growth
Although flower has remained the largest revenue-generating category in the cannabis market, that could soon change with vaping as a close second. Cannabis vape sales have more than doubled from 1 billion in 2018 to a staggering 2.6 billion in 2022, increasing overall market share from 19.9% to 23.3%. As sales continue to grow, it's safe to assume that this trend will persist throughout 2023 as vaping technology progresses and demand skyrockets.
Now more than ever, it's crucial to stay on top of the trends in the vaping category to ensure you are giving your customers a selection of the latest and greatest products on the market. In this article, we will dive deeper into the history of vaping, why vaping has become a preferred consumption method among stoners, and what vape market trends we expect to see in 2023 so you can stay ahead!
History of Vaping
In 1996, German entrepreneur Markus Storz developed a tabletop vaporizer called The Volcano. The device was designed for dry herb and became renowned for its powerful vaporizing abilities, but it came with a hefty price tag.
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?
Although vape sales took a hit because of the 2019 vape crisis, since 2021, sales have come back tenfold. Vaping has become super popular in the cannabis community, especially among young adults. According to Forbes, young adults have traded up from smoking cigarettes to vaping marijuana or e-cigarettes instead. Between 2019 and 2022, an average of 26% of young adults reported that they had vaped marijuana.
It's also interesting to note that marijuana vaporizers are being consumed in addition to flower. With cannabis vapes being such a significant contributor to the overall market sales, it's essential to understand why as a convenience store, smoke shop, or dispensary owner.
What Made Vaping So Popular?
When looking for the motives behind the uptick in demand for cannabis vapes, there are a few crucial variables to consider. One is that cannabis vapes are more discreet, making them more convenient in public. Although most cannabis consumers have a shared love of the dank aroma that comes with lighting up, it doesn't mean they want to stink up the joint and get weird stares from strangers. Since vapes tend to produce a milder smell, they can be used anywhere, making them more popular among stoners on the go.
Another desirable quality of vaping cannabis is the immense amount of flavor this method can provide, 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.
Future of Marijuana Vaping: Marijuana Industry Projections
What Does the Future of Vaping Look Like?
With the cannabis vaporizer market continuing to grow rapidly, demand for innovative technology is at an all-time high. As a result, many vaporizers on the market today have innovative features such as wireless connection capabilities, LED screens, and built-in safety features that continue to elevate the cannabis vape market to new heights.
Here are the trends we believe will be prevalent in 2023:
Cannabis Vape Market Trends 2023
1. The Market Will Continue To Grow
The vaporizer market is expected to multiply 3.5 times from 2021-2031. As new regulations continue to progress nationwide regarding the legalization of recreational and medical industries, it's no surprise that those newly formed markets will drastically increase sales.
2. New Innovation and Technology
Today there are more vaporizer varieties than ever, which means big players in the industry need to show up with better products than the competition. In addition, we predict that vape producers will continue to invest more in research and development of cannabis vaping. As a result, we expect to see sleeker designs with innovative features pop up on the market, so make sure you stock your shelves with state-of-the-art cannabis vaporizers to keep that edge on the competition.
3. Increase in Disposable Vapes Sales
According to market insiders, the cannabis vape industry is shifting toward disposable vaporizers with pre-portioned cartridges of cannabis concentrate. This vaporizer form gained massive popularity following the 2021 development of rechargeable disposable devices.
In the past, disposable vape batteries would not last until the product within was fully consumed, causing users to turn to alternative methods; however, that is no longer an issue. These all-in-one products are highly user-friendly, eliminating the need to purchase a battery and cartridge separately. We expect these rechargeable disposable vape sales to increase because of their desired purchase and puff functionality.
With the popularity of marijuana vaping continuing to grow, it's crucial to stock your shelves with the latest vaping products from best-selling cannabis accessories companies like Ooze. Luckily, Cannatron has exclusive pricing on the newest vaping technology to hit the market so you can maximize your profit margin on vape sales in 2023!