Overview and Scope
Recreational cannabis, also known as adult-use marijuana, refers to any cannabis plant component, living or not, that is consumed intoxicatingly for enjoyment and pleasure rather than for health benefits. Tetrahydrocannabinol (THC) is a substance found in cannabis products. These THC contains mood-altering properties and can impair thinking and coordination.
Sizing and Forecast
The recreational cannabis market size has grown strongly in recent years. It will grow from $1.98 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to shifting societal attitudes, economic impact and tax revenue, medical cannabis as a precursor, cannabis tourism and hospitality industry.
The recreational cannabis market size is expected to see strong growth in the next few years. It will grow to $2.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to expansion of legalization globally, innovations in cannabis product offerings, integration of cannabis into mainstream culture, health and wellness trends, research and development in cannabinoids. Major trends in the forecast period include focus on wellness and health, sustainability practices, regulatory evolution, social consumption spaces, collaborations and partnerships.
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Segmentation & Regional Insights
The recreational cannabis market covered in this report is segmented –
1) By Product: Oils, Transdermal Patches, Tablets, Capsule, Vape, Suppositories, Tinctures, Creams, Edibles, Other Products
2) By Compound: Tetrahydrocannabinol (THC) Dominant, Cannabidiol (CBD) Dominant, Balanced Tetrahydrocannabinol (THC)
3) By Administration: Oral, Topical, Inhalation, Rectal, Sublingual
4) By Application: Chronic Pain, Cancer, Mental Disorder, Sleep Management, Other Applications
5) By End Users: Pharmaceuticals, Food, Beverages, Tobacco, Personal care, Research and Development Center
North America was the largest region in the recreational cannabis market in 2023. The regions covered in the recreational cannabis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing prevalence of neurological disorders is expected to propel the growth of the recreational cannabis market going forward. The neurological disorder is a medical condition affecting the central and peripheral nervous systems. It involves the spinal cord, the body’s nerves, and the brain. The common types of neurological disorders include Alzheimer’s disease, Epilepsy, seizures, and Parkinson’s disease. These conditions of neuro are cured by cannabis, which helps in treating neurological conditions by controlling calcium homeostasis and lessening neuroinflammation. For instance, in December 2022, according to the report published by Parkinson’s Foundation, a US-based non-profit organization working for Parkinson’s disease patients, the PD (Parkinson’s disease) incidence rate increased to nearly 90,000 diagnoses per year from the previous estimates of 60,000 diagnoses yearly. Therefore, the increasing prevalence of neurological disorders is driving the growth of the recreational cannabis market.
Key Industry Players
Major companies operating in the recreational cannabis market report are The Cronos Group, Verano Holdings, Cresco Labs Inc., SNDL Inc., Medical Marijuana Inc., Tilray Inc., 22nd Century Group, Aurora Cannabis Inc., Canopy Growth Corporation, Columbia Care, PharmaCann Inc., Perrigo, Village Farms International Inc, Indiva Limited, VIVO Cannabis Inc., TerrAscend Corp., Acreage Holdings, HEXO Corp, 4Front Ventures, C3 Industries, TILT Holdings, Maricann Inc., Organigram Holding Inc., Ascend Wellness Holdings, Curaleaf Holdings Inc., Trulieve Cannabis, Green Thumb Industries, Geron Corporation.
The recreational cannabis market report table of contents includes:
1. Executive Summary
2. Recreational Cannabis Market Characteristics
3. Recreational Cannabis Market Trends And Strategies
4. Recreational Cannabis Market – Macro Economic Scenario
5. Global Recreational Cannabis Market Size and Growth
…..
32. Global Recreational Cannabis Market Competitive Benchmarking
33. Global Recreational Cannabis Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Recreational Cannabis Market
35. Recreational Cannabis Market Future Outlook and Potential Analysis
36. Appendix
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