The Business Research Company’s Recreational Cannabis Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Recreational Cannabis Global Market Report 2023 evaluates recreational cannabis market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global recreational cannabis market is expected to grow from $1.84 billion in 2022 to $1.98 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The recreational cannabis market is expected to reach $2.6 billion in 2027 at a CAGR of 7%.
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 May 2020, according to the Centers for Disease Control and Prevention, a US-based government agency, an estimated 5.8 million Americans 65 and older have Alzheimer’s disease, and by 2060, it is projected to nearly triple to 14 million. Additionally, at 65, the number of individuals with the disease doubles every five years. Furthermore, in December 2022, according to the Parkinson’s Foundation report published in 2022, 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.
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The recreational cannabis market segments in the report are:
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
The table of contents in TBRC’s recreational cannabis market report includes:
- Executive Summary
- Recreational Cannabis Market Characteristics
- Recreational Cannabis Market Trends And Strategies
- Recreational Cannabis Market – Macro Economic Scenario
- Recreational Cannabis Market Segmentation
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- Global Recreational Cannabis Market Competitive Benchmarking
- Global Recreational Cannabis Market Competitive Dashboard
- Key Mergers And Acquisitions In The Recreational Cannabis Market
- Recreational Cannabis Market Future Outlook and Potential Analysis
- Appendix
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