The Global Recreational Cannabis Market Size is valued at USD 34.3 billion in 2023 and is predicted to reach USD 46.58 billion by the year 2031 at a 4.03 % CAGR during the forecast period for 2024-2031.
Cannabis, sometimes known as marijuana, is a herbal treatment derived from Cannabis plants that are used to treat various symptoms and ailments, including cancer, chronic pain, and mental disorders. CBD and THS are the two major cannabinoids generated from this plant that have medical potential. Marijuana is also the most commonly used narcotic that affects consciousness.
Recreational marijuana is commonly smoked as a dry, shredded mixture of green and brown flowers, stems, seeds, and leaves. Marijuana can be taken recreationally as a blunt, pipe or bong, or cigarette (joint). People can now consume medicines without fear of harm and benefit from their medicinal advantages thanks to the legalization of cannabis. As a result, many governments are increasingly legalizing cannabis use. At the same time, it remains illegal in the majority of countries.
Cannabis use for recreational purposes has grown in popularity around the world as the regulations controlling its use and sale have become more relaxed over time. This has aided the overall growth of the recreational cannabis market. This market category is already surpassing all others because of the high demand for cannabis for recreational uses. If recreational cannabis becomes legal, the market for it may expand dramatically.
However, marijuana usage behaviors may not be substantially disturbed over protracted periods of social isolation during the COVID-19 pandemic epidemic, resulting in its continued demand throughout the pandemic. Many states have deemed medicinal marijuana used to be legal, and medical marijuana shops have been designated as important companies.
Competitive Landscape:
Some of the Recreational Cannabis Market players are:
- AURORA CANNABIS INC.
- Cannabis Science Inc.
- Canopy Growth Corporation
- Cresco Labs
- INDIVA
- Medical Marijuana, Inc.
- Organigrams Holding Inc.
- STENOCARE A/S
- The Cronos Group
- Trulieve
Market Segmentation:
The Recreational Cannabis Market is segmented on the basis of product and compound. Product segment includes Oils, Transdermal Patches, Tablets, Concentrates, Topical, Vape, Suppositories, Tinctures, Isolates, Flowers, Edibles, Capsules, Creams, Roll-Ons and Others, organic acids and other products. The compound segment includes THC dominant, CBD dominant, and balanced THC and CBD.
Based On Product, The Flowers Segment Is Accounted As A Major Contributor To The Recreational Cannabis Market
The flowers category is expected to hold a major share of the global recreational cannabis market in 2022. Marijuana flower, or "bud," is the most widely consumed product in the world. A "bud" typically contains 15% to 30% THC, 0.1% to 1% CBD, and negligible quantities of other cannabinoids. Cannabinoids have boiling temperatures that are lower than the temperature at which flower burns; this is the principle used in vaporizers, which are rapidly gaining popularity; complex vaporizers are being created to maintain temperatures that target the activation of certain cannabinoids.
In The Region, The North America Recreational Cannabis Market Holds A Significant Revenue Share
The North America Recreational Cannabis Market is expected to report the highest market share in terms of revenue in the near future. Its cultivators in the United States have risen dramatically, fuelling its consumption and applications. This is expected to boost sales and open new revenue streams for regional companies. Because of the expanding usage of medical cannabis and progressive regulations, Europe is the second-largest market. Medical marijuana has been shown in trials to be useful in treating illnesses ranging from cancer to appetite stimulants in individuals with AIDS-related sickness in European countries.
Furthermore, due to changes in government policy, the product's demand is predicted to skyrocket. Many countries' applicable law is new; the Greek government legalized medical marijuana in 2018, the same year as the United Kingdom. As a result, rising therapeutic use of the substance in countries is likely to improve regional sales.
Recreational Cannabis Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 34.3 Bn |
|
Revenue Forecast in 2031 |
USD 46.58 Bn |
|
Growth rate CAGR |
CAGR of 4.03 % from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments Covered |
Product, Compound And Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
AURORA CANNABIS INC., Cannabis Science Inc., Canopy Growth Corporation, Cresco Labs, INDIVA, Medical Marijuana, Inc., Organigrams Holding Inc., STENOCARE A/S, The Cronos Group, Trulieve. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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