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Recreational Canabis Global Market Report 2024 Market Outlook Report 2024 | Size, Trends, Share, Insights, Overview By 2033
Recreational Cannabis Global Market
As per the report, the recreational canabis 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 recreational canabis 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%.
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Recreational Canabis Market Driven By Increasing Prevalence Of Neurological Disorders
The increasing prevalence of neurological disorders is expected to propel the growth of the recreational canabis 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 canabis, 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 canabis market.
Innovative Offerings Propel Recreational Canabis Market
Product innovations have emerged as a key trend gaining popularity in the recreational canabis market. Major companies operating in the recreational canabis market are concentrating on creating innovative products to strengthen their position in the market. For instance, in June 2023, Aurora Canabis Inc., a Canada-based licensed canabis producer, launched a lineup of innovative recreational cannbis products, including Lil' Bits Sour Grape and Sour Watermelon (10 x 1mg edibles), Mango XL Vape, Signature Hash, and others. Lil' Bits Sour Grape and Sour Watermelon Low Dose Edibles give delectable flavor in a snackable form, making them ideal for novice users or micro-dosing. It features crowd-pleasing, nostalgic flavors with little to no aftertaste from the cannbis. Mango XL Vape (510-1.2g) uses a blend of quality resin unique to the company and enriched with botanical terpenes to provide a full-spectrum, full-flavor experience. Signature Hash (2g) is a ground-breaking bubble hash blend that raises the benchmark for malleability and burnability.
The recreational canabis 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, 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
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Major companies operating in the recreational canabis market report are The Cronos Group, Verano Holdings, Cresco Labs Inc., SNDL Inc., Medical Marijuana Inc., Tilray Inc., 22nd Century Group, Aurora Canabis Inc., Canopy Growth Corporation, Columbia Care, PharmaCann Inc., Perrigo, Village Farms International Inc, Indiva Limited, VIVO Canabis 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 Canabis, Green Thumb Industries, Geron Corporation.
Contents of the report:
1. Executive Summary
2. Recreational Canabis Market Report Structure
3. Recreational Canabis Market Trends And Strategies
4. Recreational Canabis Market - Macro Economic Scenario
5. Recreational Canabis Market Size And Growth
…..
27. Recreational Canabis Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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