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Recreational Cannab*is Market Drivers, Trends And Outlook Report 2024 To 2033
Recreational Cannabis Market Drivers
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According to The Business Research Company's, The recreational cannab*is 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 cannab*is as a precursor, cannab*is tourism and hospitality industry.
The recreational cannab*is 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 cannab*is product offerings, integration of cannab*is 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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Market Drivers and Trends:
The increasing prevalence of neurological disorders is expected to propel the growth of the recreational cannab*is 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 cannab*is, 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 cannab*is market.
Product innovations have emerged as a key trend gaining popularity in the recreational cannab*is market. Major companies operating in the recreational cannab*is market are concentrating on creating innovative products to strengthen their position in the market. For instance, in June 2023, Aurora Cannab*is Inc., a Canada-based licensed cannab*is producer, launched a lineup of innovative recreational cannab*is 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 cannab*is. 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.
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Major Key Players of the Market:
The Cronos Group, Verano Holdings, Cresco Labs Inc., SNDL Inc., Medical Marijuana Inc., Tilray Inc., 22nd Century Group, Aurora Cannab*is Inc., Canopy Growth Corporation, Columbia Care, PharmaCann Inc., Perrigo, Village Farms International Inc, Indiva Limited, VIVO Cannab*is 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 Cannab*is, Green Thumb Industries, Geron Corporation.
Recreational Cannab*is Market 2024 Key Insights:
• The recreational cannab*is 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%.
• Recreational Cannab*is Market Driven By Increasing Prevalence Of Neurological Disorders
• Innovative Offerings Propel Recreational Cannab*is Market
• North America was the largest region in the recreational cannab*is market in 2023
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