Global Recreational Cannabis Market – Industry Trends and Forecast To 2030

Global Recreational Cannabis Market By Product Type (Oils Tinctures, Transdermal Patches, Isolates Tablets, Flower, Concentrates, Edibles, Topicals, Tinctures, Others), Distribution Channel (Online, Offline), Species (Cannabis Indica, Cannabis Sativa, Hybrid) Compound (THC-Dominant, CBD-Dominant, Balanced THC, CBD), Application (Chronic Pain, Mental Disorders, Cancer, Others), Administration (Oral, Topical, Inhalation, Rectal, Sublingual), End Use (Pharmaceuticals, Food, Beverages, Tobacco, Personal Care, Research and Development Centres) - Industry Trends and Forecast To 2030.

Recreational Cannabis Market Analysis and Size

Even though cannabis was once considered illegal in many countries, it is now legal to use in several economies, including cannabis as medical and recreational cannabis to treat various medical conditions. It has reportedly been used to treat patients with Parkinson's, Alzheimer's, Parkinson's-related and chemotherapy-related nausea, and other neurological diseases. According to some studies, cannabis derivatives are now being accepted by the FDA and other organizations for treating diseases where they have shown promise. Cannabis is largely accepted for recreational food and beverage products.

Data bridge market research analyses that the recreational cannabis market, valued at USD 1,780.45 million in 2022, will reach USD 2,902.66 million by 2030, growing at a CAGR of 6.3% from 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Recreational Cannabis Market Scope and Segmentation  

Market Definition

Cannabis, more commonly referred to as marijuana, is an herbal remedy derived from plants of the Cannabis genus and is used to treat a wide range of symptoms and illnesses, including cancer, chronic pain, and mental disorders. The two main cannabinoids (THC and CBD) derived from this plant that has medicinal applications. Recreational marijuana is also the most widely used drug that alters consciousness. Recreational marijuana is frequently smoked as a dry, shredded mixture of flowers, stems, seeds, and leaves in green and brown. Recreational marijuana can be consumed as a blunt, pipe or bong, or cigarette (joint).

Recreational Cannabis Market Dynamics

Drivers

• The pharmaceutical industry is seeing a growing demand for cannabis for recreational use

Cannabis is a drug that is produced using the cannabis sativa, cannabis indica, and hybrid strains. The two main cannabinoids that are most effective are tetrahydrocannabinol (THC), a psychoactive cannabinoid, and cannabidiol (CBD). The growing acceptance of recreational cannabis in various medical settings is anticipated to drive the cannabis market. Recreational cannabis has many health advantages in treating conditions such as epilepsy, anxiety, cancer, acne, diabetes, and others. The rise in demand for recreational marijuana by the pharmaceutical industry because of its therapeutic properties is one of the primary drivers of the medical and recreational cannabis industries.

• Legalizing cannabis for non-medical purposes can boost the market growth

With the legalization of cannabis, people can now use drugs without risk and take advantage of their therapeutic effects. As a result, many countries are gradually legalizing the use of cannabis. At the same time, it is still illegal in most countries. As the laws governing its use and sale have become more relaxed over time, cannabis use for recreational purposes has become increasingly popular worldwide. This has helped the recreational cannabis industry as a whole to grow. Through the substantial demand for cannabis use for recreational purposes, this market segment is already outpacing all others. The market for cannabis used for recreational purposes could grow significantly if it were made legal.

Opportunities

• Production of low dosages of cannabis can attract customers and will widen the scope of growth

Producing low-dosage edible products for consumers who want medical cannabis without psychoactive effects is a great opportunity for manufacturers. Additionally, low-dosage edible products are a great way to attract new customers to the recreational cannabis market because micro-dosing enables controlled recreational use. Additionally, its therapeutic properties, cannabidiol, is more in demand for both health and wellness goals.

Restraints/Challenges

• High-dose of cannabis can negatively impact the market

The short-term side effects of overdosing include anxiety or panic attacks, whereas the long-term side effects include heart arrhythmia and mental health issues. Another possibility is cannabis poisoning, which is a transient negative effect of consuming too much cannabis at once. Considering the fact that edibles take a while to take effect, there is a higher chance that a high dose will be accidentally consumed.

This recreational cannabis market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the recreational cannabis market contact Data Bridge Market Research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Recreational Cannabis Market Scope

The recreational cannabis market is segmented on the basis of product type, distribution channel, species, compound, application, administration, and end use. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

 Product Type

• Oils
• Tinctures
• Transdermal patches
• Isolates
• Tablets
• Flower
• Concentrates
• Edibles
• Topical
• Others
• Vape
• Capsules
• Suppositories
• Creams and roll-ons

Distribution channel

• Online
• Offline
• Retail store
• Pharmacies
• Others

Species

• Cannabis indica
• Cannabis sativa
• Hybrid

Compound

• THC-Dominant
• CBD-Dominant
• Balanced THC and CBD

Application

• Chronic Pain
• Mental Disorders
• Cancer
• Others

Administration

• Oral
• Topical
• Inhalation
• Rectal
• Sublingual

End Use

• Pharmaceuticals
• Food
• Beverages
• Tobacco
• Personal care
• Research and Development Centre

Recreational Cannabis Market Regional Analysis/Insights

The recreational cannabis market is analysed and market size insights and trends are product type, distribution channel, species, compound, application, administration, and end use, as referenced above.

The countries covered in the recreational cannabis market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

Throughout the forecast period, North America will maintain its current trend of market dominance. The United States' increasing legalization of cannabis for both medical and recreational uses is one of the main causes of the region's dominance. As more states have legalized cannabis, supply, and demand have grown, further strengthening North America's position as the front-runner.

Asia-Pacific is expected to showcase the highest growth rate during the forecast period as cannabis use is now legalized in regions such as certain economies in this region. China will dominate the Asia-Pacific cannabis market owing to the vast plantation of cannabis and high investments in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such asdown-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Recreational Cannabis Market Share Analysis

The recreational cannabis market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to recreational cannabis market.

Some of the major players operating in the recreational cannabis market are:

• AURORA CANNABIS INC (Canada)
• Cannabis Science Inc.(U.S.)
• Medical Marijuana, Inc.(U.S.)
• STENOCARE A/S  (Denmark)
• CannabisNL (U.S.)
• Controlled Environments Limited (Canada)
• The Cronos Group (Canada)
• Maricann Inc (Canada)
• Tikun Olam (Israel)
• Canopy Growth Corporation (Canada)
• TerrAscend (Canada)
• VIVO Cannabis Inc.(Canada)
• Harvest Health & Recreation, Inc (U.S.)
• Curaleaf Holdings Inc. (U.S.)
• HEXO Corp. (Canada)
• INDIVA. (Canada)
• Cresco Labs (U.S.)
• Organigrams Holding Inc. (Canada)
• Trulieve (U.S.)