The cannabis industry is witnessing significant growth as marijuana, derived from the cannabis genus, gains recognition as an herbal remedy. With cannabinoids like THC and CBD offering medicinal properties, cannabis is increasingly used to alleviate symptoms associated with cancer, chronic pain, and mental disorders. Simultaneously, the recreational use of marijuana remains prevalent, commonly consumed through smoking methods such as blunts, pipes, or joints. The blog topic focuses on the expanding medical applications of cannabis for various health conditions.
According to Data Bridge Market Research the Recreational Cannabis Market accounted for 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.
“The pharmaceutical industry is farsighted cannabis for recreational use”
The cannabis market is fueled by the production of cannabis sativa, cannabis indicia, and hybrid strains, which contain cannabinoids like THC and CBD. The increasing acceptance of recreational cannabis in medical settings is expected to drive market growth. Recreational cannabis offers numerous health benefits for conditions such as epilepsy, anxiety, cancer, acne, and diabetes. The pharmaceutical industry's growing demand for recreational marijuana, driven by its therapeutic properties, is a key driver for both the medical and recreational cannabis industries.
What restraints the growth of recreational cannabis market?
“Side-effects associated its overdosing”
Overdosing of cannabis will result as the short-term side effects and long-term side effect. Where short term side effect of overdosing include anxiety attack and panic attack whereas long-term side effect of overdosing include heart arrhythmia and mental health. Moreover overdosing of cannabis, can cause a transient negative effect, which is hindering the market growth of recreational cannabis market.
Segmentation: Recreational Cannabis Market
The recreational cannabis market is segmented on the basis of product type, distribution channel, species, compound, application, administration, and end use.
- On the basis of product type, the recreational cannabis market is segmented into oils tinctures, transdermal patches, isolates tablets, flower, concentrates, edibles, topicals, tinctures, others
- On the basis of distribution channel, the recreational cannabis market is segmented into online, offline.
- On the basis of species, the recreational cannabis market is segmented into cannabis indica, cannabis sativa, and hybrid.
- On the basis of compound, the recreational cannabis market is segmented into thc-dominant, cbd-dominant, balanced thc, cbd.
- On the basis of application, the recreational cannabis market is segmented into chronic pain, mental disorders, cancer, others
- On the basis of administration, the recreational cannabis market is segmented into oral, topical, inhalation, rectal, sublingual.
- On the basis of end use, the recreational cannabis market is segmented into pharmaceuticals, food, beverages, tobacco, personal care, research and development centres
Regional Insights: North America Dominate the Recreational Cannabis Market
North America's market dominance is projected to continue, driven by the increasing legalization of cannabis in the United States for both medical and recreational purposes. As more states legalize cannabis, the market's supply and demand grow, solidifying North America's leading position.
Asia-Pacific is expected to exhibit the highest growth rate in the forecast period due to the legalization of cannabis in certain economies within the region. China is anticipated to dominate the Asia-Pacific cannabis market due to its extensive cannabis plantations and significant investments in the industry.
To know more about the study visit, https://www.databridgemarketresearch.com/es/reports/global-recreational-cannabis-market
The Prominent Key Players Operating in the Recreational Cannabis Market Include:
- 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.)
Above are the key players covered in the report, to know about more and exhaustive list of recreational cannabis market companies contact, https://www.databridgemarketresearch.com/es/contact
Research Methodology: Global Recreational Cannabis Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
