Insights Into The Recreational Cannabis Market’s Growth Potential 2023-2032
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global recreational cannabis market is poised for expansion, anticipating a rise from $1.84 billion in 2022 to $1.98 billion in 2023, reflecting a commendable Compound Annual Growth Rate (CAGR) of 7.5%. This growth trajectory is expected to persist, reaching a market size of $2.6 billion in 2027, underpinned by a CAGR of 7%.
- Robust Expansion: The market showcases resilience and a positive growth outlook, fueled by evolving trends and expanding consumer preferences.
Neurological Disorders: A Driving Force for Growth
The increasing prevalence of neurological disorders stands as a significant catalyst propelling the growth of the recreational cannabis market. Neurological disorders encompass medical conditions that impact the central and peripheral nervous systems, including the brain, spinal cord, and body’s nerves. Conditions such as Alzheimer’s disease, epilepsy, seizures, and Parkinson’s disease find relief through cannabis, contributing to the market’s expansion.
- Alarming Statistics: The Centers for Disease Control and Prevention notes that an estimated 5.8 million Americans aged 65 and older have Alzheimer’s disease, a figure projected to nearly triple to 14 million by 2060.
- Parkinson’s On the Rise: The Parkinson’s Foundation reports a notable increase in Parkinson’s disease diagnoses, reaching nearly 90,000 per year, a significant uptick from previous estimates.
- Cannabis as Therapeutic: Cannabis aids in treating neurological conditions by regulating calcium homeostasis and reducing neuroinflammation, offering a therapeutic avenue for those affected.
Market Leaders: Shaping the Landscape
Major players in the recreational cannabis market play pivotal roles in steering its course. Industry leaders such as The Cronos Group, Aurora Cannabis Inc., and Cresco Labs Inc. are at the forefront, contributing to the market’s vibrancy.
- Diverse Presence: These companies operate globally, contributing to the widespread adoption and acceptance of recreational cannabis products.
Innovation at the Core: Product Innovations
Product innovation emerges as a prominent trend, gaining traction in the recreational cannabis market. Key industry players are channeling efforts into creating novel products, enhancing their market positioning. Aurora Cannabis Inc., for example, recently launched a lineup of innovative recreational cannabis products, showcasing a commitment to meeting evolving consumer demands.
- Diverse Offerings: The product lineup includes Lil’ Bits Sour Grape and Sour Watermelon edibles, Mango XL Vape, and Signature Hash, catering to varied consumer preferences.
- Appealing to Novices: Lil’ Bits Sour Grape and Sour Watermelon Low Dose Edibles provide delectable flavors in a snackable form, ideal for novice users or micro-dosing.
- Elevating the Experience: Mango XL Vape offers a full-spectrum, full-flavor experience, while Signature Hash sets new benchmarks for malleability and burnability.
Navigating Segments: A Comprehensive Approach
Understanding the diverse dimensions of the recreational cannabis market is essential. The market is segmented across various parameters, ensuring a comprehensive approach to addressing diverse consumer needs.
- Product Segmentation:
- Transdermal Patches
- Other Products
- Compound Segmentation:
- THC Dominant
- CBD Dominant
- Balanced THC/CBD
- Administration Segmentation:
- Application Segmentation:
- Chronic Pain
- Mental Disorder
- Sleep Management
- Other Applications
- End Users Segmentation:
- Personal care
- Research and Development Centers
Regional Dynamics: North America Leading the Charge
While North America held the reins as the largest region in the recreational cannabis market in 2022, the Asia-Pacific region emerges as the fastest-growing segment in the forecast period.
- North America’s Dominance: The region’s significant market share solidifies its position as a key player in the recreational cannabis landscape.
- Asia-Pacific’s Growth Trajectory: Anticipated to witness rapid expansion, reflecting evolving economic landscapes and shifting regulatory attitudes.
Get A Free Sample On The Global Recreational Cannabis Market Report:
Read The Full Recreational Cannabis Market Report Here:
The Recreational Cannabis Global Market Report 2023 provides an overview of the recreational cannabis market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The recreational cannabis market forecast analyzes recreational cannabis market size, recreational cannabis market share, leading competitor and their market positions.
The Table Of Content For The Recreational Cannabis Market Include:
1. Recreational Cannabis Market Executive Summary
2. Recreational Cannabis Market Segments
3. Recreational Cannabis Market Size And Recreational Cannabis Market Growth Rate
4. Key Recreational Cannabis Market Trends
5. Major Recreational Cannabis Market Drivers
25. Key Mergers And Acquisitions In The Recreational Cannabis Market
26. Top Recreational Cannabis Companies
27. Recreational Cannabis Market Opportunities And Strategies
28. Recreational Cannabis Market, Conclusions And Recommendations
Explore Similar Reports From The Business Research Company:
Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Follow us on:
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: