Recreational Cannabis Market

Recreational Cannabis Market Size

[170+ Pages Research Report]  to surpass USD 38.2 billion by 2030 from USD 10.890 billion in 2020 at a CAGR of 13.4% in the coming years, i.e., 2020-30.

Recreational marijuana use includes the use of cannabis for personal enjoyment and not for health purposes. Recreational marijuana use can be compared to medical marijuana use, where cannabis is prescribed to control the symptoms of some diseases. If it is believed to have no negative health effects, it is important to remember that inhaling smoke is always harmful. Marijuana has also been linked to cognitive problems, breathing problems, cancer, and other potential health problems. In the short term, marijuana can affect health. Thinking and problem-solving skills, coordination, reaction time, judgment, memory, mood, long-term, regular use can lead to memory loss, learning and thinking problems, changes in brain structure, problems at work or school.

Market Highlights

Recreational Cannabis Market is predicted to project a notable CAGR of 13.4% in 2030.

The Recreational Cannabis Market to surpass USD 38.2 billion by 2030 from USD 10.890 billion in 2020 at a CAGR of 13.4% within the coming years, i.e., 2020-30. The recreational Cannabis Market is expected to see rapid growth over the forecast period. This growth is mainly attributed to the growth in user numbers after legalization and the growing trend towards using marijuana as an alcohol substitute. Marijuana for the relief of pain in various health conditions such as cancer, AIDS, seizures, and other diseases; and the growing medical marijuana research around the world.

Recent News and Developments:

• In June 2021, Aurora Cannabis Inc. the Canadian company defining the future of cannabinoids worldwide announced that it has completed the restructuring of its balance sheet.
• In December 2020, Canopy Growth Corporation announced a series of Canadian operational changes designed to streamline its operations and further improve margins. Canopy Growth will cease operations at the following sites: St. John's, Newfoundland and Labrador; Fredericton, New Brunswick; Edmonton, Alberta; Bowmanville, Ontario

Recreational Cannabis Market: Segments

Flowers segment to grow with the highest CAGR during 2020-30

Recreational Cannabis Market is segmented by Product Type into Flowers, Buds, and Concentrates. The Flowers segment is anticipated to boom the Recreational Cannabis Market. In 2020, the Flowers product type segment has registered for the highest share of sales due to the low price and easy accessibility of flowers compared to other products. With its rich medicinal properties and growing patient population, governments in many countries are decriminalizing or decriminalizing by authorizing its use, which is intended to fuel the growth of the Flowers segment in the Recreational Cannabis Market.

Chronic Pain segment to grow with the highest CAGR during 2020-30

Recreational Cannabis Market is segmented by Application into Chronic Pain, Mental Disorders, Cancer, Others. The chronic pain segment has had a significant share of the market as awareness and social acceptance of the non-medicinal use of cannabis has increased due to its legalization, and the mental disorders segment is estimated to see the fastest growth in recreational cannabis use. Recreational Cannabis Market over the forecast period due to the increasing patient population suffering from stress and anxiety.

Market Dynamics

Drivers

Legalization of non-medical cannabis

The legalization of non-medicinal cannabis has allowed people to practice the safe use of substances and realize their medicinal benefits. As a result, many countries are gradually legalizing the use of cannabis around the world. While most of the countries in the world haven't legalized it yet. Recreational use of cannabis, the focus on use and sale has loosened over the years, resulting in a growing popularity of cannabis use in different regions, which has fueled the growth of the Recreational Cannabis Market in general. The recreational segment dominated the market due to the high demand and consumption of cannabis for recreational purposes, so recreational use legalization has enormous potential to be transformed into a large Recreational Cannabis Market. 

Increased Sale for recreational cannabis

The use of highly potent cannabis, which contains high levels of THC and low levels of CBD, has been linked to negative health outcomes, especially among adolescents and young adults are promptly driving Recreational Cannabis Market. In addition, these jurisdictions have seen increases in cannabis use and emergency treatments related to cannabis, while risk perceptions related to cannabis use in these populations have decreased.

Restraints

Lower Cost to restraint the market

The lower fees and costs of running a recreational marijuana business would plunge the medical marijuana industry into the abyss. The low cost of recreational cannabis is seen as an obstacle to the growth of the Recreational Cannabis Market.

COVID-19 Impact on the Recreational Cannabis Market

The world is facing an unprecedented challenge due to the COVID19 pandemic: Several companies have closed their production and sales units due to the closure; These manufacturing facilities have moved into hand sanitizer, PPE equipment, and mask manufacturing to meet the high front-line demand. Workers and common people. The world's largest pressure cooker manufacturer, Hawkins, based in India, was hit by the virus, which had a negative impact on market growth.

Recreational Cannabis Market: Key Players

• VIVO Cannabis Inc.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• Aurora Cannabis
• Canopy Growth Corporation
• Maricann Group, Inc.
• Aphria, Inc.
• Tilray
• The Cronos Group
• ABcann Medicinals, Inc.
• Lexaria Corp.
• Organigram Holding, Inc.

Recreational Cannabis Market.: Regions

The Recreational Cannabis Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. North America is expected to dominate the market in the coming years. The legal cannabis market in North America reached $ 16 billion in 2020. The legal landscape is giving way to the decriminalization and full legalization of cannabis and is thus gaining in importance for recreational purposes. America's growing recreational marijuana industry has grown faster than the life science sector as a whole.

Recreational Cannabis Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – China, Japan, India, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – South Africa and Rest of MENA

Recreational Cannabis Market report also contains analysis on:

• By Product Type
  • Flowers
  • Buds
  • Concentrates
• By Compound
  • THC-dominant
  • CBD-dominant
  • Balanced THC & CBD
• By Application
  • Chronic Pain
  • Mental Disorders
  • Cancer
  • Others
• Recreational Cannabis Market Dynamics
• Recreational Cannabis Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Recreational Cannabis Market Report Scope and Segmentation