Recreational Cannabis Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, July 2, 2024 /EINPresswire.com/ -- The recreational cannabis market, also known as adult-use marijuana, encompasses cannabis products consumed for pleasure rather than medicinal purposes. Tetrahydrocannabinol (THC), a psychoactive compound in cannabis, drives its intoxicating effects, influencing mood, cognition, and coordination.
Market Size and Growth Factors The recreational cannabis market size is projected to grow from $1.98 billion in 2023 to $2.12 billion in 2024, with a compound annual growth rate (CAGR) of 7.2%. This growth is fueled by shifting societal attitudes, economic benefits such as tax revenues, the precedent set by medical cannabis legalization, and the emergence of cannabis tourism and hospitality industries. Looking ahead, the market is expected to expand further, reaching $2.83 billion by 2028 at a CAGR of 7.4%. Factors driving this growth include global legalization efforts, product innovation, integration into mainstream culture, health and wellness trends, and ongoing research in cannabinoids.
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Major Players and Market TrendsKey players in the recreational cannabis market include The Cronos Group, Verano Holdings, Cresco Labs Inc., SNDL Inc., and Tilray Inc. These companies focus on innovation, leveraging online platforms and delivery services to enhance accessibility and customer experience. For example, Canterra launched licensed cannabis delivery in Western New York, aiming to revolutionize the shopping experience through user-friendly interfaces and a comprehensive product catalog.
Trends Shaping the MarketInnovations in wellness-focused products, sustainability practices, evolving regulations, and the rise of social consumption spaces are major trends in the recreational cannabis sector. Companies are forming strategic partnerships to strengthen their market position and meet consumer demand for diverse cannabis products and experiences.
Recreational Cannabis Market Segments• Product: Oils, Transdermal Patches, Tablets, Capsules, Vapes, Suppositories, Tinctures, Creams, Edibles, Other Products• Compound: Tetrahydrocannabinol (THC) Dominant, Cannabidiol (CBD) Dominant, Balanced Tetrahydrocannabinol (THC)• Administration: Oral, Topical, Inhalation, Rectal, Sublingual• Application: Chronic Pain, Cancer, Mental Disorders, Sleep Management, Other Applications• End Users: Pharmaceuticals, Food, Beverages, Tobacco, Personal Care, Research and Development Centers
Geographical Insights: North America Leading the MarketNorth America dominated the recreational cannabis market in 2023, driven by legalization initiatives and a robust consumer base. Detailed regionalinsights and growth opportunities are outlined in the comprehensive market report.
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Recreational Cannabis Global Market Report 2024 from TBRC covers the following information:• Market size data for the forecast period: Historical and Future• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Recreational Cannabis Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on recreational cannabis market size, recreational cannabis market drivers and trends, recreational cannabis market major players, competitors' revenues, market positioning, and market growth across geographies. The recreational cannabis market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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July 02, 2024, 15:45 GMT
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