Newark, April 25, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 20 billion in 2022 global recreational cannabis market will reach USD 123.83 billion by 2032. Earlier, cannabis were illegal in a majority of the nations in the world. With changing times and increased research into the medicinal use of recreational cannabis, the substance has been legalised in several nations. In other nations, its use is restricted to medicinal uses and recreational uses are prohibited. Most nations have decriminalised cannabis. The concerns of substance abuse surrounding recreational cannabis are debunked with the rising studies and trials showing no significant causative correlation between legalising cannabis and its negative social impact. Cannabis has been used in traditional medicine in the South-Asian subcontinent, the knowledge of which is now being explored for potential use in modern medicines. Furthermore, the popularity of edibles, or cannabis-infused foods and beverages, has skyrocketed worldwide. They are regulated products, facilitating their open production and consumption, offering lucrative opportunities for the global recreational cannabis market's growth and development.
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Key Insight of the global recreational cannabis market
North America is expected to rise the fastest during the forecast period.
Cannabis use for recreational and medical purposes has been legalised in several US states. The decision was made possible by well-documented research showing how recreational marijuana helped individuals with these disorders manage their pain, sleep, and appetite. Given its demonstrated efficacy in controlling pain and regulating sleep, recreational cannabis usage has been made easier given the region's rising prevalence of mental disorders, including anxiety, PTSD, chronic pain diseases like migraine, and sleep disturbances. Cannabis is now used more frequently in meals and beverages, given the technical breakthroughs, product developments, and research and development.
In 2022, the edibles segment dominated the market with the largest market share of 25% and market revenue of 5 billion.
The product type segment is divided into oils, transdermal patches, tablets, concentrates, topical, vape, suppositories, tinctures, isolates, flowers, edibles, capsules, creams, roll-ons and others. In 2022, the edibles segment dominated the market with the largest market share of 25% and market revenue of 5 billion.
In 2022, the CBD dominant segment accounted for the largest market share, with 43% and a market revenue of 8.60 billion.
The compound is divided into THC dominant, CBD dominant and balanced THC and CBD. In 2022, the CBD dominant segment accounted for the largest market share, with 43% and a market revenue of 8.60 billion.
In 2022, the chronic pain segment accounted for the largest market share, with 46% and a market revenue of 9.20 billion.
The application is divided into chronic pain, cancer, mental disorder, sleep management and others. In 2022, the chronic pain segment accounted for the largest market share, with 46% and a market revenue of 9.20 billion.
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Advancement in market
January 2023 – According to recent CU Boulder research, legalising recreational cannabis at the state level had no negative effects on alcohol-related issues or the use of other illicit drugs among adults. Additionally, there was no correlation between the legalisation of cannabis and increased cognitive, psychological, social, interpersonal, or financial issues in the study of more than 4,000 twins from Colorado and Minnesota. Researchers from the University of Minnesota, CU Boulder, and the CU Anschutz Medical Campus used data from two of the country's biggest and longest-running twin studies—one housed at IBG and the other at the Minnesota Center for Twin Family Research—for the study. Since adolescence, researchers have tracked participants, who are now between the ages of 24 and 49, gathering information on their use of alcohol, cigarettes, cannabis and other illicit drugs, as well as indicators of their "psychosocial health."
Market Dynamics
Driver: The rising awareness about the medicinal benefits of recreational cannabis.
The scientific and medical communities have tested the use of recreational cannabis for medical purposes. It has been demonstrated through numerous tests and investigations that these compounds have anti-inflammatory properties. They can treat mental illnesses, boost appetite, and lessen pain. A limited, controlled, regulated, and supervised use of cannabis for recreational purposes has been made possible in some nations because of these studies. Some nations have made its usage lawful through authorised dispensaries for therapeutic and recreational purposes. Patients with endometriosis, fibromyalgia, and arthritis can use it to manage their pain. Recreational marijuana can also treat epilepsy, Parkinson's illness, post-traumatic stress disorder, and anxiety. More studies have revealed its usefulness in treating nausea, vomiting, and other adverse effects of chemotherapy. The market will expand due to increased public awareness of and acceptance of the use of recreational marijuana in medicine, as well as growing research into further applications.
Restraint: Many nations forbid the use of cannabis for recreational purposes.
While low-dose and regulated recreational cannabis use successfully treat a variety of health concerns, there is rising worry about its abuse by healthy people, especially young people. The substantial danger of prolonged high-dose substance use can deter various countries from legalising the substance. Uncontrolled cannabis use has several negative effects, including anxiety, paranoia, psychotic disorders, stunting of teenage growth, and loss of body control and coordination. These negative impacts bring losses in terms of healthy lives and the economy. The evidence supporting the use of cannabis for recreational purposes is still less than that against it. Therefore, the market expansion will be constrained by the prohibition or illegal status of recreational cannabis in numerous nations worldwide.
Opportunity: The growing industry for cannabis-infused food and drinks.
Given its therapeutic benefits, recreational marijuana is becoming increasingly popular, creating new prospects for the food and beverage business. Market participants in the food and beverage sector are innovating cannabis-infused foods and beverages due to laws legalising cannabis. Cereals, candy bars, chocolates, baked products, ice cream, juices, and other drinks are all being tested. The growing demand for cannabis-infused foods and beverages has been fuelled by the expanding popularity among consumers and rising per capita income. Contrary to the powder or dry grass form, the food and beverage business provides simplicity, convenience, and choice for the use of cannabis, creating an attractive market potential for the expansion of the global recreational cannabis industry. The creation and adoption of new flavours will significantly expand the market. Consequently, the worldwide market for recreational cannabis will grow due to the increased manufacturing of cannabis-infused foods and drinks.
Challenge: Concerns regarding substance abuse are growing.
Concerns regarding recreational drug use have grown due to the rising rates of substance misuse and OD-related deaths. There are no known fatal harmful effects of recreational marijuana. However, the user's body may suffer irreparable harm from its continued use with high dosage consumption. Drug smuggling is becoming an increasingly serious problem in the USA, often resulting in overdose fatalities among teenagers and young people. Given the lack of information or carelessness among the general public, the general association of substances like methamphetamine and cannabis has caused a sizeable percentage of the community to be dubious of recreational cannabis and its legalised use. Therefore, the growing concerns about drug abuse will threaten the market's stability.
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Some of the major players operating in the global recreational cannabis market are:
• AURORA CANNABIS INC.
• Cannabis Science Inc.
• Canopy Growth Corporation
• Cresco Labs
• INDIVA
• Medical Marijuana, Inc.
• Organigrams Holding Inc.
• STENOCARE A/S
• The Cronos Group
• Trulieve
Key Segments cover in the market:
By Product Type
• Oils
• Transdermal Patches
• Tablets
• Concentrates
• Topical
• Vape
• Suppositories
• Tinctures
• Isolates
• Flowers
• Edibles
• Capsules
• Creams
• Roll-Ons
• Others
By Compound
• THC Dominant
• CBD Dominant
• Balanced THC and CBD
By Application
• Chronic Pain
• Cancer
• Mental Disorder
• Sleep Management
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis
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