As per the report published by The Brainy Insights, the global recreational cannabis market is expected to grow from USD 20 billion in 2022 to USD 123.83 billion by 2032, at a CAGR of 20% during the forecast period 2023-2032. The North American region emerged as the most prominent global recreational cannabis market, with a 43% market revenue share in 2022. Several states in the US have legalized recreational cannabis for use in medicine and recreational activities. The move was facilitated after documented studies showing the positive effects of recreational cannabis in managing the pain, sleep and appetite of patients suffering from such conditions. The powerful lobby of cannabis manufacturers combined with the medical professionals speaking in favour of recreational cannabis has accorded the necessary push for many other states or countries in the region to legalize their use for medicinal purposes. The increasing prevalence of mental disorders, like anxiety, PTSD, chronic pain conditions like migraine and sleep disorders in the region has facilitated the use of recreational cannabis for managing them, given its proven effectiveness in managing pain and regulating sleep. The growing awareness and acceptance of recreational cannabis will also propel the region's growth. The presence of a large number of producers will also augment the market's growth. Technological advancements, product innovations and research and development have increased the use of cannabis in foods and beverages, which will propel the regional market's development.
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Global Recreational Cannabis Market Size by Product Type (Oils, Transdermal Patches, Tablets, Concentrates, Topical, Vape, Suppositories, Tinctures, Isolates, Flowers, Edibles, Capsules, Creams, Roll-Ons and Others), Compound (THC Dominant, CBD Dominant and Balanced THC and CBD), Application, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032
Leading companies in the industry include 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, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
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. The edibles segment dominated the market with a market share of around 25% in 2022. The compound is divided into THC dominant, CBD dominant and balanced THC and CBD. The CDB-dominant segment dominated the market with a market share of around 43% in 2022. The application is divided into chronic pain, cancer, mental disorder, sleep management and others. The chronic pain segment dominated the market with a market share of around 38% in 2022. Cannabis is an effective treatment for chronic pain with controllable side effects, given its anti-inflammatory properties that relieve patients. The rise of these divisions will be fuelled by the rising incidence of chronic pain, the open market's accessibility to cannabis for pain management, and the rising social acceptance of cannabis.
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Earlier, cannabis was 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 legalized in several nations. In other nations, its use is restricted to medicinal uses and recreational uses are prohibited. Most nations have decriminalized cannabis. The concerns of substance abuse surrounding recreational cannabis are debunked with the rising studies and trials showing no significant causative correlation between legalizing 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, thereby offering lucrative opportunities for the global recreational cannabis market's growth and development.
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