Recreational Cannabis Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Recreational Cannabis Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Recreational Cannabis Global Market Report 2024, The recreational cannabis market size has grown strongly in recent years. It will grow from $1.98 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to shifting societal attitudes, economic impact and tax revenue, medical cannabis as a precursor, cannabis tourism and hospitality industry.

The recreational cannabis market size is expected to see strong growth in the next few years. It will grow to $2.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to expansion of legalization globally, innovations in cannabis product offerings, integration of cannabis into mainstream culture, health and wellness trends, research and development in cannabinoids. Major trends in the forecast period include focus on wellness and health, sustainability practices, regulatory evolution, social consumption spaces, collaborations and partnerships.

The increasing prevalence of neurological disorders is expected to propel the growth of the recreational cannabis market going forward. The neurological disorder is a medical condition affecting the central and peripheral nervous systems. It involves the spinal cord, the body’s nerves, and the brain. The common types of neurological disorders include Alzheimer’s disease, Epilepsy, seizures, and Parkinson’s disease. These conditions of neuro are cured by cannabis, which helps in treating neurological conditions by controlling calcium homeostasis and lessening neuroinflammation. For instance, in December 2022, according to the report published by Parkinson’s Foundation, a US-based non-profit organization working for Parkinson’s disease patients, the PD (Parkinson’s disease) incidence rate increased to nearly 90,000 diagnoses per year from the previous estimates of 60,000 diagnoses yearly. Therefore, the increasing prevalence of neurological disorders is driving the growth of the recreational cannabis market.

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The recreational cannabis market covered in this report is segmented –

1) By Product: Oils, Transdermal Patches, Tablets, Capsule, Vape, Suppositories, Tinctures, Creams, Edibles, Other Products

2) By Compound: Tetrahydrocannabinol (THC) Dominant, Cannabidiol (CBD) Dominant, Balanced Tetrahydrocannabinol (THC)

3) By Administration: Oral, Topical, Inhalation, Rectal, Sublingual

4) By Application: Chronic Pain, Cancer, Mental Disorder, Sleep Management, Other Applications

5) By End Users: Pharmaceuticals, Food, Beverages, Tobacco, Personal care, Research and Development Center

Product innovations have emerged as a key trend gaining popularity in the recreational cannabis market. Major companies operating in the recreational cannabis market are concentrating on creating innovative products to strengthen their position in the market. For instance, in June 2023, Aurora Cannabis Inc., a Canada-based licensed cannabis producer, launched a lineup of innovative recreational cannabis products, including Lil’ Bits Sour Grape and Sour Watermelon (10 x 1mg edibles), Mango XL Vape, Signature Hash, and others. Lil’ Bits Sour Grape and Sour Watermelon Low Dose Edibles give delectable flavor in a snackable form, making them ideal for novice users or micro-dosing. It features crowd-pleasing, nostalgic flavors with little to no aftertaste from the cannabis. Mango XL Vape (510–1.2g) uses a blend of quality resin unique to the company and enriched with botanical terpenes to provide a full-spectrum, full-flavor experience. Signature Hash (2g) is a ground-breaking bubble hash blend that raises the benchmark for malleability and burnability.

The recreational cannabis market report table of contents includes: