Cannabis or marijuana is the most widely used mind-altering drug. Recreational marijuana-based use can be contrasted with the medicinal marijuana consisting of a prescribed use of cannabis for controlling health of any individual based on symptoms of some of the medical conditions. The marijuana is used for pain relief from various conditions such as cancer, AIDS, seizures and other diseases. The rise in use medical marijuana globally owing to some of its characteristics of recreational marijuana consists of infrequent use, small amount use, non-compulsory use, low investment, and others.
Referring to the study, Global Recreational Cannabis Market: Segmented By Product Type (Flowers, Buds, and Concentrates): By Compound (THC-dominant, CBD-dominant, and Balanced THC & CBD): By Application (Chronic Pain, Mental Disorders, Cancer, Others), and Region – Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030. Some of the key companies operating in the global recreational cannabis market include Canopy Growth Corporation, The Cronos Group, Maricann Group, Inc., Organigram Holding, Inc., Aurora Cannabis, Tilray, ABcann Medicinals, Inc., Aphria, Inc., Lexaria Corp and among others. Several startups are venturing into the research, development & manufacture of cannabis. The rise in number of applications associated to medical use of marijuana is expected to increase, leading to opening up of new revenue for the cannabis market globally.
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Based on product types, recreational cannabis market can be segmented as buds, flowers and concentrates. Flowers segment dominates the global market owing to low price and easy accessibility of flowers compared to other products. Based on compound, market can be segmented as CBD dominant, THC dominant and balanced THC & CBD. THC dominant segment holds major share in global market caused by increase in medical benefits, which are considered to be very effective in relieving nausea, insomnia and appetite loss. In addition, based on application, market can be segmented as mental disorders, chronic pain, cancer and others. Chronic pain segment is expected to exhibit higher growth rate due to increase in awareness and social acceptance of the non-medicinal use of cannabis because of its legalization during the forecast period.
Rise in trend towards using marijuana as an alcohol substitute, followed by growth in user numbers after legalization are some major factors, which are responsible for growth of the recreational cannabis market. Apart from this, low cost of recreational cannabis may impact the market.
Based on regional analysis, the North-America is a leading region in global recreational cannabis market owing to presence of key marijuana cultivators & manufacturers, increase in retail sales and geographical expansion of retail stores and surge in government regulations along with legalization of marijuana for medical as well as recreational use across the region. The Asia-Pacific and Europe regions are estimated to witness higher growth rate due to increase in awareness among consumers regarding health benefits of recreational cannabis and its growing medical application over the forecast period. It is estimated that future of the global recreational cannabis market will be bright as a result of legalization of non-medical cannabis and increase in sale for recreational cannabis during the forecast period.
For More Information on the Research Report, refer to below links: –
Global Recreational Cannabis Market Analysis
Related Report: –
Global Legal Cannabis Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024
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