Global Recreational Cannabis Market Projected to Reach $2.6 Billion by 2027, with a CAGR of 7%

LANDON, GREATER LANDON, UK, October 31, 2023 /EINPresswire.com/ -- The global recreational cannabis market, currently valued at $1.84 billion in 2022, is expected to witness a surge, reaching $1.98 billion in 2023, showcasing a commendable compound annual growth rate (CAGR) of 7.5%. Despite the adverse impact of the Russia-Ukraine conflict on global economic recovery from the COVID-19 pandemic, the market is projected to attain a substantial valuation of $2.6 billion by 2027. This growth trajectory is primarily driven by the escalating prevalence of neurological disorders, compelling the integration of cannabis as a treatment method for managing various neurological conditions.

Market Segmentation and Key Players

• Product: Oils, Transdermal Patches, Tablets, Capsule, Vape, 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 Disorder, Sleep Management, Other Applications
• End Users: Pharmaceuticals, Food, Beverages, Tobacco, Personal care, Research and Development Center

Key market players such as The Cronos Group, Verano Holdings, and Aurora Cannabis Inc. are actively focusing on product innovation and strategic initiatives to expand their market presence and cater to the evolving needs within the recreational cannabis industry.

For detailed insights, explore the sample report on the global recreational cannabis market:
https://www.thebusinessresearchcompany.com/sample.aspx?id=12411&type=smp

Driving Force: Growing Prevalence of Neurological Disorders

The exponential rise in the prevalence of neurological disorders serves as a significant driver for the recreational cannabis market. With conditions such as Alzheimer's disease, Epilepsy, seizures, and Parkinson's disease affecting a substantial population, the use of cannabis has garnered attention for its potential in controlling calcium homeostasis and reducing neuroinflammation. Notably, statistical data from reliable sources like the Centers for Disease Control and Prevention underscore the significant increase in the incidence of neurological disorders, emphasizing the compelling need for effective management and treatment options.

Innovative Product Offerings

Companies such as Aurora Cannabis Inc. are actively spearheading product innovation within the market, as demonstrated by the launch of a diverse range of recreational cannabis products, including Lil' Bits Sour Grape and Sour Watermelon (10 x 1mg edibles), Mango XL Vape, and Signature Hash. These innovative offerings cater to various consumer preferences, providing flavorful experiences and enhanced consumption options, appealing to both novice users and seasoned enthusiasts within the recreational cannabis landscape.

Regional Insights: North America Taking the Lead

With North America emerging as the largest region in the recreational cannabis market in 2022, the comprehensive report provides detailed insights into regional dynamics, market trends, and growth prospects across key geographical segments.

Access the complete report for comprehensive analysis of the global recreational cannabis market:
https://www.thebusinessresearchcompany.com/report/recreational-cannabis-global-market-report

Recreational Cannabis Global Market Report 2023 from TBRC covers the following information:

• Market size date 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 2023byThe 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, recreational cannabis market competitors' revenues, recreational cannabis market positioning, and recreational cannabis 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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