Recreational Cannabis Market

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

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13432
  • Published Date: Apr, 2023
  • Pages: 231
  • Category: Agriculture
  • Format: PDF
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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% from 2023-2032. The rising awareness about the medicinal benefits of cannabis will augment the growth of the global recreational cannabis market.

Market Introduction:

Cannabis, a psychoactive substance derived from the cannabis plant, is sometimes called marijuana. It is native to Central or South Asia. It has been used in traditional remedies for thousands of years. It is also used as a narcotic for entheogenic and recreational purposes. Cannabis is also called weed, herb, pot, grass, and ganja in different slang. Cannabis sativa flowers have a greenish-grey combination. The stems, leaves, flowers, and stems of the cannabis plant are shredded, and then smoked dry, given its high potency. It can be consumed as a blunt, pipe or bong, or cigarette (joint). Cannabis can be used for pleasure as well as for medical purposes. Recreational purposes use THC-dominant cannabis, which makes the user feel comfortable and sleepy. Medicinal uses of cannabis are far-ranging, from treating certain uncommon forms of epilepsy to curing nausea and vomiting brought on by cancer chemotherapy. It also helps regain lost appetite and can be used during weight loss. The anti-inflammatory properties of cannabis make it highly effective in treating pain. It also helps in regulating sleep.

Recreational Cannabis Market Size 

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Recent Development

October 2022 – Germany's coalition government has approved adult recreational cannabis use. One could own up to 30g (1oz) for personal use. It would be sold in pharmacies and authorized stores. The measure still needs to get through parliament and be approved by the European Commission. According to health minister Karl Lauterbach, the initiative might become law in 2024. Only Malta has legalized marijuana for recreational use in the EU. The German proposal would permit adults to grow three cannabis plants at home. Cannabis for therapeutic purposes has been legalized in several nations. Cannabis use for recreational purposes is now legal in Canada and Uruguay.

Drivers

The growing awareness and acceptance of recreational cannabis in medical settings The scientific and medical communities have been involved in testing the use of recreational cannabis for use in medicine. Several studies and trials have shown that these substances have anti-inflammatory properties. They can be used to reduce pain, increase appetite and manage mental conditions. Substantial studies have facilitated a limited, controlled, regulated and monitored use of recreational cannabis in some countries. Some countries have legalized its use for medicinal and recreational purposes through authorized dispensaries. It can manage pain in arthritis, fibromyalgia and endometriosis patients. Its anti-inflammatory properties successfully offer relief to patients suffering from Crohn’s disease and irritable bowel syndrome. Anxiety, epilepsy, Parkinson’s disease and post-traumatic stress disorder can also be managed with recreational cannabis. It also helps with sleep disorders. More research has concluded its effective use for chemotherapeutic side effects, including vomiting, weight loss, and nausea. The growing awareness and acceptance of recreational cannabis in medicine and the increasing research exploring further applications will drive the market's growth.

Restraints:

Recreational cannabis is illegal in many countries While the low-dosage and regulated use of recreational cannabis effectively address a range of health issues, there is growing concerned about its misuse by healthy individuals, especially the youth. The known short and long-term side effects are well-established facts which discourage several nations from legalizing the substance, given the high risk of its undesirable use. Anxiety, paranoia, psychotic disorders, impeding adolescent growth, and control and coordination of the body are a few effects of unregulated cannabis consumption. These negative effects cause personal and national losses in terms of healthy lives and the economy. The evidence for the use of recreational cannabis is still lower than against it, given the lack of research facilitated by tighter regulatory controls on the recreational drug market. Therefore, the ban or illegal status of recreational cannabis in several countries worldwide will limit the market's growth.

Opportunities:

The rising production of cannabis-infused foods and beverages The rising acceptance of recreational cannabis, given its medicinal benefits, has opened up new opportunities for the food and beverage industry. The market players in the food and beverage industry are taking advantage of regulations legalizing cannabis to innovate cannabis-infused food and beverages. They are experimenting with cereals, candy bars, chocolates, baked goods, ice cream, juices and other beverages. The rising popularity of these products in the population and the increasing per capita income have contributed to the growing demand for cannabis-infused food and beverages. The ease, convenience and choice offered by the food and beverages industry for the consumption of cannabis, unlike the powder or dry grass form, will offer lucrative market opportunities for global recreational cannabis to grow. The development and integration of new flavours will also offer significant growth to the market. Therefore, the rising production of cannabis-infused foods and beverages will propel the global recreational cannabis market.

Challenges:

The rising concerns about substance abuse The rising instances of substance abuse and deaths related to overdose have increased concerns about the use of recreational drugs. Recreational cannabis has no documented adverse effects, such as death. However, its prolonged use and high dosage consumption can cause irreversible damage to the user's body. The USA is witnessing a growing menace of drug smuggling and subsequent deaths of teenagers and young adults due to overdoses from recreational drugs. The general clubbing of drugs like Methamphetamine and cannabis together, given the lack of awareness or negligence in the general public, has made a significant portion of the population sceptical about recreational cannabis and its legalized use. Therefore, the rising concerns about substance abuse will challenge the market's growth.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest 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.

North America Region Recreational Cannabis Market Share in 2022 - 43%

 

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Product type segment analysis

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. As the name suggests, edibles are foods and beverages infused with recreational cannabis. These are legalized in several countries. The increasing production of edibles and the growing innovation with new flavours and products will propel the segment's demand. These edibles promote weight control, lessen anxiety, stop seizures, and ease pain. These edibles are primarily created with decarboxylated cannabinoids from cannabis. The edibles also promote heightened sensory perception, relaxation and euphoria, which augments its increasing demand in the market. Baked Goods, Brownies, beverages, mints & Candies are a few examples. Edibles' effects last longer and can be consumed covertly, driving their popularity in the market.

Compound segment analysis

The compound is divided into THC dominant, CBD dominant and balanced THC and CBD. The CBD-dominant segment dominated the market with a market share of around 43% in 2022. Cannabis contains a substance called cannabidiol (CBD). CBD can be made from non-hemp plants or hemp plants. CBD improves and facilitates all the medicinal value of cannabis and reduces the psychotic effects which are witnessed in THC-dominant cannabis. CBD's very low to no neuro effects make their social acceptance and legalization easier than THC-dominant cannabis. CDB-dominant cannabis can reduce inflammation, pain, and migraine, regulate sleep and manage mental disorders.

Application segment analysis

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. Chronic pain is defined as pain that lasts more than 12 weeks despite medication or treatment. An operation, an accident, a disorder, or any of these things could cause discomfort. After an injury or operation, most people have pain relief and resume their normal lives. However, there are instances where the pain persists for a longer period or manifests itself unexpectedly without a history of an injury or surgery. 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.

Some of the Key Market Players:
  • 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

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 20 Billion
Market size value in 2032 USD 123.83 Billion
CAGR (2023 to 2032) 20%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Regional Segments The regions examined for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa.
Segments The research segment is based on product type, compound and application.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global recreational cannabis market was valued at USD 20 billion in 2022 to USD 123.83 billion by 2032.

Global recreational cannabis market is growing at a CAGR of 20% during the forecast period 2023-2032.

The market's growth will be influenced by the growing awareness and acceptance of recreational cannabis in medical settings.

The recreational cannabis is illegal in many countries and that could hamper the market growth.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Product Type
          4.3.2. Market Attractiveness Analysis by Compound
          4.3.3. Market Attractiveness Analysis by Application
          4.3.4. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The growing awareness and acceptance of recreational cannabis in medical settings
    5.3. Restraints
          5.3.1. The recreational cannabis is illegal in many countries
    5.4. Opportunities
          5.4.1. The rising production of cannabis infused foods and beverages
    5.5. Challenges
          5.5.1. The rising concerns about substance abuse

6. Global Recreational Cannabis Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Oils
    6.3. Transdermal Patches
    6.4. Tablets
    6.5. Concentrates
    6.6. Topical
    6.7. Vape
    6.8. Suppositories
    6.9. Tinctures
    6.10. Isolates
    6.11. Flowers
    6.12. Edibles
    6.13. Capsules
    6.14. Creams
    6.15. Roll-Ons
    6.16. Others

7. Global Recreational Cannabis Market Analysis and Forecast, By Compound
    7.1. Segment Overview
    7.2. THC Dominant
    7.3. CBD Dominant
    7.4. Balanced THC and CBD

8. Global Recreational Cannabis Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. Chronic Pain
    8.3. Cancer
    8.4. Mental Disorder
    8.5. Sleep Management
    8.6. Others

9. Global Recreational Cannabis Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Recreational Cannabis Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Recreational Cannabis Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. AURORA CANNABIS INC.
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Cannabis Science Inc.
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Canopy Growth Corporation
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Cresco Labs
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. INDIVA
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Medical Marijuana, Inc.
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Organigrams Holding Inc.
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. STENOCARE A/S
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. The Cronos Group
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Trulieve
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis

List of Table

1. Global Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Oils Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

3. Global Transdermal Patches Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

4. Global Tablets Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

5. Global Concentrates Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

6. Global Topical Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

7. Global Vape Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

8. Global Suppositories Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

9. Global Tinctures Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

10. Global Isolates Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

11. Global Flowers Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

12. Global Edibles Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

13. Global Capsules Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

14. Global Creams Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

15. lobal Roll-Ons Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

16. Global Others Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

17. Global Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

18. Global THC Dominant Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

19. Global CBD Dominant Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

20. Global Balanced THC and CBD Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

21. Global Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

22. Global Chronic Pain Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

23. Global Cancer Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

24. Global Mental Disorder Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

25. Global Sleep Management Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

26. Global Others Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

27. Global Recreational Cannabis Market, By Region, 2019-2032 (USD Billion) 

28. North America Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

29. North America Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

30. North America Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

31. U.S. Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

32. U.S. Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

33. U.S. Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

34. Canada Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

35. Canada Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

36. Canada Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

37. Mexico Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

38. Mexico Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

39. Mexico Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

40. Europe Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

41. Europe Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

42. Europe Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

43. Germany Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

44. Germany Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

45. Germany Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

46. France Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

47. France Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

48. France Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

49. U.K. Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

50. U.K. Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

51. U.K. Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

52. Italy Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

53. Italy Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

54. Italy Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

55. Spain Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

56. Spain Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

57. Spain Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

58. Asia Pacific Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

59. Asia Pacific Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

60. Asia Pacific Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

61. Japan Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

62. Japan Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

63. Japan Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

64. China Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

65. China Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

66. China Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

67. India Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

68. India Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

69. India Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

70. South America Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

71. South America Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion)

72. South America Recreational Cannabis Market, By Application, 2019-2032 (USD Billion)

73. Brazil Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

74. Brazil Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

75. Brazil Recreational Cannabis Market, By Application, 2019-2032 (USD Billion)

76. Middle East and Africa Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

77. Middle East and Africa Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

78. Middle East and Africa Recreational Cannabis Market, By Application, 2019-2032 (USD Billion)

79. UAE Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

80. UAE Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

81. UAE Recreational Cannabis Market, By Application, 2019-2032 (USD Billion)

82. South Africa Recreational Cannabis Market, By Product Type, 2019-2032 (USD Billion) 

83. South Africa Recreational Cannabis Market, By Compound, 2019-2032 (USD Billion) 

84. South Africa Recreational Cannabis Market, By Application, 2019-2032 (USD Billion) 

List of Figures 

1. Global Recreational Cannabis Market Segmentation

2. Recreational Cannabis Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Recreational Cannabis Market Attractiveness Analysis by Product Type

9. Global Recreational Cannabis Market Attractiveness Analysis by Compound

10. Global Recreational Cannabis Market Attractiveness Analysis by Application

11. Global Recreational Cannabis Market Attractiveness Analysis by Region

12. Global Recreational Cannabis Market: Dynamics

13. Global Recreational Cannabis Market Share by Product Type (2022 & 2032)

14. Global Recreational Cannabis Market Share by Compound (2022 & 2032)

15. Global Recreational Cannabis Market Share by Application (2022 & 2032)

16. Global Recreational Cannabis Market Share by Regions (2022 & 2032)

17. Global Recreational Cannabis Market Share by Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global recreational cannabis market based on below mentioned segments:

Global Recreational Cannabis Market by Product Type:

  • Oils
  • Transdermal Patches
  • Tablets
  • Concentrates
  • Topical
  • Vape
  • Suppositories
  • Tinctures
  • Isolates
  • Flowers
  • Edibles
  • Capsules
  • Creams
  • Roll-Ons
  • Others

Global Recreational Cannabis Market by Compound:

  • THC Dominant
  • CBD Dominant
  • Balanced THC and CBD

Global Recreational Cannabis Market by Application:

  • Chronic Pain
  • Cancer
  • Mental Disorder
  • Sleep Management
  • Others

Global Recreational Cannabis Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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