Definition:
The Recreational Cannabis market encompasses products derived from the cannabis plant that are used for leisure or personal enjoyment. These products can include dried flowers, oils, edibles, tinctures, and topicals. The availability of these products is subject to the regulations in each country or state, and they can be obtained from dispensaries, retail stores, or online platforms. Consumption methods vary, and can include smoking, vaporizing, eating, or applying topically.
Structure:
The Recreational Cannabis market is a subset of the broader cannabis market, which also includes medical and pharmaceutical cannabis as well as CBD products. The Recreational Cannabis market specifically pertains to products used for personal enjoyment, as opposed to the medical and pharmaceutical markets which focus on products used for treating medical conditions. The market includes various forms of cannabis such as flowers, concentrates, edibles, and topicals.
Additional information:
The market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C).
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
The Recreational Cannabis market in United States has been experiencing significant growth and development in recent years, driven by changing attitudes towards cannabis consumption and legalization efforts across several states.
Customer preferences: Consumers in the United States are increasingly favoring recreational cannabis products due to a shift in perception towards the plant's medicinal and wellness properties. With more states legalizing recreational cannabis, consumers are exploring a variety of products such as edibles, vapes, and topicals, seeking alternatives to traditional consumption methods.
Trends in the market: One prominent trend in the United States' Recreational Cannabis market is the rise of boutique and craft cannabis brands. These smaller-scale producers focus on quality, unique strains, and sustainable cultivation practices, catering to consumers looking for premium products. Additionally, the market is witnessing a surge in cannabis-infused beverages and wellness products as companies capitalize on the growing trend of incorporating cannabis into daily routines.
Local special circumstances: The United States' market is unique due to its state-by-state approach to cannabis legalization, leading to varying regulations and market landscapes across different regions. States like California and Colorado have well-established cannabis industries, while others are still in the early stages of legalization. This patchwork of regulations creates opportunities for businesses to innovate and adapt to local market demands.
Underlying macroeconomic factors: The growth of the Recreational Cannabis market in the United States is also influenced by macroeconomic factors such as job creation and tax revenue. The industry has created thousands of jobs in cultivation, retail, and ancillary services, contributing to economic growth. Furthermore, tax revenues generated from cannabis sales provide funding for public services and initiatives, making legalization an attractive option for states looking to boost their economies.
Most recent update: Mar 2024
Source: Statista Market Insights
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.Modeling approach / Market size:
Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights