Recreational Drugs Market size is set to reach USD 500 Million by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of recreational drugs was USD 300 Million. The market is expanding due to increased demand for legal recreational drugs worldwide. On the other hand, taxes on recreational drugs benefit the economy by providing significant income. New work opportunities in retail are being created, which is transforming the employment landscape. According to recent research, the cannabis business in Canada employed 1,51,000 people and added USD 44 billion to the GDP between 2018 and 2021.
Consumers are seeking new ways of captivating recreational drugs in the form of inhalation or infusion. These processes leave a long-lasting impact on the consumer in comparison to edible ones. This creates opportunity for manufacturers to evolve their old selling patterns to meet the growing demand for recreational drugs.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
6% |
|
Base Year Market Size (2023) |
USD 300 Million |
|
Forecast Year Market Size (2036) |
USD 500 Million |
|
Regional Scope |
|
Type (Depressants, Stimulants, Euphoriants, Hallucinogens, Inhalants)
The inhalants segment in the recreational drugs market is expected to secure a share of about 38% by the year 2036. The segment is experiencing growth as a result of its preference among adolescent groups as they are legal, inexpensive, and readily available. They are also more likely to engage in delinquent behavior, depression, suicidal thoughts, and substance abuse. More importantly, inhalants provide a short but long-lasting high, making it easy for them to use. All these factors will cause the market to rise.
Application (Supermarkets, Convenience Store)
The convenience store segment is awaited to gain a notable share during the forecast timeline. Some of the most common forms of recreational drugs include caffeine, alcohol, and nicotine among many others. A sizable population diligently uses these forms, which are also freely accessible increasing the market commercial demand. For instance, the percentage of wine and liquor sales at U.S. convenience stores increased from 1.55 percent in 2019 to 1.97 percent in 2020, according to a report released in 2022.
Our in-depth analysis of the market includes the following segments:
|
Type |
|
|
Application |
|
North American Market Forecast
According to recreational drugs market trends, the North American region is considered to have a share of about 39% in the coming years. The market expansion is due to rapid urbanization. By 2050, 90% of the U.S. population growth is planned to live in urban areas. A variety of diseases and deviancies can emerge in an urban environment. These include depression, mental instability, substance abuse, alcoholism, and delinquent behavior as well as family disintegration and detachment. There is compelling evidence that urban residents are significantly more likely to report mental illness, which leads to the use of drugs or alcohol as self-medication.
APAC Market Analysis
The Asia Pacific market will register a share of about 27% by the end of 2036. Recreational drug use has increased substantially in India in recent years, being one of the largest producers of legal opium for the pharmaceutical business.
In addition, cannabis has a high industrial potential in India due to its optimal climatic conditions for production and its wide applications in a variety of industries. Cannabis can be used to make hemp fiber and oil, which have a variety of applications in textiles, food supplements, biodegradable plastics, paper, cosmetics, rope, canvas, biofuels, and paint. Hemp is a cannabis plant with minimal THC (less than 0.4%) and high CBD. Hemp farming can also help the environment by lowering soil erosion, water usage, pesticide use, and carbon emissions.
Author Credits: Radhika Gupta, Shivam Bhutani
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?