July 21, 2024
Marijuana Cigarette Market

Marijuana Cigarette Market is Estimated to Witness Significant Growth fueled by Growing Legalization of Marijuana for Medical Use

The Marijuana Cigarette Market involves the production and sales of cigarettes containing marijuana or cannabis. Marijuana cigarettes, also known as joints, are hand-rolled cigarettes containing dried, shredded marijuana flowers and sometimes incorporating hashish or other additives. Marijuana cigarettes have psychoactive and psychophysiological effects when consumed. Marijuana cigarettes deliver cannabinoids like THC and CBD through inhalation in a manner similar to tobacco cigarettes. Legalization of medical marijuana and growing acceptance of cannabis for medical use is a key driver of the marijuana cigarette market.

The global Marijuana Cigarette Market is estimated to be valued at US$ 67.55 Mn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.

Key Takeaways

Key players
Key players operating in the Marijuana Cigarette market are BASF SE, Bayer Material Science LLC, E.I du Pont De Nemours and Company, Huntsman Corporation, Jilin Connell Chemical Industry Co., Ltd., SP Chemicals Holdings, Ltd., Sumitomo Chemical Co. Ltd., and The Dow Chemical Company.

Key opportunities
Growing legalization of medical marijuana across various countries presents significant opportunities for players in the marijuana cigarette market. In addition, potential new medical applications and health benefits of marijuana and its compounds like CBD are being evaluated, which can further drive the demand. Many nations have eased restrictions on the cultivation of cannabis for medical and research purposes in recent years. This provides opportunities for marijuana cigarette companies to expand production and global footprint.

Global expansion
The legalization of marijuana in certain American states and Canada for both medical and recreational use has boosted the marijuana cigarette market in North America. Significant growth opportunities also exist in Latin American countries where laws are becoming more lenient regarding marijuana. In Europe and Asia Pacific, while recreational use remains illegal in most countries, the acceptance of medical marijuana is increasing gradually. Major players are strategizing to enter emerging markets in these regions and capitalize on the growth potential. The marijuana cigarette market is also witnessing expansion initiatives in the Middle East and Africa due to ongoing research on medicinal properties and changing regulations.

Market Drivers

Growing legalization of marijuana for medical use is a major driver of the marijuana cigarette market. Medical use of marijuana is gradually gaining acceptance based on potential health benefits of cannabis compounds like THC and CBD. They are being studied for treatment of chronic conditions like cancer, epilepsy, Alzheimer’s, Parkinson’s disease, and mental health issues. As regulations relax in more countries or states, the demand is likely to surge. In addition, the availability of new delivery methods and growing consumer preference for natural medical treatments will support the consumption of marijuana cigarettes. The market is also witnessing strategic efforts by players to penetrate emerging geographies through initiatives focusing on both the medical and recreational use of cannabis. This is anticipated to further propel the revenue generation in the global marijuana cigarette market during the forecast period.

PEST Analysis

Political: The legal status and regulations related to the production and sale of marijuana cigarettes vary greatly across different countries and states. Only a handful of countries have legalized recreational use, while medicinal use is increasingly being permitted.

Economic: Fluctuations in the overall economy and disposable incomes can impact consumer spending on recreational products like marijuana cigarettes. A stable economic environment is crucial for continued growth of the market.

Social: Attitudes towards marijuana usage are evolving, especially among young adults, due to its association with relaxation. However, social stigmas still persist in many societies. Greater social acceptance would aid the industry.

Technological: Advancements in plant cultivation techniques, extraction methods and cigarette manufacturing help improve product quality and consistency. Technologies that enhance safety are also important for wider legalization efforts. New delivery methods like vaping are expanding the addressable market.

Marijuana Cigarette Market Regional Analysis in North America is currently the largest in terms of value, led by the United States where several states have legalized recreational use. As regulations continue to relax across Canada as well, the North American market is expected to remain dominant over the forecast period.

Europe is the second largest region for the marijuana cigarette market. Countries like Germany have permitted medicinal use in recent years, while the UK government has signaled amendments to existing laws as well. However, legalization status varies widely across European nations. With evolving regulations gradually expanding the European footprint, the region is poised to witness strong growth rates through 2031.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

About Author - Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

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