by Marijuana cigarettes, also known as joints, are hand-rolled cigarettes containing dried, shredded parts of the cannabis plant intended for smoking. They provide a means of inhaling delta-9-tetrahydrocannabinol (THC) and other cannabinoids found in cannabis. The global marijuana cigarettes market has been witnessing strong growth on account of increasing legalization of marijuana in different parts of the world for both medical and recreational use. Marijuana, when smoked, helps provide quick relief from anxiety, stress, pain, and depression among other medical conditions.
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 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., The Dow Chemical Company.
The growing demand for marijuana for medical use across several countries is fueling the growth of the global marijuana cigarettes market. According to studies, marijuana is found helpful in reducing chronic pain, chemotherapy-induced nausea and vomiting, and multiple sclerosis spasticity symptoms. This is increasing its acceptance for medical use.
Moreover, the rising awareness about the health benefits of marijuana is driving its demand from the recreational sector as well. In addition, the legalization of recreational use of marijuana in some U.S. states and countries is opening new avenues of growth for the marijuana cigarettes market players worldwide. Several companies are expanding their footprint in new regional markets to leverage opportunities.
Market key trends
With increasing legislative changes and relaxation of laws regulating marijuana across regions, more people are gaining legal access to marijuana. This is a key trend strengthening the growth dynamics of the marijuana cigarette market. Legislative amendments in countries like Canada and certain U.S. states permitting recreational and medical use of marijuana have boosted its demand among users. However, stricter guidelines pertaining to potency level, marketing, and retailing of marijuana cigarette products continue to deter market growth to some extent. Market players are investing strongly in new product introductions and regional expansions to cash-in on the evolving opportunities.
Porter’s Analysis
Threat of new entrants: High capital investments and regulatory restrictions act as entry barriers for new players.
Bargaining power of buyers: Large buyers can negotiate lower costs due to their purchasing power, but limited product differentiation restricts this power.
Bargaining power of suppliers: Specialized equipment and proprietary technologies create supplier concentration and bargaining power.
hreat of new substitutes: Technological advancements may lead to development of new substitutes with distinct advantages.
Competitive rivalry: Intense competition exists between established players to gain market share through product differentiation, branding and strategic partnerships.
Marijuana Cigarette Market Regional Analysis as The North America region currently dominates the global market in terms of value, with the United States being the major revenue generating country. This is attributed to the growing adoption of marijuana for medical as well as recreational purposes in states where it has been legalized. However, the Asia Pacific region is projected to witness the fastest growth during the forecast period, mainly driven by factors such as rising urbanization, increasing disposable incomes, growing millennial population and evolving consumer lifestyles in countries like India and China.
*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, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
