The global Cannabis Market is valued at USD 26.8 Billion in 2022 and is projected to reach a value of USD 147.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 23.9% between 2023 and 2030.
The continued legalization of cannabis for medical or recreational use in more countries throughout the world, as well as high-profile successes from some of the sector's up-and-coming top competitors, have all contributed to the market's rise. Many investors are creating legal marijuana businesses now that the US Food and medication Administration (FDA) has approved the first cannabis-based medication. For instance, cannabis are acceptable for recreational use in 19 states, 2 US territories, and DC as of 2022. The use of the substance for medicinal purposes has been authorized in 37 states, four US territories, and DC. Given the broad desire for cannabis and its therapeutic benefits, more states are predicted to follow suit during the projection period.
Cannabis Market Size, 2022 To 2030 (USD Billion)
- The legal cannabis sector is positioned to be a significant economic driver due to rising popularity among consumers and purported health benefits.
- North America generated more than 41.90% of revenue share in 2022
- Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
- Flowers segment accounted for the largest market growth. It contributed over 42.5% of the total revenue share in 2022
- Medical segment revealed the most significant market growth, contributing more than 65.5% of the total revenue share in 2022
- Tetrahydrocannabinol (THC)-dominant segment accounts for largest revenue of 45.5% in 2022
The economic influence of the worldwide cannabis business spans a number of industries, including cultivation, retail, technology, and research, making it a significant contributor to local and national economies. Over 300,000 new jobs were created in the cannabis business in the United States alone in 2017, and 250,000 more jobs are expected to be added by 2024. As more states legalize cannabis for both medical and recreational purposes, tax revenues in states with cannabis laws in the U.S. exceeded $3 billion in 2020. Nevertheless, the industry's full economic potential is nevertheless hampered by regulatory issues and the continuation of criminal marketplaces in some places.
Report Coverage & Deliverables
- Real-Time Data Updates:
- Competitor Benchmarking
- Market Trends Heatmap
- Custom Research Queries
- Market Sentiment Analysis
- Demographic and Geographic Insights
Top Market Trends
- Legalization and Decriminalization: Cannabis usage for medical and recreational purposes has increasingly been legalized and decriminalized over the world. There were chances for firms and investors in the new markets that were developing.
- Product Diversification: Cannabis goods on the market expanded beyond the usual flower and edibles. As a result, cannabis-infused beverages, topicals, concentrates, and even pet products have become more popular.
- Wellness and Health: Cannabis products with wellness and health claims were becoming more popular. Particularly CBD (cannabidiol) products have become popular because of their alleged medicinal benefits, which include pain relief and stress reduction.
- Sustainability: Growing desire for environmentally safe and sustainable cannabis producing methods is a result of environmental concerns. Customers sought out goods that were produced in a sustainable manner.
- Medical Cannabis Research: It is possible that more scientific investigation into the therapeutic uses of cannabis will result in the creation of novel medications and medical cannabis treatments.
Cannabis The global Cannabis market can be categorized into Product Type , Application , Compound , Region. The Cannabis market can be categorized into Flowers, Concentrates, Edibles, Topicals and Tinctures, Other Product Type based on Product Type . The Cannabis market can be categorized into Medical , Recreational based on Application . The Cannabis market can be categorized into Tetrahydrocannabinol (THC)-dominant, Cannabidiol (CBD)-dominant, Balanced THC & CBD based on Compound . The Cannabis market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.
Below tree is interactive. You can click the nodes to get more information.
Based on Product Type
Flowers holds the largest share
The Cannabis market is dominated by cannabis flowers because they are the most common and established method of cannabis intake. They can be used in a variety of ways, including smoking, vaping, and as the base for edibles and concentrates, which highlights their adaptability. The ongoing wave of cannabis legalization for both medical and recreational purposes, growing awareness of the potential health benefits of cannabis, soaring demand for high-quality cannabis products, and ongoing innovation in cultivation and processing methods within the cannabis industry are some of the factors driving the growth of the cannabis flower market.
Based on Application
Medical will dominate the market during Forecast Period
The Cannabis market is anticipated to be dominated by the Medical cannabis application segment due to the growing awareness of medical cannabis' potential therapeutic benefits for a wide range of conditions like cancer, epilepsy, chronic pain, and mental health disorders, the trend toward legalizing it on a global scale, the rising demand from patients and healthcare professionals for cannabis-based treatments, and the increase in funding for research and development in the medical cannabis industry.
Based on Compound
Tetrahydrocannabinol (THC)-dominant will account for largest market share
In terms of compound, Tetrahydrocannabinol (THC)-dominant are anticipated to hold the greatest market share for Cannabis because of its well-known medicinal benefits, including pain relief, nausea relief, and appetite stimulation, which make it a popular choice among patients coping with a range of medical conditions. The expanding legalization of cannabis for medical and recreational uses, increased awareness of the potential health benefits associated with THC-dominant cannabis, rising demand from both medical patients and recreational users, and ongoing innovations in the cultivation and processing techniques specific to THC-dominant cannabis are some of the key factors driving the growth of the THC-dominant cannabis market.
Based on Region
North America will lead the market
North America is expected to dominate the Cannabis market. In Canada and US, cannabis has been widely legalized for both medical and recreational uses, generating a robust and more accessible market for cannabis goods. This is one of them. This rise has been further encouraged by the rising consumer popularity of these products and the easy access to high-quality options. Large, well-established cannabis corporations are well-represented in the area, especially in the US and Canada, which supports market stability and innovation.
The global Cannabis market is fragmented, including a diverse array of the presence of several key players continue to command significant market shares. Simultaneously, an influx of startups and smaller producers has invigorated the market, offering innovative product offerings and niche solutions. Stringent regulatory compliance, quality control, and branding strategies have become pivotal in this increasingly competitive arena, with mergers, acquisitions, and strategic partnerships forming key components of market growth and consolidation efforts.
The players in the global Cannabis market include Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), Medmen Enterprise Inc. (US), Tary Inc. (US), Unrivaled Brand Inc. (US), VIVO Cannabis Inc. (Canada), The Cronos Group (Canada), Medical Marijuana Inc. (US), Stenocare (Denmark), Trulieve (US). among others.
Recent Market Developments
- May 2023: A leading cannabis company with a diverse customer base, the Nirvana Group, collaborated with Toast, a multi-state operating brand. Patients and consumers in Oklahoma and New Mexico would benefit from the partnership's cutting-edge new products.
- April 2023: A local juice and smoothie shop in the United States called Hello Juice & Smoothie teamed up with The Beleaf Co. to introduce a new line of CBD-infused juice shots.
- April 2023: An alliance was formed between PharmaCielo, a Canadian grower and manufacturer of dried flower and pharmaceutical-grade cannabis extracts, and CANNPRISMA-PHARMA, a Portuguese contract manufacturer. The agreement was centered on supplying the European market with premium medicinal cannabis flower that had received EU-GMP1 certification.
Segmentation of the Global Cannabis Market
By Product Type
- Topicals and Tinctures
- Other Product Type
- Tetrahydrocannabinol (THC)-dominant
- Cannabidiol (CBD)-dominant
- Balanced THC & CBD
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Canopy Growth Corporation (Canada)
- Aurora Cannabis Inc. (Canada)
- Medmen Enterprise Inc. (US)
- Tary Inc. (US)
- Unrivaled Brand Inc. (US)
- VIVO Cannabis Inc. (Canada)
- The Cronos Group (Canada)
- Medical Marijuana Inc. (US)
- Stenocare (Denmark)
- Trulieve (US).
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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