The global cannabis market size was estimated at USD 43.72 billion in 2022 and is anticipated to rise from USD 57.18 billion in 2023 to USD 444.34 billion by 2030, reflecting a CAGR of 34.03% over the forecast period. North America led the cannabis marijuana sector, accounting for 81.79% of the market share in 2022. Additionally, the cannabis industry in the United States is expected to expand considerably, potentially reaching a value of USD 428.22 billion by 2032, supported by the growing legalization of both medical and recreational cannabis across various states.
Cannabis refers to a genus of flowering plants that have been utilized for thousands of years, mainly for their recognized medicinal and therapeutic benefits. Its social and spiritual applications are also well-recorded. The three primary species include Cannabis sativa, indica, and ruderalis. Most cannabis strains cultivated today are hybrids, incorporating characteristics of two or more of these main species. The global push for marijuana legalization continues to gain traction, mainly due to its acknowledged therapeutic and medicinal uses.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219
Segmentation:
Flowers/Buds Segment Anticipated to Grow Due to Rising Demand
Based on type, the cannabis market is segmented into flowers/buds and concentrates. The flowers/buds category is forecasted to experience robust growth throughout the projection period, driven by increasing global demand.
Recreational Marijuana Expected to Expand Due to Its Psychoactive Properties
By application, the market is segmented into medical, recreational, and industrial hemp. The recreational category is likely to witness significant growth during the forecast timeline, fueled by ongoing trends in legalization and decriminalization.
THC-dominant Category Set for Significant Growth Owing to High Market Demand
In terms of components, the market includes THC-dominant, CBD-dominant, and a balanced mix of THC and CBD. The THC-dominant segment is projected to grow considerably, primarily due to the rise in recreational use.
The market has been geographically segmented into North America, Asia Pacific, Europe, and the rest of the world.
Report Coverage:
The report presents an in-depth assessment of major trends influencing the global market throughout the forecast duration. It also identifies key factors promoting market expansion and outlines strategic initiatives by top companies to enhance their market footprint.
Drivers and Restraints:
Growth Stimulated by Rising Availability of Hemp-based Edibles
A significant growth driver in the cannabis market is the expanding range of hemp-infused edible products. Innovation in packaging and product development also fuels this trend. However, potential adverse effects of medical cannabis, such as impaired cognition, may serve as growth deterrents.
Regional Insights:
North America to Lead Market Due to Widespread Use of Cannabis-based Products
The growing consumption of cannabis-infused products is expected to drive North America's market leadership. Europe is also forecasted to register notable growth due to progressive legislation and increased medical marijuana usage.
Competitive Landscape:
Leading Firms Focus on Partnerships to Strengthen Market Presence
Major companies are pursuing strategies like partnerships, acquisitions, and new product launches to consolidate their positions. These efforts are supported by increased research initiatives and participation in industry events.
List of Key Players Mentioned in the Report:
- Aurora Cannabis Inc. (Canada)
- Tilray, Inc. (Canada)
- Canopy Growth Corporation (Canada)
- CannTrust Holdings Inc. (Canada)
- VIVO Cannabis Inc. (Canada)
- Cronos Group Inc. (Canada)
- Jazz Pharmaceuticals (Ireland)
- OrganiGram Holdings (Canada)
- Lexaria Corp. (Canada)
- ABcann Medicinals, Inc. (Canada)
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Key Industry Development:
February 2023 – Aurora Cannabis Inc., based in Canada, along with MedReleaf Australia, launched a new medical cannabis brand called CraftPlant for the Australian market. The brand includes three prescription products: HiVolt, Navana, and Greendae.
