The global cannabis market size was valued at USD 43.72 billion in 2022 and is projected to grow from USD 57.18 billion in 2023 to USD 444.34 billion by 2030, exhibiting a CAGR of 34.03% during the forecast period. North America dominated the cannabis marijuana market with a market share of 81.79% in 2022. Moreover, the cannabis market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 428.22 billion by 2032, driven by increasing legalization of medical and recreational cannabis in different states of the U.S.

Cannabis is a genus of flowering plant and its use dates back thousands of years, with consumption based on recognized and accepted therapeutic and medicinal benefits. The social and spiritual utilization of it is also well-documented. C. sativa, indica, and ruderalis are three dominant species. Most varieties grown today are hybrids that exhibit features of two or more of these principal species.

Get Sample PDF Brochure:

Segmentation:

Flowers/Buds Segment Expected to Experience Significant Growth Due to Increasing Consumption

The market is categorized into flowers/buds and concentrates. The flowers/buds segment is projected to witness substantial growth throughout the forecast period, driven by the rising global demand for the product.

Recreational Marijuana Segment to Experience Robust Growth Fueled by Its Mind-Altering Effects

The market is divided into medical, recreational, and industrial hemp applications. The recreational marijuana segment is expected to see notable growth during the forecast period, supported by the growing trend of marijuana decriminalization and legalization.

THC-Dominant Segment Set for Significant Growth Driven by High Consumer Demand

The market is further segmented by component into THC-dominant, CBD-dominant, and balanced THC/CBD products. The THC-dominant segment is anticipated to grow at a significant rate, owing to increasing demand for recreational use.

The market has also been analyzed across different regions, including North America, Asia Pacific, Europe, and the rest of the world.

Report Coverage:

This report provides a comprehensive analysis of the key trends shaping the global market during the forecast period. It also examines the major factors contributing to industry growth. Additional insights include a review of significant actions taken by leading market players to enhance their competitive positions.

Ask for Customization:

Drivers and Restraints:

Market Growth Driven by Rising Availability of Hemp-Infused Edibles

The growth of the cannabis market is primarily driven by the increasing availability of hemp-infused edibles. Further expansion is being fueled by innovation and changes in packaging. However, the medicinal use of marijuana carries potential side effects, such as cognitive impairment, which could limit market growth to some extent.

Regional Insights:

North America to Lead Market Growth Driven by Growing Consumption of Marijuana-Infused Products

North America is expected to dominate the cannabis market, supported by the growing adoption of marijuana-infused products. The region is forecasted to experience substantial growth over the forecast period. Europe is also expected to register significant growth, driven by progressive legislation and increasing use of medical marijuana.

Competitive Landscape:

Key Companies Forming Strategic Partnerships to Strengthen Market Position

Leading market players are taking several strategic initiatives to enhance their market standing, including mergers, acquisitions, and new product launches. Other efforts include increased research initiatives and greater participation in trade events.

List of Key Players Mentioned in the Report:

  • Aurora Cannabis Inc. (Canada)
  • Tilary, 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)

Key Industry Development:

February 2023: Canadian company Aurora Cannabis Inc. and MedReleaf Australia launched a new medical cannabis brand, CraftPlant, for patients in the Australian market. The brand includes three new prescription products – HiVolt, Navana, and Greendae.

Inquire Before Buying This Report:

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Address:

Fortune Business Insights Pvt. Ltd.

9th Floor, Icon Tower, Baner –

Mahalunge Road, Baner, Pune-411045,

Maharashtra, India.

Phone:

US: +1 833 909 2966

UK: +44 8085 020280

APAC: +91 744 740 1245

Information contained on this page is provided by an independent third-party content provider. XPRMedia and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact [email protected]