The global cannabis market size was USD 9934.02 million in 2021 and is expected to register a robust revenue CAGR of 17.40% during the forecast period. Key factors such as rising consumption of cannabis for recreational and medical purposes, increasing medical applications of marijuana, and steady legalization of cannabis in many states worldwide are expected to drive global market revenue growth during the forecast period.
Cannabis, also known as marijuana is a psychoactive drug derived from stems, seeds, leaves, flowers, and buds of Cannabis sativa, Cannabis Indica or Cannabis Ruderalis. Cannabis is made up of more than 120 components, known as cannabinoids among which delta-9-tetrahydrocannabinol THC and Cannabidiol (CBD) are commonly used. Cannabis is widely used across the globe for recreational purposes among young adults as it offers a feeling of euphoria. Though cannabis is not considered effective or safe for medical conditions, many countries are steadily legalizing marijuana for treating chronic pain, epilepsy, and insomnia.
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Factors such as increasing prevalence of chronic and lifestyle-associated diseases, high usage of cannabidiol oil for treating diabetes, depression, anxiety, and relief of cancer symptoms, rising awareness about health benefits of cannabis, and rising investments in developing advanced products are expected to drive global market growth between 2022 and 2028.
However, rising concerns about high-dose cannabis consumption, intensive usage of water during cultivation of cannabis, and stringent government regulations against the use of cannabis in many parts of the globe are some key factors that can hamper overall market growth during the forecast period.
Flower Segment To Register Rapid Revenue CAGR:
The flower segment is expected to register rapid revenue CAGR over the forecast period. This can be attributed to growing consumer base of cannabis, steady acceptance of legal marijuana flowers for recreational and medicinal purposes in many parts of the globe, rising availability of marijuana flowers, and legal purchasing of marijuana.
Recreational Segment to Account for Largest Revenue Share:
The recreational segment is expected to account for largest revenue share between 2022 and 2028. Factors such as increasing popularity of marijuana for recreational purposes among younger generations across the globe, steady legalization of recreational marijuana in many parts of the globe, and rising disposable income are expected to drive segment revenue growth during the forecast period.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to increasing prevalence of chronic diseases, high consumption of marijuana for recreational and medicinal purposes, and favorable government norms to legalize cannabis in certain parts of the region. Other factors such as presence of leading cannabis companies and increasing research and development activities to develop novel and innovative products are expected to surge North America market growth during the forecast period.
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Cannabis Market By Company:Canopy Growth Corporation (Canada)Aurora Cannabis, Inc. (Canada)Cannabis Science Inc. (US)Aphira Inc. (Canada)Medical MarijuanaMentor CapitalCBD American ShamanCV SciencesFOLIUM BIOSCIENCESIRIE CBDMeadow CarePharmahempTerra TechNuLeaf Naturals
Cannabis Industry Recent Developments:
In August 2022, Dr. Reddy's Laboratories Ltd partnered with MediCane Health Inc. to announce of its medical cannabis products in Germany.
In October 2022, EXKA announced the launch of 21 new cannabis products that will be distributed in Canada among 4 provinces, Quebec, Ontario, Alberta, and Saskatchewan.
The global cannabis market has been segmented based on type, application, and region:
Cannabis Market Segment by Type:FlowerConcentrates
Cannabis Market Segment by Application:MedicalRecreational
Cannabis Market Segment by Region:North America (USA, Canada, Mexico)Europe (Germany, France, UK, Italy, Russia, Rest of Europe)Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)South America (Brazil, Argentina, Columbia, Rest of South America)Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
Key Reasons to Purchase:Estimates 2022 to 2028 cannabis market current market trends and development trendsMarket dynamics along with growth opportunities of the market in the years to comeMarket segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspectsRegional and country level analysis integrating the demand and supply forces that are influencing the growth of the cannabis marketCompetitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five yearsComprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market playersBrief about impact of COVID-19 on the global cannabis market
Key Questions Addressed:What revenue CAGR is the global market expected to register during the forecast period?Which key players are leading in the global cannabis market?What is the expected market size of the global cannabis market between 2022 and 2028?What factors are expected to open new growth avenues and opportunities for existing and emerging market players?What are some of the key challenges that the global market is expected to face during the forecast period?Which region is expected to account for largest revenue share over the forecast period?
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Tags: Cannabis Market Size, Cannabis Market, Cannabis Market Share
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