The global cannabis market size was valued at USD 43.72 billion in 2022. The market is anticipated to expand from USD 57.18 billion in 2023 to USD 444.34 billion by 2030, exhibiting a CAGR of 34.03% over the forecast period. The surge is driven by the increasing recognition of the product considering its therapeutic applications and legitimate medicinal benefits.
Fortune Business Insights™ provides this information in its research report, titled “Cannabis Market, 2023-2030”.
Cannabis, a genus of flowering plants, has been used for thousands of years due to its recognized therapeutic and medicinal properties. Its social and spiritual uses are also well-documented. The three main species—Cannabis sativa, Cannabis indica, and Cannabis ruderalis—are often crossbred today to create hybrids that combine characteristics of multiple species.
Globally, the push for marijuana legalization is gaining momentum, driven by growing acknowledgment of its potential medicinal and therapeutic benefits. According to the United Nations Office on Drugs and Crime (UNODC), cannabis is the most cultivated, trafficked, and consumed drug worldwide. In June 2022, Thailand decriminalized the cultivation, distribution, marketing, and consumption of all parts of the cannabis plant, emphasizing its medical benefits and boosting the country's economy by positioning cannabis and hemp as cash crops.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219
Segmentation:
Flowers/Buds Segment to Gain Notable Traction Impelled by Growing Consumption
On the basis of type, the market is fragmented into flowers/buds and concentrates. The flowers/buds segment is poised to record lucrative growth throughout the study period. The rise is driven by the surging consumption of the product across the globe.
Recreational Marijuana Segment to Register Lucrative Growth Propelled by Mind-Altering Effect
By application, the market is subdivided into medical, recreational, and industrial hemp. The recreational segment is slated to depict substantial expansion over the projected period. The surge is propelled by the trend of marijuana decriminalization and legalization.
THC-dominant Segment to Record Appreciable Surge Owing to Strong Demand from Consumers
Based on component, the market is segmented into THC-dominant, CBD-dominant, and balanced THC and CBD. The THC-dominant segment is set to register considerable growth over the estimated period. The expansion is driven by the rising usage of the product for recreational activities.
Based on geography, the market has been studied across North America, Asia Pacific, Europe, and the rest of the world.
Report Coverage:
The report provides an in-depth analysis of the key trends impelling the global business scenario throughout the forecast period. It further gives an insight into the major factors boosting industry expansion over the estimated period. Additional aspects of the report include an account of the pivotal steps undertaken by leading market players for strengthening the positions of their businesses.
Drivers and Restraints:
Escalation in Market Value Driven by Rising Availability of Hemp-infused Edibles
One of the vital factors driving the cannabis market growth is the rising availability of hemp-infused edibles. The industry expansion is further propelled by surging innovation and packaging-related modifications. However, the use of marijuana as a medicine has side effects such as cognitive impairment. This may restrain the market expansion to some extent.
Regional Insights:
North America to Lead Impelled by Soaring Usage of Marijuana-infused Products
The surging deployment of marijuana-infused products is expected to drive North America cannabis market share. The region is touted to exhibit commendable expansion over the study period. The Europe market is estimated to register substantial growth over the forecast period. The rise is driven by progressive legislation and the rising usage of medical marijuana.
Competitive Landscape:
Leading Companies Forge Partnerships to Strengthen Market Footing
Major market participants are formulating and adopting a series of initiatives for strengthening their industry positions. These include merger agreements, acquisitions, and the launch of new products. Additional factors comprise an escalation in research initiatives and growing participation in trade conferences.
Key Industry Development:
February 2023 – Canadian firm Aurora Cannabis Inc., and MedReleaf Australia announced the rollout of a new medical cannabis brand CraftPlant for patients in the Australian market. The brand constitutes three new products for doctors for prescription – HiVolt, Navana, and Greendae.
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)
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