The global cannabis market revenue was valued at USD 43.72 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 34.03%, reaching USD 57.18 billion in 2023 and USD 444.34 billion by 2030. This remarkable growth is primarily attributed to the increasing recognition of cannabis's therapeutic applications and proven medical benefits.
These insights are highlighted in Fortune Business Insights™'s report, "Cannabis Market, 2023-2030."
Cannabis, a genus of flowering plants with well-documented therapeutic, medical, social, and spiritual uses, has been utilized for thousands of years. Modern cultivation often involves crossbreeding the three primary species—Cannabis sativa, Cannabis indica, and Cannabis ruderalis—to create hybrids with desirable traits from multiple species.
The global push for marijuana legalization continues to gain traction as its medical and therapeutic benefits become increasingly recognized. According to the United Nations Office on Drugs and Crime (UNODC), cannabis remains the most cultivated, trafficked, and widely used drug worldwide. Notably, in June 2022, Thailand decriminalized the production, sale, marketing, and use of all parts of the cannabis plant. This move not only highlights its medicinal value but also supports economic growth by promoting cannabis and hemp as profitable cash crops.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219
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)
Segmentation:
Flowers/Buds Segment to Witness Significant Growth Driven by Rising Demand
The market is categorized by type into concentrates and flowers/buds. The flowers/buds segment is anticipated to experience substantial growth during the study period, fueled by increasing global demand for these products.
Recreational Marijuana Segment to Experience Lucrative Growth Due to Legalization Trends
Based on application, the market is segmented into industrial, recreational, and medical hemp. The recreational segment is projected to register significant growth over the forecast period, supported by the ongoing legalization and decriminalization of marijuana in various regions.
THC-Dominant Segment to See Robust Expansion from High Consumer Demand
The market is further divided into THC-dominant, CBD-dominant, and balanced THC-CBD categories. The THC-dominant segment is expected to record notable growth, driven by the strong consumer preference for its recreational uses.
Regional Analysis Highlights Growth Opportunities
The market has been analyzed across key regions, including North America, Asia Pacific, Europe, and others, to identify growth opportunities and regional dynamics.
Report Coverage:
The study offers a comprehensive analysis of the major trends shaping the global business landscape throughout the forecast period. It highlights the key factors driving industry growth during this time and details the strategic initiatives undertaken by leading market players to enhance their market positions.
Drivers and Restraints:
Escalation in Market Value Driven by Rising Availability of Hemp-infused Edibles
The increasing availability of hemp-infused consumables is a key driver of the cannabis market's growth. Innovations in product development and advancements in packaging further contribute to the industry's expansion. However, the use of marijuana for medical purposes may have adverse effects, such as cognitive impairment, which could pose challenges to market growth.
Regional Insights:
North America to Lead Impelled by Soaring Usage of Marijuana-infused Products
North America's cannabis market share is expected to grow substantially during the study period, driven by the rising demand for marijuana-infused products. Meanwhile, the European market is projected to experience significant growth over the forecast period, fueled by progressive legislation and the increasing adoption of medicinal marijuana.
Competitive Landscape:
Leading Companies Forge Partnerships to Strengthen Market Footing
Key market players are employing various strategies to strengthen their positions in the industry. These include commercial acquisitions, merger agreements, and the introduction of new products. Additionally, there has been an increase in research initiatives and participation in trade shows, further driving industry engagement and innovation.
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Key Industry Development:
February 2023 – MedReleaf Australia, in collaboration with Canadian company Aurora Cannabis Inc., has introduced CraftPlant, a new medical cannabis brand tailored for Australian patients. The brand features three new products—HiVolt, Navana, and Greendae—that are available for doctors to prescribe.
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