The globally cannabis market revenue was estimated to be worth USD 43.72 billion in 2022. It is anticipated to increase at a compound annual growth rate (CAGR) of 34.03% from USD 57.18 billion in 2023 to USD 444.34 billion by 2030. This expansion is primarily driven by the growing recognition of cannabis's therapeutic uses and verifiable medical benefits.
Fortune Business InsightsTM provided this data in their report "Cannabis Market, 2023-2030."
Because of its established therapeutic and medical benefits as well as its recorded social and spiritual applications, cannabis, a genus of flowering plants, has been used for thousands of years. Nowadays, it is common practice to crossbreed the three main species—Cannabis sativa, Cannabis indica, and Cannabis ruderalis—to create hybrids that combine characteristics from several species.
The legalization of marijuana is becoming more and more popular worldwide as its therapeutic and medical benefits are becoming more widely acknowledged. Cannabis is the most widely grown, trafficked, and used drug in the world, according to the United Nations Office on Drugs and Crime (UNODC). Thailand decriminalized the production, sale, marketing, and use of all components of the cannabis plant in June 2022, emphasizing its medicinal properties and promoting the plant's economic growth by establishing hemp and cannabis as lucrative 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 Gain Notable Traction Impelled by Growing Consumption
By kind, the market is divided into concentrates and flowers/buds. Due to the rising demand for this product worldwide, the flowers and buds segment is predicted to grow significantly over the course of the study period.
Recreational Marijuana Segment to Register Lucrative Growth Propelled by Mind-Altering Effect
The market is separated into groups for industrial, recreational, and medical hemp according on application. Due to the continued trends of marijuana legalization and decriminalization, the recreational segment is expected to rise significantly throughout the forecast period.
THC-dominant Segment to Record Appreciable Surge Owing to Strong Demand from Consumers
The market is divided into divisions that are balanced between THC and CBD, THC-dominant, and CBD-dominant. The growing use of the product for recreational purposes is anticipated to fuel the THC-dominant segment's notable growth throughout the projected period.
The market has been examined geographically in North America, Asia Pacific, Europe, and other regions.
Report Coverage:
Throughout the projected period, the study provides a thorough examination of the major trends influencing the global business landscape. It also identifies the key elements propelling the expansion of the industry at this period. The research also describes the strategic actions that top market participants have done to strengthen their positions in the market.
Drivers and Restraints:
Escalation in Market Value Driven by Rising Availability of Hemp-infused Edibles
The growing availability of consumables laced with hemp is one of the main factors propelling the cannabis market's expansion. Improvements in packaging and a rise in invention also contribute to the industry's growth. However, using marijuana for medical reasons can have negative effects like cognitive impairment, which could impede market expansion.
Regional Insights:
North America to Lead Impelled by Soaring Usage of Marijuana-infused Products
The market share of cannabis in North America is anticipated to expand significantly throughout the study period due to the growing popularity of goods infused with marijuana. In the meantime, it is projected that the European market will develop significantly over the course of the forecast period due to progressive laws and an increase in the use of medicinal marijuana.
Competitive Landscape:
Leading Companies Forge Partnerships to Strengthen Market Footing
Important market participants are using a range of tactics to solidify their positions within the sector. These tactics consist commercial acquisitions, merger agreements, and the launch of new goods. Furthermore, there's a rise in research projects and more people attending trade shows.
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Key Industry Development:
February 2023 – MedReleaf Australia and Canadian company Aurora Cannabis Inc. announced the launch of CraftPlant, a new medical cannabis brand, for Australian patients. HiVolt, Navana, and Greendae are the three new products under the brand that doctors can prescribe.
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