Global Cannabis Market to Witness Growth Acceleration by 2024-2032

Cannabis Market Size And Forecast

Cannabis Market size was valued at USD 21.32 Billion in 2021 and is projected to reach USD 226.09 Billion by 2030, growing at a CAGR of 30.00% from 2023 to 2030.

Increase in the legalization of cannabis fuels the growth of the Cannabis Market. Increasing awareness regarding the medical characteristics of marijuana in epilepsy, Alzheimer’s disease, arthritis, anorexia, chronic pain, and other medical conditions driving the market growth. Numerous emerging cannabis startups are exploring the R&D, testing, and manufacturing of cannabis anticipating the growth of the Cannabis Market. The Global Cannabis Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Cannabis Market Definition

Cannabis is a taxonomic term that refers to a genus of flowering plants in the Cannabaceae family, which includes about 170 plant species. The three most common cannabis species are Cannabis Indica, Cannabis Sativa, and Cannabis Ruderalis. Cannabis sativa L. is the scientific name for hemp, which is a form of cannabis. Hemp’s intoxicating cousin is marijuana. Hemp and marijuana are both members that belong to the same species.

Hemp is classified as a cannabis plant with 0.3 percent tetrahydrocannabinol (THC) or less, whereas marijuana is described as a cannabis plant with more than 0.3 percent THC. cannabidiol (CBD) may be extracted from hemp and marijuana plants, respectively. Cannabis can be eaten or smoked. Cannabis consumption creates a slight sense of euphoria. In several regions of the world, as well as many states in the United States, recreational cannabis use is illegal.

The plant has been discovered to be effective in medicine, particularly as a treatment for glaucoma and disease-related loss of appetite and wasting, which is common in cancer, AIDS, and other disorders. The majority of cannabis grown now is a hybrid that combines traits from two or more of these main species. Legal cultivators and producers, customers, independent industrial standards agencies, ancillary products and services, regulators, and researchers are all part of the cannabis industry, which includes cannabis and its industrial derivative, hemp.

Global Cannabis Market Overview

Increase in the legalization of cannabis fuels the growth of the Cannabis Market. Cannabis legalization is frequently viewed in a dual perspective, with skepticism connected with the possibility of abuse. People can now use cannabis in a safe manner while also benefiting from its medical properties, owing to its legalization. As a result, numerous countries around the world are gradually legalizing the use of cannabis. While most countries across the world have still yet to legalize cannabis for recreational use, attitudes toward its use and sale have been more relaxed over time.

As a result, cannabis has become increasingly popular in numerous places, propelling the overall Cannabis Market forward. Increasing awareness regarding the medical characteristics of marijuana, which can aid to cure disorders such as epilepsy, Alzheimer’s disease, arthritis, anorexia, chronic pain, and other medical conditions, is anticipated to fuel the growth of the market. Numerous emerging cannabis startups are exploring R&D, testing, and manufacturing anticipated to the growth of the Cannabis Market.

However, the complex regulatory structure for the use of cannabis is one of the major factors restraining the market’s growth. Companies that sell cannabis and cannabis-infused goods must follow varied regulatory rules all over the world. Manufacturers and stakeholders may find it difficult to comply with the tight regulatory requirements governing the manufacturing and sale of cannabis in different nations. Furthermore, because the laws governing the use of cannabis differ from country to country, the worldwide market’s growth is hampered even further.

Furthermore, the legalization of cannabis in the Asia Pacific could provide a lucrative growth opportunity for the Cannabis Market. China, which is already a big market for industrial hemp, is anticipated to become a major market for industrial cannabis in the coming years. Many significant participants in the cannabis sector are waiting for legislative changes in the Asia Pacific area, which they believe would open up huge opportunities for the industry. Several countries in the region might be low-cost cannabis producers with large production capacities.

Global Cannabis Market Segmentation Analysis

The Global Cannabis Market is segmented on the basis of Product, Compound-Type, Application, And Geography.

Cannabis Market, By Product

• Flower
• Concentrates
• Others

Based on Product, The market is segmented into Flower, Concentrates, and Others. Concentrates are the market’s fastest-growing segment. This segment’s rapid growth can be attributed to its ease of use and diversity in delivery methods. Dabbing, ingestible oils, and tinctures are all options for these concentrations. They also provide a smoother and cleaner hit than the flower.

Cannabis Market, By Compound-Type

• Tetrahydrocannabinol (THC)
• Cannabidiol (CBD)
• Balanced THC & CBD

Based on Compound-Type, The market is segmented into Tetrahydrocannabinol (THC), Cannabidiol (CBD), and Balanced THC and CBD. The THC-dominant segment will be the market’s fastest-growing segment. Owing to the medical benefits of THC-dominant products are thought to be driving this segment’s rise. These are considered to be especially effective in treating nausea, lack of appetite, and insomnia.

Cannabis Market, By Application

• Medical
• Recreational

Based on Application, The market is segmented into Medical and Recreational. Owing to the increasing demand and use of cannabis for recreational purposes, the recreational segment dominated the market. As a result, the legalization of recreational applications has enormous market potential.

Cannabis Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, The Global Cannabis Market is classified into North America, Europe, Asia Pacific, and Rest of the world. During the forecast period, North America emerged as the leading region in 2021 Owing to the growing legalization of cannabis for medical and recreational purposes in North America, the area dominates the global industry. In addition, as consumers become more aware of the medicinal benefits of cannabis, the medical application of cannabis is growing rapidly.

Key Players

The “Global Cannabis Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Aurora Cannabis Inc., Aphria Inc., Canopy Growth Corporation, Chronos Group Inc., Vivo Cannabis Inc., Terra Tech Corp., Medmen, Stenocare, Tikun Olam, and Medical Marijuana, Inc.

Our market analysis includes a section specifically devoted to such large firms, where our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. Key development strategies, market share analysis, and market positioning analysis of the aforementioned competitors internationally are also included in the competitive landscape section.

Key Developments

• April 2019, Aphira introduced its first ever CBD-based nutraceutical, in addition to the CBD-based cosmetics line especially for the German market. The expansion of enterprises into new categories with innovative cannabis products is expected to boost the value of their stock.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

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