USD 10.99 billion
Cannabis Market Size, Share, Growth Analysis, By Compound(THC-dominant, Balanced THC & CBD and CBD-dominant), By Application(Medical, Recreational and Others), By Product Type(Buds or Marijuana Flower and Cannabis Extracts), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2060 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
88
|Figures:
76
Cannabis Market Insights
Global Cannabis Market size was valued at USD 36.4 Billion in 2022 poised to grow from USD 42.6 Billion in 2023 to USD 148.4 Billion by 2031, growing at a CAGR of 16.9% in the forecast period (2024-2031).
Cannabis, commonly referred to as marijuana, is a kind of herbal medicine derived from a number of plants that belong to the Cannabis genus used for treatment of various illnesses and symptoms among them mental health problems, cancers and persistent pain. The cannabis plant contains two main cannabinoids that are usually medicinally extracted from it; they are tetrahydrocannabinol (THC) and cannabidiol (CBD). In addition to working on new laws that will legalize and regulate cannabis use, the FDA has implemented several rules. Investments from investors are rising due to the notable growth in the customer base of companies that produce and distribute cannabis and related products.
More study is being done on the medicinal uses of cannabis as well as the safest methods of use. This indicates it is expected the market will grow steadily over the next few years. The market is expected to expand mostly due to the growing number of countries that have legalized cannabis and the acceptance of its use in medicine. Cannabis is not frequently utilized as a first-line therapy, despite being used for centuries. Cannabis use as a medicine has provided significant alleviation from symptoms for people with chronic pain and nausea associated with chemotherapy.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Recreational
Fastest Growth
Recreational
Growth Rate
22.1% CAGR
Global Cannabis Market ($ Bn)
Country Share by North America (%)
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Cannabis Market Segmental Analysis
The Global Cannabis Market is segmented based on Compound, Application and Product Type. In terms of Compound, the market is trifurcated into THC-dominant, Balanced THC & CBD and CBD-dominant. Based on the Application, the market is grouped into Medical, Recreational and Others. In terms of Product Type, the market is divided into Buds or Marijuana Flower and Cannabis Extracts. Based on Region, the cannabis market is segmented into North America, Europe, Asia-Pacific, Central & South America and Middle East & Africa.
Analysis by Compound
As per categorization by top compound, the market is classified as THC-dominant, balanced THC & CBD and CBD-dominant. Among these, Balanced THC & CBD earned the largest share and continues to dominate the market. Products that contain an equal ratio of THC to CBD are transforming the global cannabis market by providing users with an easy-to-handle mixture of healing and soothing effects. With regard to their numerous applications, this weighing scale satisfies diverse customer wants like alleviating tension without causing a heavy high or curing some specific diseases. Consequently, it has achieved global recognition and is presently changing the course of the market.
CBD-dominant products are expected to drive the expansion of the global cannabis market due to their wide range of therapeutic applications that don't involve psychoactive effects. This trend is being accelerated by growing consumer desire for natural wellness solutions and legislative changes that support non-euphoric cannabis products, placing CBD as a major growth driver.
Analysis by Application
Innovations in recreational cannabis are revolutionizing the global industry by improving user experiences with a variety of products like edibles, vape pens, and concentrates. Its dominance is a result of growing legalization and consumer acceptability, which has increased demand for high-quality, diverse recreational options. Because it appeals to both novice and experienced users, this trend promotes market expansion.
The industry for medicinal cannabis is expected to grow quickly due to the growing body of research demonstrating its therapeutic effects, the rising acceptance of the drug by patients, and the changing laws. The medical cannabis market is expanding at the quickest rate in the world due to its ability to cure chronic diseases and provide alternative treatments.
Global Cannabis Market By Compound (%)
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Cannabis Market Regional Insights
In North America today, most of the global weed industry is controlled by them due to their logical regulations and suitable infrastructures. The principal actors here are represented by such two countries: the USA (with an extensive network of dispensaries) and Canada (which has rich legal systems). As a result, there has been a significant increase in consumption patterns as well as overall business expansion in the USA following legalization on state level for both health purposes and leisure use exclusively. Because the nationwide law in Canada has established a regime for processing and regulatory procedures, North America is outperforming other countries by using cutting-edge technologies that can produce, process and distribute cannabis. This will not only strengthen cannabis market share but also contribute to growth while positioning it to have a leading role in the global economy.
In the world, Europe is one of the cannabis industry region with the fastest rate of growth due to increased acceptance of medical cannabis and changes to regulations that are kept making them more lenient. In nations such as Germany, Netherlands and UK, there have been recent legalization initiatives which have created possibilities for market growth as well as stimulated extensive research and investments. The European Union is increasingly supporting medical cannabis to gain market traction and ensure product quality among its member states through uniform regulations. Alongside this, an innovation and clinical trial climate are reinvigorating Europe’s growing interest in cannabis as an ailment remedy positioning the continent for rapid uptake in global trade.
Global Cannabis Market By Geography
- Largest
- Fastest
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Cannabis Market Dynamics
Cannabis Market Drivers
An Increase in Technological Innovation and R&D Activity
- Technological innovation is being reorganized for the effective creation of cannabis-based goods, coinciding with the fast growth in cannabis consumption and cultivation in many nations throughout the world. Technology is increasingly playing a significant role in the development of cannabis as more nations look to legalize the drug for medical purposes.
Edibles with Cannabis Infusions have Higher Prospects for Market Expansion
- The need for further development has been further fueled by the robust expansion in cannabis demand around the world. Due to this necessity, several businesses have developed R&D that thoroughly examines various genetic modification techniques for cannabis. Creating low-dosage edible products for individuals seeking medical cannabis without the psychotropic effects is one of the major potentials for businesses.
Cannabis Market Restraints
Issues related to Excessive Cannabis Dosage Usage
- Long-term overdose negative effects include heart arrhythmia and mental health problems, while short-term side effects include anxiety or panic attacks. Ingesting too much cannabis at once can also result in short-term adverse effects, such as cannabis poisoning. Given their delayed onset of effects, there is a higher probability of inadvertently consuming a high dosage of these edibles, which could lead to an increased risk of overdosing.
Water usage is High while Growing Cannabis
- In most US states as well as other countries, cannabis is one of the main crops that require a lot of energy to cultivate. To maximize the output of indoor and outdoor plant growth, enormous amounts of light and water are needed, in addition to specialized climate-control equipment. Water diversion and pollution are caused by the enormous demand for water, which could harm the ecology. Additionally, soil erosion may be directly exacerbated by it.
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Cannabis Market Competitive Landscape
There are many different multinational corporations vying for market share in the fiercely competitive global cannabis market. The most well-known companies include Tilray, Aurora Cannabis, and Canopy Growth Corporation due to the innovative strategies they adopt in different sectors. There has been a great deal of progress in medical cannabis made by GW Pharmaceuticals and Curaleaf among others. The competitive atmosphere is propelled through product development and cultivation innovations as well as strategic partnerships and ongoing research.
Top Player’s in Cannabis Industry Company Profiles
- Maricann Inc. (Canada)
- Stenocare (Denmark)
- Canopy Growth Corporation (Canada)
- Ecofibre Limited (Australia)
- Green Thumb Industries (USA)
- Aurora Cannabis Inc. (Canada)
- MME, LLC. (USA)
- Curaleaf (USA)
- Harvest Health & Recreation, Inc. (USA)
- HEXO Corp. (Canada)
- Organigram Holdings Inc. (Canada)
- Cresco Labs (USA)
- Tilray (Canada)
- INDIVA (Canada)
- Medical Marijuana Inc. (USA)
Recent Developments in Cannabis Industry
- In June 2024, Canopy Growth Corporation announced a major partnership with Constellation Brands to spearhead product development in the marijuana sector. This partnership aims at developing new cannabis-infused beverages and increasing their customer base through leveraging Canopy’s cutting-edge products and Constellation’s skills in beverage manufacturing.
- In July 2024, Cansativa, a German cannabis distributor, is now owned in large part by Tilray. Due to the significant acquisition, which aims at increasing its distribution network as well as enhancing its footprint in Germany, Tilray’s overall hold on European medical cannabis markets is expected to be further consolidated.
- In August 2024, Curaleaf launched CBD wellness products. The new range is aimed specifically at wellness and health consumers. Curaleaf’s broadening of its products and the increasing requests from customers for CBD-based cures have contributed to the appearance of an extended product line which includes tinctures, topicals and regular edible forms of them.
Cannabis Key Market Trends
Surge in Demand for Cannabis-Infused Beverages:
- In the global Cannabis market one of the most notable trends is acceptance of cannabis infused beverages. This market’s innovation is fueled by consumers’ increasing need for these products which serve as alternatives to traditional smoking or edibles. As a response to this rising demand, big companies have invested in producing a wide range of drinks that contain cannabis.
Expansion of Medical Cannabis Programs:
- Global medical cannabis program expansion is another noteworthy trend. As more and more research demonstrate the therapeutic benefits of cannabis, more nations in Europe, Asia, and Latin America are legalizing the drug for medical use. More chances for market expansion are being created by this expansion, especially in regions with developing regulatory frameworks.
Cannabis Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the international cannabis market is experiencing fluctuating growth, resulting from changing consumer tastes, growing legalization as well as mass investments in research and development. Cannabis has transformed from being an ancient form of medicine into a contemporary mode of treatment for diverse ailments such as persistent pain and psychological disorders. pain.
Good prospects can be seen on the market, with continuous advancements in drugs that are based on cannabis, growing legal frameworks and increasing acceptability among consumers. This kind of growth is particularly visible in North America and Europe where rapid growth is being driven by market demands and changing regulations. The potential diversity of the market is also underscored by its division according to chemicals, purpose or region.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 36.4 Billion |
| Market size value in 2031 | USD 148.4 Billion |
| Growth Rate | 16.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cannabis Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cannabis Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cannabis Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cannabis Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cannabis Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cannabis Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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