What is the global market size of Cannabis Market?

Global Cannabis Market size was valued at USD 10.99 billion in 2021 and is poised to grow from USD 13.43 billion in 2022 to USD 66.35 billion by 2030, growing at a CAGR of 22.1% in the forecast period (2023-2030).

Who are the key vendors in the Global Cannabis Market?

Cannabis Market Top Player's Company Profiles 'TerrAscend', 'MedMen', 'Canopy Growth Corporation', 'Aurora Cannabis Inc.', 'Cronos Group Inc.', 'Tilray Inc.', 'GW Pharmaceuticals PLC', 'Aphria Inc.', 'HEXO Corp', 'Organigram Holdings Inc.', 'Village Farms International Inc.', 'Curaleaf Holdings Inc.', 'Trulieve Cannabis Corp.', 'Green Thumb Industries Inc.', 'CannTrust Holdings Inc.', 'The Green Organic Dutchman Holdings Ltd.', 'Charlotte's Web Holdings Inc.', 'Aleafia Health Inc.', 'Harvest Health & Recreation Inc.', 'Planet 13 Holdings Inc.'.

What is the key driver of Global Cannabis Market?

Increasing legalization of cannabis around the world is one of the main drivers of demand for the drug. More and more countries are decriminalizing or legalizing cannabis, making it more accessible to users.

What is the key market trend for Global Cannabis Market?

The cannabis market is constantly evolving, with new products and services being introduced. This report description provides a snapshot of some of the current trends in the cannabis market.

Which region accounted for the largest share in Global Cannabis Market?

Currently, North America is dominating the global cannabis market. The region is the largest consumer of cannabis for a variety of reasons. The legalization of cannabis in most states of the US has created a strong presence of providers, and the huge demand from consumers in the US and Canada has made North America the largest market for cannabis. In addition, the climate in North America is conducive to growing cannabis, and there is a large amount of land available for cultivation.

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 News

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 Market Report Snapshots

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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).

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. '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) '

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.

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.

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.

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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

Cannabis Market News

Cannabis Market Report Snapshots

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What is the global market size of Cannabis Market?

Who are the key vendors in the Cannabis Market?

What is the key driver of Cannabis Market?

What is the key market trend for Cannabis Market?

Which region accounted for the largest share in Cannabis Market?

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