The global cannabis market revenue was valued at USD 43.72 billion in 2022 and is expected to expand from USD 57.18 billion in 2023 to USD 444.34 billion by 2030, reflecting a CAGR of 34.03% over the forecast period. North America led the cannabis market in 2022, holding an 81.79% market share. Additionally, the U.S. cannabis market is anticipated to witness substantial growth, reaching an estimated USD 428.22 billion by 2032, fueled by the increasing legalization of medical and recreational cannabis across various states.
Cannabis, a genus of flowering plants, has been used for thousands of years due to its recognized therapeutic and medicinal benefits. Its social and spiritual applications are also well-documented. The three primary species—C. sativa, indica, and ruderalis—serve as the foundation for most hybrid varieties cultivated today, combining traits from two or more of these dominant species.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219
COVID-19 Impact:
Industry Growth Accelerated by Rising Consumption of Medical and In-house Marijuana
During the COVID-19 pandemic, the demand for medical marijuana remained steady. Numerous states classified medical marijuana dispensaries as essential businesses. In the U.S., some states allowed recreational stores and dispensaries to operate despite stay-at-home directives. The recognition of marijuana as essential for both medicinal and recreational use in various regions contributed to the industry's growth during the pandemic.
Segmentation:
Flowers/Buds Segment to Witness Significant Growth Due to Increasing Consumption
By type, the market is categorized into flowers/buds and concentrates. The flowers/buds segment is expected to experience strong growth over the forecast period, driven by rising global consumption.
Recreational Marijuana Segment to See Strong Growth Due to Psychoactive Effects
In terms of application, the market is divided into medical, recreational, and industrial hemp. The recreational segment is projected to expand substantially throughout the forecast timeline, fueled by growing trends in marijuana legalization and decriminalization.
THC-dominant Segment to Experience Substantial Growth Driven by High Consumer Demand
The market, based on component, is segmented into THC-dominant, CBD-dominant, and balanced THC and CBD. The THC-dominant category is forecasted to grow significantly over the estimated timeframe, supported by increased recreational use.
Geographically, the market is analyzed across North America, Asia Pacific, Europe, and the rest of the world.
Report Coverage:
The report delivers a comprehensive analysis of key trends shaping the global market landscape throughout the forecast period. It also outlines major factors contributing to industry growth during the projected period. Additionally, the report highlights strategic initiatives taken by leading players to reinforce their market presence.
Drivers and Restraints:
Market Growth Enhanced by Expanding Range of Hemp-infused Edibles
A key driver of cannabis market growth is the expanding availability of hemp-infused edible products. Industry development is further supported by innovation and advancements in packaging. However, potential side effects of medical marijuana, including cognitive impairment, could act as a limiting factor for market growth.
Regional Insights:
North America to Dominate Market Fueled by Increased Adoption of Marijuana-based Products
The increasing use of marijuana-infused products is expected to bolster North America's market share, positioning it for significant growth throughout the forecast period. Europe is also set to see notable growth, driven by favorable legislation and expanding medical marijuana usage.
Competitive Landscape:
Top Companies Pursue Partnerships to Enhance Market Position
Key industry players are implementing strategic actions such as partnerships, acquisitions, and product launches to strengthen their competitive standing. These efforts are supplemented by heightened research activities and increased involvement in industry events.
List of Key Players Featured in the Report:
- Aurora Cannabis Inc. (Canada)
- Tilray, 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)
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Key Industry Development:
February 2023 – Aurora Cannabis Inc. of Canada, in collaboration with MedReleaf Australia, introduced a new medical cannabis brand, CraftPlant, for the Australian market. The brand features three products for physician prescription—HiVolt, Navana, and Greendae.
