USD 28.06 billion
Report ID: SQMIG35I2060 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 88 | Figures: 77
Cannabis Market was valued at USD 28.06 billion in 2021 and is projected to attain a market size of USD 197.75 billion by 2028 at a CAGR of 32.04% during the forecast period (2022-2028).
The cannabis market is growing rapidly, with increasing adoption and demand for the plant. This is evident from the number of businesses that are now involved in this industry, as well as the increasing number of people who are using cannabis.
Some of the reasons for this are that cannabis is becoming more accepted by society as a whole, and there are now more ways to use it than ever before. This includes both recreational and medicinal uses. There are also a lot of new products being developed for the cannabis market, which means that there is a lot of choice for consumers.
In terms of the legalization of cannabis, this is still a relatively new phenomenon. However, there are now many countries around the world where it is legal to use cannabis, including some US states. This has led to increased demand for this product, and it is likely that this trend will continue.
US Cannabis Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 28.06 billion
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For better understanding, we have segmented the global cannabis market by application, product type, compound, and region. By application, the market is bifurcated into medical and recreational. By product type, the market is categorized into flowers and concentrates. By Compound, the cannabis market is classified into THC-dominant, CBD-dominant, and Balanced THC & CBD. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Cannabis Market Analysis by Application
By Application, recreational segment is dominating the global cannabis market. Cannabis is in high demand for recreational activities because they offer a unique and enjoyable experience that can't be found with other drugs. Cannabis have been shown to provide relief from anxiety and stress, as well as improve mood and increase creativity. They also offer a sense of euphoria and relaxation that is perfect for unwinding after a long day. Because of these reasons, cannabis is often used to enhance social gatherings and make them more enjoyable. In addition, cannabis can also help people sleep better and reduce pain levels.
Yes, cannabis is in high demand for recreational activities across global cannabis market. In fact, they are one of the most popular drugs used for recreation. Cannabis is usually smoked in cigarettes or pipes, but can also be eaten in food or brewed as a tea. The active ingredient in cannabis is THC, which is responsible for the drug's psychoactive effects. THC binds to cannabinoid receptors in the brain, which alters the user's perceptions, mood and behavior. Cannabis intoxication can cause relaxation, euphoria and impaired coordination and judgment. Short-term side effects of smoking cannabis include dry mouth, red eyes and increased appetite. Long-term side effects of smoking cannabis include risks to lung health, cognitive impairment and addiction.
Cannabis Market Analysis by Compound
The cannabis market is witnessing high demand as companies look to capitalize on the legalization of cannabis in several U.S. states. The market is expected to grow by over 32% annually through 2021. The legalization of cannabis has led to an increase in demand for products that contain THC, such as marijuana and CBD products.
Cannabis products are gaining popularity due to the various medical benefits they offer. These benefits include treatment of conditions such as anxiety, chronic pain, and sleep disorders. Moreover, cannabis products are also being used for recreational purposes. The market for recreational cannabis is expected to grow at CAGR of 35% annually throughout the forecast period.
Various companies in the global cannabis market are looking to capitalize on the growing demand for cannabis products. These companies include Tetra Bio-Pharma Inc., GW Pharmaceuticals PLC, and Insys Therapeutics Inc. Tetra Bio-Pharma is engaged in the development of novel cannabinoid therapies for the treatment of central nervous system diseases. GW Pharmaceuticals is focused on the development of novel cannabinoid therapies for the treatment of epilepsy and other neurological disorders. Insys Therapeutics is developing novel cannabinoid therapeutics for the treatment of opioid addiction and other medical conditions.
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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.
North America is the largest consumer in the global cannabis market due to legalization in most of the states, strong presence of providers, and huge demand from consumers in the US and Canada. The United States is the world's largest producer and consumer of legal marijuana. Canada is the eights largest producer and consumer globally. There are an estimated 25 million regular users in North America.
The majority of cannabis users in North America are between the ages of 18-39. The gender split is almost even, with slightly more men than women using cannabis. Caucasians make up the largest demographic group at around 55%, followed by Hispanics at 20%. African Americans make up around 15% of cannabis users in North America.
Cannabis use has been increasing steadily over the past few decades in North America cannabis market. The reasons for this increase are largely unknown, but some possible explanations include increased social acceptability, better availability, and improved strains/products. Cannabis use disorder (CUD) is a growing concern in North America as well, with an estimated 3-6% of users meeting diagnostic criteria for CUD.
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Cannabis Market Driver
Cannabis Market Restraint
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Cannabis Market Top Player's Company Profiles
Cannabis Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
As per cannabis market analysis by SkyQuest Technology, the current scenario of the cannabis industry is very promising. The industry is growing at a rapid pace and there are many new entrants in the market. This is resulting in increased competition and innovation. The future of the cannabis industry looks even more promising with more states legalizing cannabis and the increasing demand for medical and recreational cannabis products. The industry is expected to grow even further in the coming years and analyst believes that it will become one of the most important industries in the world.
|Market size value in 2021||USD 28.06 billion|
|Market size value in 2028||USD 197.75 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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.
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