Global Cannabis Market Size, Share, Growth Analysis, By Application(Medical, recreational), By Product Type(Concentrates, Flower), By Compound(THC-dominant, CBD-dominant) - Industry Forecast 2022-2028

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.

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.

Cannabis Market Driver

• 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.
• Medical use of cannabis is another key driver of demand. Cannabinoids have been shown to be effective in treating a number of conditions, including pain, inflammation, anxiety, and seizure disorders. As more people learn about the potential medical benefits of cannabis, demand for the drug increases.
• Growing popularity of cannabis culture is also driving demand for the drug. Cannabis culture encompasses everything from fashion and music to art and lifestyle choices. As more people identify with this culture, they are likely to seek out and use cannabis products.
• Decreasing stigma surrounding cannabis use is another factor driving demand for the cannabis market. In many parts of the world, attitudes towards cannabis are changing as people become better informed about its effects and potential uses. This change in attitude is leading to increased acceptance of cannabis use, which in turn drives up demand.
• Rise of the “cannabis lifestyle” – with brands like Whoopi & Maya, Lord Jones, Cannadorable, and Beboe – has helped normalize the use of cannabis among women, seniors, parents, and others.

Cannabis Market Restraint

• Many people still think of cannabis as a dangerous drug. This is hindering its acceptance as a legitimate form of medicine
• Another problem is that the legal status of cannabis varies from country to country. This makes it difficult for businesses to operate in some areas and can also lead to criminal activity

• Global cannabis market is growing at a CAGR of over 32% and is projected the keep the same pace until 2028, wherein, the United States and Canada are witnessing a strong demand from consumers. With such rapid growth, it's no surprise that there is intense competition within the industry.
• In order to be successful, companies need to understand the competitive landscape and develop strategies to stay ahead of their rivals. SkyQuest Technology can help you in understanding who your competitors are, what they're offering, how they're marketing themselves, and what their strengths and weaknesses are. It also involves keeping up with industry news and trends so you can anticipate changes and adapt quickly.

Cannabis Market Top Player's Company Profiles

• TerrAscend
• Canopy Growth Corporation
• MedMen
• Aurora Cannabis Inc
• Aphria Inc
• VIVO Cannabis Inc.
• The Cronos Group
• Terra Tech Corp.
• Medical Marijuana Inc.
• Terra Tech Corp.
• Tikun Olam
• STENOCARE
• Cresco Labs
• Curaleaf Holding Inc.
• Organigram Holdings Inc
• Indiva
• Green Thumb Industries
• HEXO Corp.
• Harvest Health & Recreation
• Ecofibre Limited
• Maricann Group Inc

Cannabis Market Recent Developments

• In July 2022, Veriheal announced to expand its operations to tap rapidly expanding cannabis market
• In July 2022, Alternative Wellness Health, Inc. launched a new product called Amethyst Beverage’s Orange Mango CBD Water
• In July 2022, Rodedawg International Industries, Inc. announced the acquisition of Tree Moguls, one of the key brands in the US cannabis market, specialized in premium cannabis
• Blessed CBD, a subsidiary of High Tide, started selling Hemp-derived CBD Products on Amazon UK

• 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.
• Cannabis is Becoming More Mainstream
• As awareness of cannabis spreads, more people are beginning to use it for medicinal purposes and as a recreational drug. This trend is likely to continue as more states decriminalize or legalize cannabis use. In addition, companies are developing new products and services for the cannabis market. For example, there are now CBD oil products available that do not contain THC.
• Cannabis Prices are Rising
• Prices for cannabis are on the rise, as demand continues to grow. This is likely due to growing restrictions on supply and increasing demand from both consumers and businesses. In addition, some producers are turning to exporting cannabis to other countries in order to profit from high prices there.

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.