USD 10.99 billion
Global Cannabis Market Size, Share, Growth Analysis, By Application(Medical, recreational), By Product Type(Concentrates, Flower), By Compound(THC-dominant, CBD-dominant) - Industry Forecast 2024-2031
Report ID:
SQMIG35I2060 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
88 |
Figures:
76
Global Cannabis Market Insights
Cannabis Market size was valued at USD 10.99 billion in 2019 and is poised to grow from USD 13.43 billion in 2023 to USD 66.35 billion by 2031, growing at a CAGR of 22.1% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Recreational
Fastest Growth
Recreational
Growth Rate
22.1% CAGR
Global Cannabis Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Cannabis Market Size By Application 2022-2028 ($ Bn)
Global Cannabis Market Size By Application 2022-2028 (%)
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Global Cannabis Market Segmental Analysis
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.
Global Cannabis Market By Application, 2021 (%), 2023 (%)
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Global Cannabis Market Regional Insights
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.
Global Cannabis Market By Geography, 2022-2028, 2024-2031
- Largest
- Fastest
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Global Cannabis Market Dynamics
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
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Global Cannabis Market Competitive Landscape
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
- 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.
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
Global Cannabis Key Market Trends
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.
Global Cannabis Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 10.99 billion |
| Market size value in 2031 | USD 66.35 billion |
| Growth Rate | 22.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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:-
|
| Historical Year | 2019 |
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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 Global 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 Global 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 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.
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 Global Cannabis Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
Global Cannabis Market Report Snapshots
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