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).

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.

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

Q: 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.'.

Report ID: SQMIG35I2060 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 88 | Figures: 76

Global Cannabis Market News

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 Market Report Snapshots

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FAQs

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).

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. '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.'

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.

Cannabis is Becoming More Mainstream

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.

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