In 2022, the global cannabis market was valued at USD 43.72 billion. It is projected to grow from USD 57.18 billion in 2023 to USD 444.34 billion by 2030, reflecting a compound annual growth rate (CAGR) of 34.03% during this period. This growth is largely fueled by the increasing acknowledgment of cannabis for its therapeutic applications and legitimate medicinal advantages.
This information is sourced from Fortune Business Insights™ in their report titled “Cannabis Market, 2023-2030.”
Cannabis, a genus of flowering plants, has been utilized for thousands of years due to its recognized medicinal and therapeutic properties, along with its documented social and spiritual uses. The three primary species—Cannabis sativa, Cannabis indica, and Cannabis ruderalis—are frequently crossbred today to produce hybrids that incorporate traits from multiple species.
Around the world, the movement toward marijuana legalization is gaining traction, driven by a growing recognition of its medicinal and therapeutic potential. According to the United Nations Office on Drugs and Crime (UNODC), cannabis is the most cultivated, trafficked, and consumed drug globally. In June 2022, Thailand decriminalized the cultivation, distribution, marketing, and consumption of all parts of the cannabis plant, highlighting its medical benefits and bolstering the economy by positioning cannabis and hemp as valuable cash crops.
Segmentation:
Flowers/Buds Segment to Gain Notable Traction Impelled by Growing Consumption
The market is categorized by type into flowers/buds and concentrates. The flowers/buds segment is expected to experience significant growth throughout the study period, fueled by the increasing global consumption of this product.
Recreational Marijuana Segment to Register Lucrative Growth Propelled by Mind-Altering Effect
The market is divided by application into medical, recreational, and industrial hemp segments. The recreational segment is anticipated to experience substantial growth during the projected period, driven by the ongoing trends of marijuana decriminalization and legalization.
THC-dominant Segment to Record Appreciable Surge Owing to Strong Demand from Consumers
The market is categorized by component into THC-dominant, CBD-dominant, and balanced THC and CBD segments. The THC-dominant segment is expected to see significant growth during the estimated period, driven by the increasing use of the product for recreational purposes.
Geographically, the market has been analyzed across North America, Asia Pacific, Europe, and the rest of the world.
Report Coverage:
The report offers a comprehensive analysis of the key trends shaping the global business landscape throughout the forecast period. It also highlights the major factors driving industry growth during this time. Additionally, the report details the strategic measures taken by leading market players to enhance their business positions.
Drivers and Restraints:
Escalation in Market Value Driven by Rising Availability of Hemp-infused Edibles
A key factor driving the growth of the cannabis market is the increasing availability of hemp-infused edibles. The industry's expansion is also supported by a surge in innovation and enhancements in packaging. However, the use of marijuana for medicinal purposes may lead to side effects such as cognitive impairment, which could somewhat hinder market growth.
Regional Insights:
North America to Lead Impelled by Soaring Usage of Marijuana-infused Products
The increasing adoption of marijuana-infused products is projected to boost the market share of cannabis in North America, which is expected to demonstrate significant growth during the study period. Meanwhile, the European market is anticipated to achieve substantial growth throughout the forecast period, driven by progressive legislation and the rising use of medical marijuana.
Competitive Landscape:
Leading Companies Forge Partnerships to Strengthen Market Footing
Key market players are implementing various strategies to strengthen their positions in the industry. These strategies include merger agreements, acquisitions, and the introduction of new products. Additionally, there is an increase in research initiatives and greater participation in trade conferences.
Key Industry Development:
February 2023 – Canadian firm Aurora Cannabis Inc., and MedReleaf Australia announced the rollout of a new medical cannabis brand CraftPlant for patients in the Australian market. The brand constitutes three new products for doctors for prescription – HiVolt, Navana, and Greendae.
List of Key Players Mentioned in the Report:
- Aurora Cannabis Inc. (Canada)
- Tilary, 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)
