According to the current analysis of Reports and Data, the global Cannabis market was valued at USD 25.85 Billion in 2021 and expected to reach USD 216.8 Billion by the year 2030, at a CAGR of 26.7%. Cannabis is mostly consumed for its relaxing and calming effects. In some U.S states, it’s also suggested to help with a range of medical conditions, including chronic pain, glaucoma, and poor appetite. The primary ingredient of cannabis, which is CBD, a non-psychoactive cannabinoid, and often used to help reduce inflammation and ease the pain. It also helps to cure nausea, migraines, seizures, and anxiety. But even after legalization of these products in Canada, the sales were adversely affected in Canada as the licensing process is time-consuming and tedious in nature, as to acquire a marijuana cultivation permit, the producers are required to produce two full crops, get them tested, receive a sale audit which takes another year of the producer.
There has been a lot of advancement happening in the industry by various key market players to increase market penetration, such as, In May 2018, Aurora Cannabis acquired Med Releaf. The agreement brings together two of Canada’s premier marijuana companies with fully-aligned strategic visions. The company will come together and create a powerful platform for accelerated growth on a global scale. Aurora and Med Releaf teams consider the acquisition to be a vital successful deal in the marijuana industry; low production costs and industry-leading yields can be expected out of this agreement as Aurora’s programmed greenhouses are anticipated to provide industry-leading efficiency and low production costs, delivering sustainably robust margins.
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- Key participants include:
- Canopy Growth Corporation (Canada),
- Aurora Cannabis Inc. (Canada),
- Tikun Olam (Israel),
- Cannabis Science Inc. (US),
- Aphria Inc. (Canada),
- Maricann Group Inc. (Canada),
- Tilray Inc. (Canada),
- VIVO Cannabis Inc. (Canada),
- Medical Marijuana, Inc. (US),
- STENOCARE (Denmark),
- Cronos Group Inc. (Canada),
- Terra Tech Corp. (US),
- Med Men (US).
Increasing investments in research and development activities, rising disposable income and, increasing adoption of organic food and plantbased products are other factors fueling growth of global Cannabis market. North America is expected to account for largest revenue share between 2021 and 2028 owing to factors such as increasing adoption veganism, rising preference for probiotic drinks and healthy drinks, high consumption of packaged food and bottled water.
Based on applications, the application 2 segment is expected to register rapid revenue growth over the forecast period owing to rising demand for packaged food, and high preference for take away and home delivery options.
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In addition, increasing funds for research and development activities and increasing focus on developing sustainable and eco-friendly products to fulfill consumer demand supporting market growth.
Market segmentation:
Product Type (Revenue, USD Million; 2029–2030)
- Flower
- Concentrates
- Others
Compound (Revenue, USD Million; 2029–2030)
- Tetrahydrocannabinol
- Cannabidiol (CBD)
- Balanced THC & CBD
Application (Revenue, USD Million; 2029–2030)
- Medical
- Pain Management
- Neurological Health Management
- Mental Health Management
- Others
- Recreational
Regional Analysis covers:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- K.
- Rest of EU
- Asia Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- A.E
Key questions addressed in the Report:
- Which key players are operating in the global Cannabis market?
- Which key factors are expected to hamper global market revenue growth?
- What market size is the global Cannabis market expected to reach throughout the forecast period?
- Which application segment revenue is expected to expand at a rapid CAGR between 2021 and 2028?
- Which region is expected to account for robust revenue share throughout the forecast period?
- Which regional segment is expected to register fastest revenue CAGR throughout the forecast period?
- What revenue CGAR is the global Cannabis market expected to register during the forecast period?
- What are the key outcomes of Porter’s Five Force analysis of the Cannabis market?
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