Cannabis Market

Market Definition

The global Cannabis Market size was valued at USD 46.46 billion in 2023 and is predicted to reach USD 203.27 billion by 2030 with a CAGR of 27.88% from 2024-2030. Cannabis, also known as marijuana or weed, is a plant that is used for various purposes, including medicinal and recreational. It contains chemical compounds called cannabinoids, including THC (tetrahydrocannabinol) and CBD (cannabidiol), which have different effects on the body.

Cannabis can be used recreationally for its psychoactive properties, and it can be used medicinally for potential therapeutic benefits such as pain relief, relaxation, and reducing symptoms of certain medical conditions. Additionally, cannabis offers versatility in consumption methods, such as edibles and topicals, catering to individual preferences.

Market Dynamics and Trends

The growing popularity of cannabis in healthcare industries driven by the increasing legalization of cannabis for medicinal and recreational purposes is driving the growth of the cannabis market. For instance, in February 2023, Aurora Cannabis and MedReleaf Australia collaborated to launch a new medical cannabis brand called CraftPlant, aiming to provide high-quality cannabis products to patients in Australia. The collaboration was aimed towards the growing interest and investment in the medical cannabis market, as companies strive to meet the increasing demand for therapeutic cannabis products worldwide.

Moreover, the global legalization of cannabis, driven by its recognized health benefits, such as its efficacy in treating conditions such as insomnia, chronic pain, and hyperemesis, is anticipated to boost the growth of the cannabis market significantly. As more countries embrace the medicinal and therapeutic potential of cannabis, the market is expected to expand further, catering to a broader spectrum of consumers seeking relief from various health issues. This evolving regulatory landscape and growing acceptance of cannabis as a medical solution are pivotal factors fueling the market's growth.

However, there is a lack of awareness about cannabis and its effects among the general public as well as a negative perception of some people about the association of cannabis or marijuana. These factors are expected to restrain the growth of the market during the forecast period. On the contrary, the introduction of cutting-edge cultivation techniques including vertical farming, precision agriculture, and hydroponic methods to optimize space usage, revamp cultivation processes, and introduce soil-less, water-based approaches for nurturing cannabis plant, revolutionize the way cannabis is cultivated, is expected to create ample growth prospects for the market in the foreseeable future.

Market Segmentations and Scope of the Study

The cannabis market share is segmented based on type, source, derivative, application, end user, and region. Based on type, the market is divided into buds/marijuana flower and cannabis extracts. On the basis of source, the market is segmented into marijuana and hemp. Based on derivatives, the market is classified into cannabidiol (CBD) and tetrahydrocannabinol (THC).

Based on application, the market is divided into chronic pain, mental disorders, cancer, and others. On the basis of end-users, the market is segmented into medical, recreational, and industrial. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and the rest of the world (RoW).

Geographical Analysis

North America holds the dominant share of the cannabis market and is expected to continue its dominance during the forecast period. This is attributed to the rising legalization and regulations of cannabis for medicinal and recreational purposes by the government in this region. For instance, in January 2021, the General Health Law of Mexico announced regulations for the production, investigation, and medicinal use of cannabis and its pharmacological derivatives published in the Federal Official Gazette. The regulation states to regulate, control, promote, and monitor the raw materials, pharmacological derivatives, and medicines that are derived from cannabis used for production, research, manufacturing, and medical purposes.

Also, the presence of major key players such as Molson Coors, Aurora Cannabis Inc., and Canopy Growth Corporation, which are adopting various strategies including product launches boosts the market growth in this region. For instance, in January 2021, Molson Coors launched Veryvell, a CBD beverage line with sparkling, nonalcoholic CBD drinks. Veryvell is a hemp-derived, adaptogenic, sparkling CBD water with no calories or sugar and is available in three flavors including grapefruit tarragon, strawberry hibiscus, and blueberry lavender.

Europe is expected to exhibit a steady rise in the cannabis market during the forecast period due to the increasing usage and consumption of cannabis-related products for medicinal purposes, along with the favorable government regulations & approvals for cannabis usage in the region.  For instance, in January 2022, France’s Ministry of Health announced a new cannabis regulatory framework for the sale and trading of hemp extracts. It provides an extension for authorizing the cultivation, import, export, and industrial & commercial use of hemp. 

Moreover, the expanding legalization and regulatory frameworks surrounding cannabis in various European countries, driven by the increased consumer acceptance which is creating a favorable business environment, is driving the growth of the cannabis beverages market. For instance, in March 2023, the German government announced the introduction of a bill to legalize the possession and sale of cannabis, joining a growing number of countries moving towards the legalization of cannabis in Europe. The proposed legislation aims to regulate and tax the cannabis market, allowing adults to possess and purchase cannabis for recreational use. 

Competitive Landscape

Various market players operating in the cannabis industry include Aurora Cannabis Inc., Tilary, Inc., Canopy Growth Corporation, CannTrust Holdings Inc., VIVO Cannabis Inc., Molson Coors, Jazz Pharmaceuticals, BOHECO, Green Dragon, ABcann Medicinals xd, and others. These market players are adopting various strategies such as product launch and collaboration to remain dominant in the cannabis market.

For instance, in March 2023, Green Dragon expanded its presence in Florida by adding six new medical cannabis dispensaries and launching a new line of flower products from their recently established cultivation facility. This expansion aims to provide enhanced access to medical cannabis for patients in Florida while offering a diverse range of high-quality cannabis products to meet their specific needs. 

Moreover, in February 2023, Aurora collaborated with MedReleaf Australia to launch a new medical cannabis brand called CraftPlant, aiming to provide patients in Australia with high-quality medical cannabis products. CraftPlant aims to focus on developing innovative formulations and expanding patient access to medical cannabis treatments while maintaining strict quality standards. Furthermore, in February 2023, BOHECO introduced India's first line of clinically trialed medical cannabis products. These products are aimed at providing alternative treatment options for patients, with a focus on safety, efficacy, and adherence to strict quality standards.

Key Benefits

• The report provides quantitative analysis and estimations of the cannabis market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the cannabis market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the cannabis market is provided in the report. 

• A competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porter's Five Forces model are elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the roles of stakeholders.

Cannabis Market Key Segments

By Type 

• Buds/Marijuana Flower 

• Cannabis Extracts

By Source 

• Marijuana

• Hemp

By Derivative 

• Cannabidiol (CBD) 

• Tetrahydrocannabinol (THC)

By Application 

• Chronic Pain

• Mental Disorders

• Cancer

• Others

By End User 

• Medical

• Recreational

• Industrial

By Region

• North America    

  • The U.S.

  • Canada

  • Mexico

• Europe    

  • The U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific    

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World (RoW)    

  • Latin America

  • Middle East

  • Africa   

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 46.46 Billion
Revenue Forecast in 2030	USD 203.27 Billion
Growth Rate	CAGR of 27.88% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Growing utilization in healthcare sector Legalization in numerous countries
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• Aurora Cannabis Inc.

• Tilary Inc.

• Canopy Growth Corporation

• CannTrust Holdings Inc.

• VIVO Cannabis Inc.

• Molson Coors

• Jazz Pharmaceuticals

• BOHECO

• Green Dragon

• ABcann Medicinals Inc.