The legal and regulated cultivation, production, distribution, and sale of cannabis products for medical, recreational, and industrial uses are referred to as the global cannabis market. Global efforts to decriminalize and legalize more substances have led to a sizable increase in the market. Medicinally, cannabis has shown benefits in controlling and reducing epileptic seizures, aiding individuals with post-traumatic stress disorder (PTSD), protecting the brain after a stroke, alleviating symptoms of rheumatoid arthritis, and reducing side effects of chemotherapy. These therapeutic effects make cannabis a promising option for various medical conditions.
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Data Bridge Market Research analyses that the Cannabis Market is valued at USD 25.40 billion in 2021 and is further estimated to reach USD 168.58 billion by 2029, and is expected to grow at a CAGR of 9% during the forecast period of 2022 to 2029. The legalization of cannabis for medical and/or recreational use in various countries and states is a significant driver. Regulatory changes create new legal markets, attracting investments and boosting industry growth.
Key Findings of the Study
Medical and therapeutic applications are expected to drive the market's growth rate
The medical and therapeutic applications of cannabis have garnered significant attention due to its potential to alleviate symptoms associated with various health conditions. Cannabis has the attributes of managing chronic pain, reducing seizures in epilepsy patients, relieving symptoms of multiple sclerosis, and mitigating side effects of cancer treatments. The recognition of these medicinal properties has led to increased demand for cannabis as a potential alternative or complementary treatment option for patients.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Buds, Oil, Tinctures, Others), Usage (Medical, Recreational), Crop Variety (Cannabis Indica, Cannabis Sativa, Others), Distribution Channel (Physical, Digital, Others)
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Countries Covered
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U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA)
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Market Players Covered
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The Cronos Group (Canada), Tilray (U.S.), Marley Natural (U.S.), Aurora Cannabis (Canada), Cara Therapeutics (U.S.), ARUMA LABS HOLDINGS PTY LIMITED (Australia), Medcan Australia (Australia), Sundial Growers Inc. (Canada), Canopy Growth Corporation (Canada), The Scotts Company LLC (U.S.), Aphria Inc. (Canada), VIVO Cannabis Inc. (Canada), Cannatrek (Australia), SpeedWeed (U.S.), GW Pharmaceuticals plc. (U.K.), Harborside Health Center (U.S.), Steep Hill, Inc. (U.S.), CBD Einstein. (U.S.), Weedmaps (U.S.).
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The cannabis market is segmented on the basis of product type, usage, crop variety, and distribution channel.
- On the basis of product type, the market is segmented into buds, oil, tinctures, and others. The oil segment dominates the product type segment of the global cannabis market due to its versatility, ease of use, and various applications in the form of CBD oils and extracts in the forecast period of 2022 to 2029.
- On the basis of usage, the market is segmented into medical and recreational. The medical usage segment dominates the cannabis market due to increasing recognition of its therapeutic benefits, growing acceptance by healthcare professionals, and the legalization of medical cannabis in many regions in the forecast period of 2022 to 2029.
In 2022, the medical usage segment is expected to dominate the usage segment of the global cannabis market
In 2022, the medical usage segment is expected to dominate the usage segment of the global cannabis market owing to growing medical professional acceptance of medical cannabis, growing recognition of its therapeutic benefits, and legalization of medical cannabis during the forecast period of 2022 to 2029.
- On the basis of crop variety, the market is segmented into cannabis indica, cannabis sativa, and others. Cannabis sativa tends to dominate the market due to its higher THC content, taller stature, and potential for industrial applications such as fiber and seed production in the forecast period of 2022-2029
In 2022, cannabis sativa tends to dominate the crop variety segment of the global cannabis market
In 2022, cannabis sativa tends to dominate the crop variety segment of the global cannabis market owing to its potential for industrial uses such as the production of fiber and seeds, as well as its higher THC content and taller stature in the forecast period of 2022 to 2029.
- On the distribution channel, the market is segmented into physical, digital, and others. Digital distribution channel has been gaining dominance in the cannabis market due to their convenience, accessibility, and ability to reach a wider consumer base. Online platforms provide ease of purchase and delivery, making it a preferred choice for many consumers.
Major Players
Data Bridge Market Research recognizes the following companies as the major cannabis market players in cannabis market are Canopy Growth Corporation (Canada), The Scotts Company LLC (U.S.), Aphria Inc. (Canada), VIVO Cannabis Inc. (Canada), Cannatrek (Australia), SpeedWeed (U.S.)
Market Development
- In 2021, Tilray, Inc. has announced that its medical subsidiary Aphria will soon begin selling oral cannabis strips that are high in THC and CBD.
- In 2021, Canopy Growth, one of the largest global cannabis companies, announced that it had completed the acquisition of The Supreme Cannabis Company and acquired 100% of the issued and outstanding common shares of Supreme.
- In 2021, STADA Arzneimittel AG, one of Germany’s largest pharmaceutical firms, entered the medical cannabis space with an agreement with Canadian firm MediPharm Labs to launch two flower products and six more products to follow.
- In 2021, TCV Sciences Inc. announced the launch of PLUSCBD calm and sleep gummies, two flavorful gummies that support healthy stress responses and sleep cycles for people returning to their regular routines.
- In 2019, The Cronos Group announced the expansion of infrastructure and innovation capabilities through its new research and development facility in Israel.
Regional Analysis
Geographically, the countries covered in the cannabis market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the cannabis market during the forecast period 2022-2029
North America holds a dominant position in the cannabis market due to its extensive use in various therapeutic applications for medical conditions such as anorexia, arthritis, chronic pain, epilepsy, post-traumatic stress disorder, and cancer. Additionally, the region benefits from the presence of several industry players who are actively advancing cannabis research and development. This emphasis on advancement and innovation within the industry is expected to drive further growth of the cannabis market in North America during the forecast period.
Europe is estimated to be the fastest-growing region in the cannabis market for the forecast period 2022-2029
Europe is expected to experience substantial growth in the cannabis market due to changing lifestyles and attitudes towards cannabis use. The region has witnessed a shift in societal acceptance and increasing demand for cannabis products. Additionally, Europe has a strong supply chain and infrastructure in place for cannabis cultivation and distribution. These factors, coupled with the growing demand, are projected to drive the growth of the cannabis market in Europe in the coming years.
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