Global Cannabis Market Segmentation, By Product Type (Buds, Oil, Tinctures, Others), Usage (Medical, Recreational), Crop Variety (Cannabis Indica, Cannabis Sativa, Others), Distribution Channel (Physical, Digital, Others) - Industry Trends and Forecast to 2031
Cannabis Market Analysis
Some cannabis compounds have a mental effect (they alter the mind), whereas others do not. Depending on how the producer grows and how the plant operates, the strength and balance of the elements varies. Cannabis has a variety of medicinal benefits, including controlling and reducing epileptic seizures, assisting those with PTSD, protecting the brain after a stroke, relieving rheumatoid arthritis, and reducing chemotherapy side effects.
Cannabis Market Size
Global cannabis market size was valued at USD 30.18 billion in 2023 and is projected to reach USD 60.13 billion by 2031, with a CAGR of 9.00% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Cannabis Key Market Insights
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Segmentation
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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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Key Market Players
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The Cronos Group (Canada), Tilray (US), Marley Natural (US), Aurora Cannabis (Canada), Cara Therapeutics (US), ARUMA LABS HOLDINGS PTY LIMITED (Australia), Medcan Australia (Australia), Sundial Growers Inc. (Canada), Canopy Growth Corporation (Canada), The Scotts Company LLC (US), Aphria Inc. (Canada), VIVO Cannabis Inc. (Canada), Cannatrek (Australia), SpeedWeed (US), GW Pharmaceuticals plc. (UK), Harborside Health Center (US), Steep Hill, Inc. (US), CBD Einstein. (US), Weedmaps (US).
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Market Opportunities
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Cannabis Market Definition
Cannabis is a plant that is used for recreational and medical uses. People utilise the dried leaves, seed oil, and other elements of the cannabis plant. It can be a positive consequence that helps to relieve the symptoms of a variety of diseases, including chronic pain
Cannabis Market Dynamics
Drivers
Major factors that are expected to boost the growth of the cannabis market in the forecast period are as follows:
- Medicinal qualities of cannabis
The increased incidence of chronic diseases after 50 years of age, as well as the efficacy of cannabis in treating such problems. January 2018, the Australian government has permitted regional cannabis growers to export medical cannabis and its products to the international market which is further anticipated to propel the growth of the market.
- Enabling policy and regulatory relaxation
The HEROES Act, which included the SAFE Banking Act, was enacted by the House of Representatives and forwarded to the Senate in 2020. This bill allows banks to provide services to marijuana businesses in places where it is legal. However, an increasing number of nations have created legal frameworks for adult non-medicinal usage, such as social, religious, and cultural objectives which will further accelerate the growth of the market.
- Product development, differentiation and accessibility of hemp-infused edibles
The problems of edibles, such as the inconsistent effect of marijuana after intake, have begun to be overcome thanks to advances in scientific advancement and commercial innovation. Topical or sublingual infusion products are newer types of infusion products that are absorbed under the mouth or via the skin which is further contributing to the market growth.
Opportunities
In addition, the growing number of countries that are progressively legalizing the use of cannabis around the world is further estimated to provide potential opportunities for the growth of the cannabis market in the coming years.
Restraints/Challenges
On the other hand, growing prices of crops is projected to impede the growth of the cannabis market in the targeted period. However, the stringent regulatory norms regarding the production and sales of cannabis around several states might further challenge the growth of the cannabis market in the near future.
This cannabis market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cannabis market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Cannabis Market
The pandemic of COVID-19 has had a huge impact on the cannabis market. The COVID-19 epidemic has had an impact on a variety of businesses around the world. This is no different in the Cannabis Market. To slow the spread of COVID-19, governments around the world implemented harsh restrictions such as border locks, lockdowns, and tight social distancing measures. However, in the post-COVID scenario, cannabis Market is projected to be positively impacted.
Global Cannabis Market Scope
The cannabis market is segmented on the basis of product type, usage, crop variety and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Buds
- Oil
- Tinctures
- Others
Usage
- Medical
- Recreational
Crop Variety
- Cannabis Indica
- Cannabis Sativa
- Others
Distribution Channel
- Physical
- Digital
- Others
Cannabis Market Regional Analysis
The cannabis market is analysed and market size insights and trends are provided by country, product type, usage, crop variety and distribution channel as referenced above.
The countries covered in the cannabis market report are 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).
North America dominates the cannabis market due to use in several therapies for medical conditions including anorexia, arthritis, chronic pain, epilepsy, post-traumatic stress disorder and cancer. Furthermore, several industry players are focusing on the advancement of cannabis which will further boost the growth of the cannabis market in the region during the forecast period.
Europe is projected to observe significant amount of growth in the cannabis market due to shift in the lifestyle of people. Moreover, the strong demand and supply of cannabis is further anticipated to propel the growth of the cannabis market in the region in the coming years.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Cannabis Market Share
The cannabis market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cannabis market.
Cannabis Market Leaders Operating in the Market Are:
- The Cronos Group (Canada)
- Tilray (US)
- Marley Natural (US)
- Aurora Cannabis (Canada)
- Cara Therapeutics (US)
- ARUMA LABS HOLDINGS PTY LIMITED (Australia)
- Medcan Australia (Australia)
- Sundial Growers Inc. (Canada)
- Canopy Growth Corporation (Canada)
- The Scotts Company LLC (US)
- Aphria Inc. (Canada)
- VIVO Cannabis Inc. (Canada)
- Cannatrek (Australia)
- SpeedWeed (US)
- GW Pharmaceuticals plc. (UK)
- Harborside Health Center (US)
- Steep Hill, Inc. (US)
- CBD Einstein. (US)
- Weedmaps (US)
Latest Developments in Cannabis Market
- In December 2021, Tilray, Inc. has announced the debut of medical cannabis oral strips in THC and CBD-rich variations by Aphria, its medical subsidiary
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