Global Cannabis Market Insights Forecasts to 2032

• The Global Cannabis Market Size was valued at USD 26.86 Billion in 2022.
• The Market is Growing at a CAGR of 22.2% from 2022 to 2032
• The Worldwide Cannabis Market Size is expected to reach USD 198.83 Billion by 2032
• Europe is expected to grow the fastest during the forecast period

 

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The Global Cannabis Market size is anticipated to exceed USD 198.83 Billion by 2032, growing at a CAGR of 22.2% from 2022 to 2032. Growing medical uses of cannabis, expanding social acceptance of cannabis, the introduction of new technologies, and an increase in R&D and technical innovation are likely to boost the global cannabis market throughout the forecasted period.

 

Market Overview

Cannabis is a flowering plant genus with a long history of use, with consumption based on recognized and approved therapeutic and medical advantages. Its social and spiritual applications are also well recognized. The three prevalent species are Cannabis sativa, Cannabis indica, and Cannabis ruderalis. The majority of varieties grown presently are hybrids that combine characteristics of two or more of these primary species. Furthermore, marijuana legalization is gaining traction around the world. The increasing recognition that the product may have a variety of legitimate medicinal benefits and therapeutic applications is driving this momentum. According to the United Nations Office on Drugs and Crime (UNODC), it is the most widely cultivated, trafficked, and consumed drug in the world. One of the factors driving the market growth is the increasing number of companies entering local markets to meet the growing demand for cannabis. 

 

Report Coverage

This research report categorizes the market for the global cannabis market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the cannabis market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the cannabis market.

 

Driving Factors

As cannabis cultivation and consumption expand rapidly in many countries around the world, technological innovation is being restructured to allow for the efficient development of cannabis-based products. As more countries seek to legalize cannabis for medical purposes, technological involvement in cannabis development is becoming increasingly important. Cannabis growers have traditionally prioritized minimal plant processing. However, due to technological advancements, growers are now focusing on producing edibles, capsules, vaping oils, and gummies. Furthermore, technologies such as artificial intelligence and genetic engineering are positively impacting the cannabis industry. Artificial intelligence is making a big impression in the cannabis industry. Growers can use AI to optimize for environmental changes and even manipulate product strains. They can also adapt to the desired CBD level and alter the genetic makeup of the plants to produce the best-selling strains. AI also helps with crop delivery efficiency and timeliness. Many startups are researching how to use this technology to improve their ability to ship products across the country.

 

Restraining Factors

There are numerous cannabis products available, including capsules, oils, a variety of edibles, and vaporizers. Because the effects of edibles take time to appear, there is a greater risk of accidentally consuming a high dose of such edibles. When dabbing is overdone, it is also known to have serious health consequences. Many countries are not legalizing cannabis due to these negative health effects, which is affecting overall cannabis market expansion.

 

Market Segmentation

 

The Global Cannabis Market share is classified into product type, compound, and application.

 

• The flowers segment is expected to grow at the highest CAGR in the global cannabis market during the forecast period.       

The global cannabis market is categorized by product type into flowers, concentrates, edibles, topicals & tinctures. Among these, the flowers segment is expected to grow at the highest CAGR in the global cannabis market during the forecast period. The growth can be attributed due to the widespread popularity and cultural acceptance of smoking cannabis flowers. Flowers are the most recognizable and traditional form of cannabis, also known as buds or marijuana buds. They are made up of dried and cured cannabis flowers. Flowers are commonly smoked, vaporized, or used to create a variety of cannabis-infused products. They differ in strains, potency, and aroma, providing consumers with a variety of effects and flavors. 

 

• The THC-dominant segment is expected to grow at the fastest pace in the global cannabis market during the forecast period.    

Based on the compound, the global cannabis market is divided into THC-dominant, CBD-dominant, and balanced THC & CBD. Among these, the THC-dominant segment is expected to grow at the fastest pace in the global cannabis market during the forecast period. The growth can be due to the longstanding popularity and cultural association of cannabis with its psychoactive effects. THC-dominant products typically have higher THC concentrations than CBD-dominant products. These products are popular among recreational users seeking the euphoric effects of cannabis. Flower buds, concentrates, edibles, and vape cartridges are examples of THC-dominant products. They are frequently consumed for the purposes of relaxation, mood enhancement, and creative stimulation.  

 

• The medical segment is expected to hold the largest share of the global cannabis market during the forecast period.   

Based on the application, the global cannabis market is divided into medical and recreational. Among these, the medical segment is expected to hold the largest share of the global cannabis market during the forecast period. The growth can be attributed due to the growing recognition of cannabis's potential therapeutic benefits and the legalization of medical cannabis in many countries. The medical cannabis market is concerned with the therapeutic applications of cannabis and its derivatives. Medical cannabis products are primarily used to treat and relieve symptoms of various medical conditions.    

 

Regional Segment Analysis of the Global Cannabis Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global cannabis market over the predicted timeframe.

 

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North America is projected to hold the largest share of the global cannabis market over the predicted years. North America has emerged as a leading cannabis market, owing primarily to the legalization of cannabis for both medical and recreational purposes in Canada and several US states. With a growing number of states legalizing cannabis, the United States is North America's largest market. With a diverse range of product offerings and a rapidly expanding consumer base, both the medical and recreational segments have seen significant growth.

 

Europe is expected to grow at the fastest pace in the global cannabis market during the forecast period. The European cannabis market is expanding rapidly, and regulatory frameworks are evolving. Several countries, including Germany, the Netherlands, Spain, and Italy, have medical cannabis programs in place, allowing medical cannabis products to be distributed and used. Furthermore, some European countries, such as the Netherlands and Portugal, have adopted more liberal cannabis policies, including the legalization of recreational cannabis in some areas.   

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global cannabis along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Canopy Growth Corporation  
• Aurora Cannabis Inc.  
• VIVO Cannabis Inc. 
• Tilary Inc.
• Unrivaled Brand Inc.  
• HEXO Corp.  
• Medical Marijuana Inc.  
• The Cronos Group  
• Medmen Enterprise Inc.  
• Cresco Labs  
• Curaleaf Holdings Inc.  
• Organigram Holdings Inc.  
• Stenocare  
• Trulieve  
• Indiva 
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In February 2023, Aurora and MedReleaf Australia have announced the launch of a new medical cannabis brand. Greendae, Navana, and HiVolt are three new CraftPlant products that doctors can now prescribe. All three are THC-dominant with high terpene percentages and derived from ultra-premium cultivars.

 

• In April 2023, Clear Cannabis Inc., a national licensor of The Clear, a legacy cannabis brand known for innovative and high-quality distilled concentrate products, has announced its entry into Arkansas, the company's tenth retail market. Dark Horse Medicinals, an Arkansas licensee, will manufacture and distribute their products.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Cannabis Market based on the below-mentioned segments: 

 

Global Cannabis Market, By Product Type

• Flowers,
• Concentrates,
• Edibles,
• Topicals & Tinctures

 

Global Cannabis Market, By Compound

• THC-Dominant
• CBD-Dominant
• Balanced THC & CBD

 

Global Cannabis Market, By Application

• Medical
• Recreational

 

Global Cannabis Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa