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The global cannabis market was valued at USD 43.73 billion in 2022 and is expected to grow to USD 444.35 billion by 2030, with a projected CAGR of 34.04% during the forecast period. Cannabis, a genus of flowering plants with various recognized therapeutic and medicinal benefits, is experiencing increased legalization globally. For example, Thailand decriminalized the cultivation, distribution, and consumption of all parts of the cannabis plant in 2022, highlighting the medical benefits and boosting the country's economy.
The COVID-19 pandemic had a positive impact on the cannabis market, with increased consumption of medical and in-house cannabis during lockdowns. Many regions recognized medical marijuana as essential, leading to stockpiling by consumers. The market also benefited from policy and regulatory relaxation during the pandemic, with initiatives like the Cannabis Regulation Act in New Mexico, U.S., providing a comprehensive framework for adult cannabis use.
Key market trends include a shift towards edibles and other infused products due to COVID-19-related concerns, along with increased demand for medical applications. Product innovation and the availability of hemp-infused edibles are driving market growth, with candies, chocolates, and beverages being popular choices. Medical hemp is gaining global attention, with countries like Germany, Finland, Israel, and Canada permitting its use for specific medical indications.
However, regulatory restrictions in certain regions, especially in Asia and the Middle East, are restraining the market's full growth potential. Cognitive impairment associated with cannabis use as medicine is also a limiting factor.
The market is segmented by type into flowers/buds and concentrates, with the former dominating the market. Flowers/buds are widely popular, containing THC and CBD, and are consumed through smoking or vaporization. Concentrates, including CO2 oil and butane hash oil, are witnessing exponential growth due to their popularity and diverse consumer base.
Application-wise, recreational marijuana is the leading sector, driven by the growing trend of legalization worldwide. The medical marijuana segment is also expanding, with cannabinoids being incorporated into pharmaceutical products for various therapeutic uses.
The market is further segmented by component into THC-dominant, balanced THC and CBD, and CBD-dominant. THC, responsible for euphoric effects, is widely used for recreational purposes, while CBD is popular for medical applications.
Regionally, North America dominates the market, with the U.S. leading in recreational legalization since 2012. Europe is the second-largest market, driven by the growing use of medical cannabis and progressive legislation. Asia Pacific is expected to witness substantial growth due to changing government policies and legalization efforts.
Key industry players, such as Aurora Cannabis, Tilray, Canopy Growth, and others, are focusing on partnerships, expansions, and product innovation to capitalize on the growing market. For instance, Tilray launched medicinal hemp edibles in various forms, including chocolates and soft chewing gums.
The report provides a comprehensive overview of the cannabis market, including key developments, market dynamics, and competitive landscape. The forecast period is from 2023 to 2030, with a projected CAGR of 34.04%.
The global cannabis market was valued at USD 43.73 billion in 2022 and is expected to grow to USD 444.35 billion by 2030.
The global market is projected to grow at a CAGR of 34.04% during the forecast period, 2023-2032.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65482
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