Cannabis Market Size to Reach $ 128.92 Billion by 2028; Genetic Development and Modification of the Cannabis Boost the Market Demand, States Vantage Market Research (VMR)


WASHINGTON, Dec. 28, 2021 (GLOBE NEWSWIRE) -- The global cannabis market size is expected to reach USD 128.92 billion by 2028, exhibiting a CAGR of 26.19% during the forecast period. Various research activities on genetic development and modification of the cannabis plant, developments in legal rights on creation of cannabis and manifestation of medicinal properties of cannabis are the factors that impelling the growth of cannabis market during the forecast period. Whereas, complicated regulatory structure for cannabis usage is impeding the growth of cannabis market. Like other regions, Asia pacific is also found in legalization process of cannabis. Thus, they are expected to generate huge opportunities in this region., states Vantage Market Research, in a report, titled “Cannabis Market, By Product Type (Flowers, Concentrates, and Others), By Application (Medical, and Recreational), By Compound (Tetrahydrocannabinol (THC), Cannabidiol (CBD), and Balanced THC & CBD), and by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).” The market size valued at USD 20.05 billion in 2020.

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Market Overview:

Legalization will Impact the Demand for Cannabis

Cannabis is a stiff upright stem plant and basically used as a drug. It is legalized in many countries because of its high medical usage. Cannabis has various health benefits such as controls and reduces epileptic seizures, helps people suffering from PTSD, protects a brain after a stroke, relieves rheumatoid arthritis, alleviates the side effects of chemotherapy. All these benefits are accelerating the growth of cannabis market in the near future. Many governments give an approval for the production and selling of cannabis in the market which in turn improves the cannabis global market demand in the coming years. For example, recently, Australian government allowed cannabis producers to export medical cannabis and its products to the global market.

The COVID-19 outbreak has affected various industries worldwide. The Cannabis Market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data-points:

  1. Impact Assessment of COVID-19 Pandemic
    1. North America
    2. Europe
    3. Asia Pacific
    4. Latin America
    5. Middle East & Africa
  2. Quarterly Market Revenue Forecast by Region 2020 & 2021
  3. Key Strategies Undertaken by Companies to Tackle COVID-19
  4. Long Term Dynamics
  5. Short Term Dynamics

Important questions answered in this report:

  • What is the estimated market size and growth rate of the Cannabis Market?
  • Which segments are included in the Cannabis Market?
  • Which top companies are active in the Cannabis Market?
  • What are the major driving factors for the growth of the Cannabis Market?
  • How can I get free sample reports or study of Cannabis Market?

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The Report on Cannabis Market Highlights:

  • Assessment of the market
  • Company Profiles
  • Premium Insights
  • Competitive Landscape
  • Historic Data, Estimates and Forecast
  • COVID Impact Analysis
  • Global and Regional Dynamics

Cannabis Demand for Recreational and Medical Application Fuels North America Market

North America is accounted to dominate the growth of cannabis market during the forecast period. This is owing to the increasing demand of cannabis for recreational and medical application. In addition to this, many industry players are concentrating on the development of cannabis in the region, thus helping to fuel the cannabis market demand in the region. For example, Aphria Inc., and Tilray, Inc., Canadian pharmaceutical and cannabis companies, signed an agreement to combine their businesses and create the world’s largest cannabis company. Together, they provide low-cost cultivation, processing, and manufacturing facilities with branded cannabis in Canada. Also, Tilray, Inc., a global pioneer in medical cannabis research, launched the medical cannabis edibles in THC and CBD-rich varieties of chocolates and soft chew gummies.

Advantages of this Research:

  • Evaluate market share for commercial Cannabis market opportunities, track market size, competitive drug sales, synthesis insights for commercial development and licensing.
  • Develop tactics and strategies to take advantage of opportunities in the Cannabis market.
  • Latest Trends and Market Events and analyze essential events in Cannabis market.
  • Develop an in-depth knowledge of competition and analyze sales data to update your brand planning trackers.
  • Answer vital business questions; supports decision making in R&D to long term marketing strategies.
  • Develop economic models, forecast models, and healthcare frameworks.

List of Prominent Players in the Cannabis Market:

1.TilrayToronto, Canada
2.Canopy Growth Corp.Smiths Falls, Canada
3.GW Pharmaceuticals PLCCambridge, United Kingdom
4.Aurora Cannabis Inc.Edmonton, Canada
5.Aphria Inc.Toronto, Canada
6.MedReLeaf Corp.Toronto, Canada
7.CV sciences Inc.California, United States
8.Delta 9 CannabisWinnipeg, Canada
9.Cannimed Therapeutics Inc.Saskatoon, Canada
10.Vivo CannabisGreater Napanee, Canada

Browse market data Tables and Figures spread through Pages and in-depth TOC on "Cannabis Market by Product Type (Flowers, Concentrates, Others), by Application (Medical, Recreational), by Compound (Tetrahydrocannabinol (THC)-dominant, Cannabidiol (CBD)-dominant, Balanced THC & CBD), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Table of Content here -

Recent Development:

October 2021: Canopy Growth announced the acquisition of Wana Brands, which is cannabis edibles brand in North America.

April 2021: Canopy Growth announced the acquisition of The Supreme Cannabis Company.

December 2021: Tilray, Inc. announced that its medical subsidiary, Aphria, has launched medical cannabis oral strips in THC and CBD-rich varieties.

This market titled “Cannabis Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:

Report AttributeDetails
Market Size 2020 ValueUSD 20.05 Billion
Market Forecast for 2028USD 128.92 Billion
Expected CAGR GrowthCAGR of 26.19% from 2021 to 2028
Base Year2020
Historic Years2016 – 2019
Forecast Years2021 – 2028
Segments Covered
  • Product Type
    • Flowers
    • Concentrates
    • Other product types
  • Application
    • Medical
    • Recreational
  • Compound
    • Tetrahydrocannabinol (THC)
    • Cannabidiol (CBD)
    • Balanced THC & CBD
Quantitative Data - UnitsRevenue in USD Million/Billion and CAGR from 2021 to 2028
Regions CoveredNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries CoveredU.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered10 companies with scope for including additional 15 companies upon request
Report CoverageMarket growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

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