New York, United States , Nov. 01, 2023 (GLOBE NEWSWIRE) -- The Global Cannabis Market Size is to grow from USD 26.86 Billion in 2022 to USD 198.83 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 22.2% during the projected period. The cannabis industry's increased emphasis on research and development is resulting in the development of new products and applications, which fuels market expansion.
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Cannabis is a flowering plant genus with a long history of use, with consumption based on therapeutic and medical benefits that have been recognized and approved. Its social and spiritual applications are well known. Cannabis sativa, Cannabis indica, and Cannabis ruderalis are the three most common species. The vast majority of cultivars grown currently are hybrids that combine traits from two or more of these primary species. Marijuana legalization is also gaining traction around the world. This momentum is being driven by the growing recognition that the product may have a variety of legitimate medicinal benefits and therapeutic applications. It is the most widely cultivated, trafficked, and consumed drug in the world, according to the United Nations Office on Drugs and Crime (UNODC). The increasing number of companies entering local markets to meet the growing demand for cannabis is one of the factors driving the market growth. The increasing acceptance of cannabis for medical purposes, including the treatment of chronic discomfort, anxiety, and epilepsy, is an important factor driving the expansion of the market. However, side effects such as cognitive impairment from its use as a medicine are also anticipated to limit growth.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Cannabis Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Flowers, Concentrates, Edibles, Topicals & Tinctures), By Compound (THC-Dominant, CBD-Dominant, and Balanced THC & CBD), By Application (Medical and Recreational), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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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 divided into five product categories: flowers, concentrates, edibles, topicals, and tinctures. Flowers are expected to grow at the fastest CAGR in the global cannabis market during the forecast period. The widespread popularity and cultural acceptance of smoking cannabis flowers can be attributed to the increase.
The THC-dominant segment is expected to grow at the fastest pace in the global cannabis market during the forecast period.
The global cannabis market is classified into THC-dominant, CBD-dominant, and balanced THC & CBD. The THC-dominant segment is projected to expand at the fastest rate in the global cannabis market during the forecast period. The growth could be attributed to cannabis's long-standing popularity and cultural association with psychoactive effects.
The medical segment is expected to hold the largest share of the global cannabis market during the forecast period.
The global cannabis market is divided into two categories: medical and recreational. The medical segment will likely account for the majority of the global cannabis market throughout the forecast period. The growing recognition of cannabis's potential therapeutic benefits, as well as the legalization of medical cannabis in many countries, can be attributed to segmental growth.
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North America is anticipated to hold the largest share of the global cannabis market over the predicted timeframe.
North America is expected to have the largest share of the global cannabis market in the coming years. The United States is North America's largest market, with a growing number of states legalizing cannabis. Both the medical and recreational segments have seen significant growth, owing to a diverse range of product offerings and a rapidly expanding consumer base.
During the forecast period, Europe is projected to expand at the highest pace in the global cannabis market. The European cannabis market is rapidly expanding, and regulatory frameworks are evolving. Some European countries, including the Netherlands and Portugal, are implementing 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 market 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. Major vendors in the Global Cannabis Market include 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, and Others.
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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.
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, Regional Analysis
- 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
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