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Global Cannabis Market Size, Share, Trends, Growth, Forecast: By Product Type: Buds or Marijuana Flower, Cannabis Extracts; By Compound: THC-Dominant, Balanced THC and CBD, CBD-Dominant; By Application: Medical, Recreational, Others; Regional Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global Cannabis Market Outlook
The global cannabis market size reached a value of approximately USD 32.23 billion in 2023. The market is expected to grow at a CAGR of 23.50% between 2024 and 2032, reaching a value of USD 215.42 billion by 2032.
Key Trends in the Market
Cannabis is a type of drug that is also known as marijuana and is prepared by using dried leaves and flowers from the hemp plant. It contains various compounds that have psychoactive, euphoric, and pain-relieving effects and is therefore useful in medicinal and recreational applications.
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- Demand for cannabis is increasing among the medicinal industries owing to the increasing awareness about the therapeutic benefits associated with its usage such as reducing anxiety, relieving pain, and relaxing tight muscles.
- Various countries have made the use of cannabis, among other drugs, legal and have permitted its usage by adults for social, religious, and cultural purposes, further bolstering the growth of the cannabis market.
- Increase in research and development activities to overcome the ill effects of cannabis such as the inconsistent effect after consumption and introduction of newer variations are further fuelling the growth of the market for cannabis.
Market Analysis
Based on product type, the market is bifurcated into buds or marijuana flower and cannabis extracts. On the basis of compound, the market is divided into THC-dominant, balanced THC and CBD, and CBD-dominant. By application, the market is categorised into medical and recreational, among others. On the basis of region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global cannabis market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Aurora Cannabis Inc.
- Tilray, Inc.
- Canopy Growth Corporation
- Cresco Labs, LLC
- Curaleaf, Inc.
- Ecofibre Ltd.
- Green Thumb Industries Inc.
- HEXO Operations Inc.
- INDIVA Inc.
- Maricann Inc.
- Others
Market Share by Application
Medical application is anticipated to hold a significant share of the cannabis market owing to the increasing knowledge about the medicinal benefits associated with cannabis. Across the world, rising cases of depression and cancer, among other chronic conditions, are propelling the legalisation of cannabis as a medicinal drug. Growing awareness among individuals regarding the legalisation of cannabis and improvements in supply and distribution channels are further expected to support the growth of the market over the forecast period.
Market Share by Region
North America accounted for a large share in the market for cannabis owing to the legalisation of cannabis in various countries of the region. Various governments in North America have legalised the use of cannabis for recreational purposes. Additionally, the government of the United States has recognised it as a form of medicine for treatment of various diseases such as anorexia, epilepsy, Alzheimer’s, and post-traumatic stress disorder. Moreover, increasing sales channels have also contributed to the growth of the market for cannabis in North America.
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Competitive Landscape
Aurora Cannabis Inc. was founded in 2006 and is headquartered in Alberta, Canada. This cannabis manufacturing company produces and distributes cannabis and its derivatives products to consumers in Canada and other countries.
Tilray Inc. is a pharmaceutical company that was founded in 2013 and is headquartered in New York in the United States. The company is focused on researching, processing, cultivating, and distributing cannabis products to consumers across the globe.
Canopy Growth Corporation was founded in 2013 and has its headquarters located in Ontario, Canada. This cannabis company is known for innovating cannabis products with the aim to improve the lives of people globally.
Other market players include Cresco Labs, LLC, Curaleaf, Inc., Ecofibre Ltd., Green Thumb Industries Inc., HEXO Operations Inc., INDIVA Inc., and Maricann Inc., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Compound |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Cannabis Market Analysis
8.1 Key Industry Highlights
8.2 Global Cannabis Historical Market (2017-2023)
8.3 Global Cannabis Market Forecast (2024-2032)
8.4 Global Cannabis Market by Product Type
8.4.1 Buds or Marijuana Flower
8.4.1.1 Historical Trend (2017-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Cannabis Extracts
8.4.2.1 Historical Trend (2017-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Cannabis Market by Compound
8.5.1 THC-Dominant
8.5.1.1 Historical Trend (2017-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Balanced THC and CBD
8.5.2.1 Historical Trend (2017-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 CBD-Dominant
8.5.3.1 Historical Trend (2017-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Cannabis Market by Application
8.6.1 Medical
8.6.1.1 Historical Trend (2017-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Recreational
8.6.2.1 Historical Trend (2017-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Others
8.7 Global Cannabis Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2017-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2017-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2017-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America Middle East Africa (LAMEA)
8.7.4.1 Historical Trend (2017-2023)
8.7.4.2 Forecast Trend (2024-2032)
9 North America Cannabis Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2017-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2017-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Cannabis Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2017-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2017-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2017-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2017-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Cannabis Market Analysis
11.1 China
11.1.1 Historical Trend (2017-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2017-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2017-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2017-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2017-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Middle East Africa (LAMEA) Cannabis Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2017-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Mexico
12.2.1 Historical Trend (2017-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 South Africa
12.3.1 Historical Trend (2017-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Aurora Cannabis Inc.
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Tilray, Inc.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Canopy Growth Corporation
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Cresco Labs, LLC
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Curaleaf, Inc.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Ecofibre Ltd.
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Green Thumb Industries inc.
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 HEXO Operations Inc.
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 INDIVA Inc.
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Maricann Inc.
14.2.10.1 Company Overview
14.2.10.2 Product Portfolio
14.2.10.3 Demographic Reach and Achievements
14.2.10.4 Certifications
14.2.11 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Cannabis Market: Key Industry Highlights, 2019 and 2032
2. Global Cannabis Historical Market: Breakup by Product Type (USD Million), 2017-2023
3. Global Cannabis Market Forecast: Breakup by Product Type (USD Million), 2024-2032
4. Global Cannabis Historical Market: Breakup by Compound (USD Million), 2017-2023
5. Global Cannabis Market Forecast: Breakup by Compound (USD Million), 2024-2032
6. Global Cannabis Historical Market: Breakup by Application (USD Million), 2017-2023
7. Global Cannabis Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Cannabis Historical Market: Breakup by Region (USD Million), 2017-2023
9. Global Cannabis Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Cannabis Historical Market: Breakup by Country (USD Million), 2017-2023
11. North America Cannabis Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Cannabis Historical Market: Breakup by Country (USD Million), 2017-2023
13. Europe Cannabis Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Cannabis Historical Market: Breakup by Country (USD Million), 2017-2023
15. Asia Pacific Cannabis Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Middle East Africa Cannabis Historical Market: Breakup by Country (USD Million), 2017-2023
17. Latin America Middle East Africa Cannabis Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Cannabis Market Structure
Key Questions Answered in the Report
The global market for cannabis reached a value of approximately USD 32.23 billion in 2023.
The market is expected to grow at a CAGR of 23.50% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 215.42 billion by 2032.
The key drivers of the market include the rising awareness regarding the medicinal benefits of cannabis, legalisation of cannabis in various countries around the globe, and introduction of novel forms of cannabis.
The key trends of the market are rising popularity of social consumption of cannabis and increasing research and development activities to reduce the side effects of cannabis consumption.
The primary product types of cannabis in the market are buds or marijuana flower and cannabis extracts.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key players in the cannabis market, according to the report, are Aurora Cannabis Inc., Tilray, Inc., Canopy Growth Corporation, Cresco Labs, LLC, Curaleaf, Inc., Ecofibre Ltd., Green Thumb Industries Inc., HEXO Operations Inc., INDIVA Inc., and Maricann Inc., among others.
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