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Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthc.....
Cannabis Market: By Product Type, By Compound Type, By Application, and Region Forecast 2019-2030
Cannabis Market: By Product Type, By Compound Type, By Application, and Region Forecast 2019-2030
Cannabis Market size was valued at US$ 23,641.8 million in 2023 and is poised to grow at a significant CAGR of 16.3% from 2024-2030. Cannabis-based products come from the dried flowering tops, leaves, stems, and seeds of the Cannabis sativa (hemp) plant use dates back thousands of years, with consumption based on recognized and accepted therapeutic and medical benefits. Based on the compound type the market is segmented into Tetrahydrocannabinol (THC), Cannabidiol (CBD), and Balanced THC & CBD.
During the projected period, the cannabidiol (CBD) segment is expected to hold the largest share of the global market. Due to the increasing adoption of CBD-based products to treat various diseases, the global market is anticipated to grow at a lucrative rate over the forecast period. CBD-based products are available in a variety of health and wellness stores, including Rite Aid, CVS Health, and Walgreens Boots Alliance.
Furthermore, CVS Health has decided to sell CBD topicals in all of its 800 shops, while Walgreens Boots Alliance has decided to sell CBD-containing topicals in 1500 of its stores across the United States. A greater understanding of cannabidiol's medicinal potential has inspired a customer to purchase cannabidiol products regardless of price. Commercial merchants are increasingly concentrating on marketing cannabis-based items since they offer a higher profit margin. The increasing demand for cannabidiol for health and wellness purposes, and the rising acceptance and use of products due to government approvals is a major factor expected to boost the production of CBD-infused products resulting in the growth of the global market.
Study Period
2024-2030Base Year
2023CAGR
16.3%Largest Market
North-AmericaFastest Growing Market
North-America
The concentrates segment is projected to show significant growth over the forecast period due to their versatility in method of delivery and their ease of usage. Apart from aforementioned dynamics, concentrates are more potent in nature compared to flowers. Concentrates constitutes potency rate of 50% to 80% expected to propel the global cannabis market over the forecast years. Recreational segment is expected to propel the highest growth rate due to the growing demand for recreational cannabis and Uruguay is the only country in Latin America that has legalized the usage of recreational cannabis.
North America accounted for larger revenue share in global cannabis market with significant CAGR. Increasing support by the government for the legalization of cannabis for both medicinal and recreational use coupled with growing awareness among the consumers about the health benefits of the cannabis are the factors that propel the growth of the market in the region.
Moreover presence of major market players who involves in the continuous development of the products to fulfill the consumers demand.
Europe is expected show significant growth over the forecast period.
Asia Pacific and Middle East and Africa expect exhibit moderate growth over forecast years.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 23,641.8 million |
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Market CAGR |
16.3% |
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By Product Type |
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By Compound Type |
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By Application |
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By Region |
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The global cannabis market size was valued at US$ 23,641.8 million in 2023 growing at a CAGR of 16.3% from 2024-2030
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
The key players of the market are Canopy Growth Corporation (Canada), Tikun Olam (Israel), Aphria Inc. (Canada), VIVO Cannabis Inc. (Canada), Medical Marijuana, Inc. (US), Cronos Group Inc. (Canada), Terra Tech Corp. (US), MedMen (US), Maricann Group Inc. (Canada), Cannabis Science Inc. (US), Aurora Cannabis Inc. (Canada), STENOCARE (Denmark), Tilray Inc. (Canada)
| 1. Executive Summary |
| 2. Global Cannabis Market Introduction |
| 2.1.Global Cannabis Market - Taxonomy |
| 2.2.Global Cannabis Market - Definitions |
| 2.2.1.Product Type |
| 2.2.2.Compound Type |
| 2.2.3.Application |
| 2.2.4.Region |
| 3. Global Cannabis Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4. Global Cannabis Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Cannabis Market By Product Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Concentrates |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Flowers |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 6. Global Cannabis Market By Compound Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. CBD-Dominant |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. THC-Dominant |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Balanced THC & CBD |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7. Global Cannabis Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Medicinal |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Recreational |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 8. Global Cannabis Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia Pacific (APAC) |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Middle East and Africa (MEA) |
| 8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Latin America |
| 8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9. North America Cannabis Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Concentrates |
| 9.1.2.Flowers |
| 9.2. Compound Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.CBD-Dominant |
| 9.2.2.THC-Dominant |
| 9.2.3.Balanced THC & CBD |
| 9.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Medicinal |
| 9.3.2.Recreational |
| 9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1.United States of America (USA) |
| 9.4.2.Canada |
| 10. Europe Cannabis Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Concentrates |
| 10.1.2.Flowers |
| 10.2. Compound Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.CBD-Dominant |
| 10.2.2.THC-Dominant |
| 10.2.3.Balanced THC & CBD |
| 10.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Medicinal |
| 10.3.2.Recreational |
| 10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Germany |
| 10.4.2.France |
| 10.4.3.Italy |
| 10.4.4.United Kingdom (UK) |
| 10.4.5.Spain |
| 10.4.6.Rest of EU |
| 11. Asia Pacific (APAC) Cannabis Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Concentrates |
| 11.1.2.Flowers |
| 11.2. Compound Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.CBD-Dominant |
| 11.2.2.THC-Dominant |
| 11.2.3.Balanced THC & CBD |
| 11.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Medicinal |
| 11.3.2.Recreational |
| 11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.China |
| 11.4.2.India |
| 11.4.3.Australia and New Zealand (ANZ) |
| 11.4.4.Japan |
| 11.4.5.Rest of APAC |
| 12.Middle East and Africa (MEA) Cannabis Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Concentrates |
| 12.1.2.Flowers |
| 12.2. Compound Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.CBD-Dominant |
| 12.2.2.THC-Dominant |
| 12.2.3.Balanced THC & CBD |
| 12.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Medicinal |
| 12.3.2.Recreational |
| 12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.GCC Countries |
| 12.4.2.South Africa |
| 12.4.3.Rest of MEA |
| 13. Latin America Cannabis Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 13.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Concentrates |
| 13.1.2.Flowers |
| 13.2. Compound Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.CBD-Dominant |
| 13.2.2.THC-Dominant |
| 13.2.3.Balanced THC & CBD |
| 13.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Medicinal |
| 13.3.2.Recreational |
| 13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Brazil |
| 13.4.2.Mexico |
| 13.4.3.Rest of LA |
| 14. Competition Landscape |
| 14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 14.2.1.Canopy Growth Corporation (Canada) |
| 14.2.2.Tikun Olam (Israel) |
| 14.2.3.Aphria Inc. (Canada) |
| 14.2.4.VIVO Cannabis Inc. (Canada) |
| 14.2.5.Medical Marijuana, Inc. (US) |
| 14.2.6.Cronos Group Inc. (Canada) |
| 14.2.7.Terra Tech Corp. (US) |
| 14.2.8.MedMen (US) |
| 14.2.9.Maricann Group Inc. (Canada) |
| 14.2.10.Cannabis Science Inc. (US) |
| 14.2.11.Aurora Cannabis Inc. (Canada) |
| 14.2.12.STENOCARE (Denmark) |
| 14.2.13.Tilray Inc. (Canada) |
| 15. Research Methodology |
| 16. Appendix and Abbreviations |
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.