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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 Geography
Cannabis Market: By Product Type, By Compound Type, By Application, and Geography
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 cannabis market.
In March 2021 - STADA Arzneimittel AG, one of Germany's largest pharmaceutical firms entered the medical cannabis space with an agreement with Canadian firm MediPharm Labs, for the launch of two flower products and six more products to follow. In May 2021- TCV Sciences, Inc. announced the launch of PLUSCBD calm and sleep gummies two flavorful gummies that support healthy stress responses and sleep cycles for people getting back to their normal routines.
Study Period
2024-2030Base Year
2023CAGR
28%Largest Market
North AmericaFastest Growing Market
Europe
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 cannabis 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 |
28% |
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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)
2.1. Global Cannabis Market - Taxonomy
2.2. Global Cannabis Market -Definitions
2.2.1. By Product Type
2.2.2. By Compound Type
2.2.3. By Application
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Cannabis Market Dynamics - Factors Impact Analysis
4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5.1. Concentrates
5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
6.1. CBD-Dominant
6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
7.1. Medicinal
7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
8.1. North America
8.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
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, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
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
8.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Latin America
8.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. The Middle East & Africa
8.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
8.6. Global Cannabis Market - Opportunity Analysis Index, By Product Type, Compound Type, By Application, and Region, 2023 - 2029
9.1. Product Type Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.1.1. Concentrates
9.1.2. Flowers
9.2. Compound Type Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), 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 (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.3.1. Medicinal
9.3.2. Recreational
9.4. Country Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
9.4.1. U.S.
9.4.2. Canada
9.5. North America Cannabis Market - Opportunity Analysis Index, By Product Type, By Compound Type, By Application, and Country, 2023 - 2029
9.6. North America Cannabis Market Dynamics - Trends
10.1. Product Type Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Concentrates
10.1.2. Flowers
10.2. Compound Type Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), 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 (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.3.1. Medicinal
10.3.2. Recreational
10.4. Country Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.4.1. U.K.
10.4.2. Germany
10.4.3. France
10.4.4. Italy
10.4.5. Spain
10.4.6. Russia
10.4.7. Rest of Europe
10.5. Europe Cannabis Market - Opportunity Analysis Index, By Product Type, By Compound Type, By Application, and Country, 2023 - 2029
10.6. Europe Cannabis Market Dynamics - Trends
11.1. Product Type Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Concentrates
11.1.2. Flowers
11.2. Compound Type Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), 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 (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.3.1. Medicinal
11.3.2. Recreational
11.4. Country Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.4.1. China
11.4.2. Japan
11.4.3. India
11.4.4. ASEAN Counties
11.4.5. Philippines
11.4.6. Rest of Asia Pacific
11.5. Asia Pacific Cannabis Market - Opportunity Analysis Index, By Product Type, By Compound Type, By Application, and Country, 2023 - 2029
11.6. Asia Pacific Cannabis Market Dynamics - Trends
12.1. Product Type Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. Concentrates
12.1.2. Flowers
12.2. Compound Type Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), 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 (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.3.1. Medicinal
12.3.2. Recreational
12.4. Country Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.4.1. Mexico
12.4.2. Brazil
12.4.3. Argentina
12.4.4. Chile
12.4.5. Rest of Latin America
12.5. Latin America Cannabis Market - Opportunity Analysis Index, By Product Type, By Compound Type, By Application, and Country, 2023 - 2029
12.6. Latin America Cannabis Market Dynamics - Trends
13.1. Product Type Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. Concentrates
13.1.2. Flowers
13.2. Compound Type Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), 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 (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.3.1. Medicinal
13.3.2. Recreational
13.4. Country Analysis (2018 - 2022) and Forecast (2023 - 2029) by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.4.1. GCC Countries
13.4.2. South Africa
13.4.3. Saudi Arabia
13.4.4. Turkey
13.4.5. Rest of MEA
13.5. Middle East and Africa Cannabis Market - Opportunity Analysis Index, By Product Type, By Compound Type, By Application, and Country, 2023 - 2029
13.6. Middle East and Africa Cannabis Market Dynamics - Trends
14.1. Strategic Dashboard of Top Market Players
14.2. Company Profiles (Introduction, Financial Analysis, Key Developments, 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)
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.