Cannabis Market: By Product Type (Concentrates and Flowers), By Compound Type (CBD-Dominant, THC-Dominant, and Balanced THC & CBD), By Application (Medical and Recreational), and Geography    

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Cannabis market size was estimated to be valued at USD 23,641.8 million in 2022 and is poised to grow at a significant CAGR of 16.3% over 2023-2029. 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 cannabis market. Due to the increasing adoption of CBD-based products to treat various diseases, the global cannabidiol 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.

Recent Market Developments:

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.

Global Cannabis Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

28%

Largest Market

North America

Fastest Growing Market

Europe
Cannabis Market Dynamics

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.

Key Features of the Reports

  • The global cannabis market expanded at a significant CAGR from 2022 to 2029 owing to the increasing legalization of cannabis use for both medicinal and recreational use.
  • Based on Product, the concentrates segment of cannabis accounted for a larger market revenue share in 2020 and projected to gain market revenue share over the forecast period
  • Players focusing on the launch of newer products and collaboration strategies to retain market position in the global cannabis market

Global Cannabis Market Segmentation

By Product Type
  • Concentrates
  • Flowers
By Compound Type
  • CBD-Dominant
  • THC-Dominant
  • Balanced THC & CBD
By Application
  • Medicinal
  • Recreational
By Geography
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa (MEA)

Frequently Asked Questions

2022 is the base year and 2029 is the forecast year.

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).

In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.

  1. Executive Summary
  2. Global Cannabis Market Introduction

          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

  1. Global Cannabis Market Dynamics

          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

  1. Global Cannabis Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029

          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

  1. Global Cannabis Market Forecast, By Product Type, 2018 - 2022 and Forecast, 2023 - 2029

          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

  1. Global Cannabis Market Forecast, By Compound Type, 2018 - 2022 and Forecast, 2023 - 2029

          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

  1. Global Cannabis Market Forecast, By Application, 2018 - 2022 and Forecast, 2023 - 2029

          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

  1. Global Cannabis Market Forecast, By Region, 2018 - 2022 and Forecast, 2023 - 2029

         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

  1. North America Cannabis Market Analysis, 2018 - 2022 and Forecast, 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

  1. Europe Cannabis Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029

          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

  1. Asia Pacific Cannabis Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029

         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

  1. Latin America Cannabis Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029

          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

  1. Middle East and Africa Cannabis Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029

          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

  1. Competition Landscape

          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)

  1. Research Methodology
  2. Key Assumptions and Acronyms
  • 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)

Adjacent Markets