Cannabis Market is expected to grow at 13.9% CAGR during the forecast period and estimated to reach USD 120 Billion by 2028.

Introduction of the Cannabis Market Report

The legalization of cannabis is coming into focus around the world. It is commercially available in different forms, such as marijuana, hashish, and hash oil. Few species of cannabis are also used to produce hemp fiber for different purposes, such as textiles, paper, and clothing. The global cannabis market covers various product types such as flowers, concentrates, and others.

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Market Dynamic

Key Drivers and Emerging Trends

One of the biggest factors that is surging the growth of the global cannabis market includes the rising legalization of cannabis around the world. In addition to this, the rising social acceptance of marijuana is further propelling the market growth. The legalization of cannabis has enabled individuals to practice safe substances and has various medical benefits. Countries such as Chile, Canada, Australia, Germany, Greece, among other countries, are legalization the usage of cannabis for medical purposes. The increasing prevalence of chronic diseases and the growing awareness about the effectiveness of cannabis on different diseases are supporting growth.

The growing trend of consuming cannabis-based consumables is further helping the market to grow. Cannabis consumers are looking for other options apart from the smoking flower with joints, pipes, or bongs. The cannabis-infused edibles have cannabinoids and other active compounds from the cannabis plant. Candies, chocolates, and beverages are some of the most popular cannabis-based edibles in the market.

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Product type – Segment Analysis

Based on the product type, the concentrates segment is projected to grow at a higher CAGR during the forecast period. This is mainly due to the various benefits related to this product type, such as ease to use and versatility in the method of delivery. Moreover, the concentrates are in various forms of dabbing, ingestible oils, and tinctures.
Compound – Segment Analysis

Based on the compound, the THC-dominate is expected to grow at a faster CAGR during the forecast period. This is because of the growing awareness related to the various medical benefits offered by this compound, such as high effectiveness in relieving nausea, appetite loss, and insomnia.

Application – Segment Analysis

Based on the application, the recreational segment is anticipated to grow at a higher CAGR during the forecast period. The strong demand for cannabis for different recreational purposes is driving the growth of the segment in the market. Therefore, the legalization of recreational applications is helping the market to grow.

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Regional – Segment Analysis:

Based on the region, North America region is expected to dominate the market during the forecast period. In 2018, Canada legalized the usage of marijuana for recreational purposes in the country. Additionally, in 2018, the government of the U.S. also approved the farm bill for the production of cannabis containing less than 0.3% THC legally in the country. In the U.S., ten states have legalized cannabis for recreational usage, while 33 states have permitted the usage of cannabis for medical purposes. All these factors are boosting the market growth.

Top Market Players

Various notable players operating in the market include Aurora Cannabis, Aphria Inc., MedReleaf Corp., Canopy Growth Corporation, Cronos Group Inc., GW Pharmaceuticals, CannTrust Holdings Inc., VIVO Cannabis Inc., Tilray, and OrganiGram Holdings, among others. 

Key Developments:

• • In 2019, Altria Group invested USD 1.8 billion in the Cronos Group Inc., for the expansion of the global cannabis sector.
  • In 2019, Aphria Inc., and the Colombian Medical Federation entered an alliance for the development of an academic curriculum on the medicinal use of cannabis.

Segments covered in the Report:

The global Cannabis market has been segmented on the basis of Application, Product Type, Compound, and regions. Based on Application, the market is segmented into Medical and Recreational. Based on Product Type, the market is segmented into Flowers, Concentrates, and Others. Based on Compound, the market is segmented into Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, and Balanced THC & CBD. 

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Key questions answered in this research report:

• • At what pace is global Cannabis market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Cannabis market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Cannabis market?
  • Which Application generated maximum revenues in 2019 and identify the most promising Application during the forecast period?
  • What are the various Product Type areas of global Cannabis market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2028)	USD 120 Billion
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Application, By Product Type, By Compound, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Aurora Cannabis, Aphria Inc., MedReleaf Corp., Canopy Growth Corporation, Cronos Group Inc., GW Pharmaceuticals, CannTrust Holdings Inc., VIVO Cannabis Inc., Tilray, and OrganiGram Holdings, among others.; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Cannabis Market by Application

• • Medical
  • Recreational

Global Cannabis Market by Product Type

• • Flowers
  • Concentrates
  • Others

Global Cannabis Market by Compound

• • Tetrahydrocannabinol (THC)-Dominant
  • Cannabidiol (CBD)-Dominant
  • Balanced THC & CBD

Global Cannabis Market by Region

• • North America Cannabis Market (Option 1: As a part of the free 25% customization)
    • North America Cannabis Market by Application
    • North America Cannabis Market by Product Type
    • North America Cannabis Market by Compound
    • US Cannabis Market All-Up
    • Canada Cannabis Market All-Up
  • Europe Cannabis Market (Option 2: As a part of the free 25% customization)
    • Europe Cannabis Market by Application
    • Europe Cannabis Market by Product Type
    • Europe Cannabis Market by Compound
    • UK Cannabis Market All-Up
    • Germany Cannabis Market All-Up
    • France Cannabis Market All-Up
    • Spain Cannabis Market All-Up
    • Rest of Europe Cannabis Market All-Up
  • Asia-Pacific Cannabis Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Cannabis Market by Application
    • Asia-Pacific Cannabis Market by Product Type
    • Asia-Pacific Cannabis Market by Compound
    • China Cannabis Market All-Up
    • India Cannabis Market All-Up
    • Japan Cannabis Market All-Up
    • Rest of APAC Cannabis Market All-Up
  • RoW Cannabis Market (Option 4: As a part of the free 25% customization)
    • RoW Cannabis Market by Application
    • RoW Cannabis Market by Product Type
    • RoW Cannabis Market by Compound
    • Brazil Cannabis Market All-Up
    • South Africa Cannabis Market All-Up
    • Saudi Arabia Cannabis Market All-Up
    • UAE Cannabis Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Cannabis Market All-Up

Major Players Operating in the Cannabis (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Aurora Cannabis
  • Aphria Inc.
  • MedReleaf Corp.
  • Canopy Growth Corporation
  • Cronos Group Inc.
  • GW Pharmaceuticals
  • CannTrust Holdings Inc.
  • VIVO Cannabis Inc.
  • Tilray
  • OrganiGram Holdings