Healthcare and Pharmaceutical
Healthcare and Pharmaceutical

Cannabis Market Size, Share & Analysis Report By Product Type (Bud, Concentrates, Edibles, Topicals), By Material (Steel, Concrete, Wood, Others), By Application (Recreational, Medicinal), By Component (THC- dominant, Balanced THC and CBD, CBD- Dominant) and Regional Forecasts, 2023 - 2032

Report ID : 3214
Date : 2024-04-09
No of Pages : 150
Format : PDF

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Cannabis Market is estimated to be worth USD 47.29 Billion in 2024 and is projected to grow at a CAGR of 29% between 2024 to 2032. The study has considered the base year as 2023, which estimates the market size of the market, and the forecast period is 2024 to 2032. The report analyses and forecasts the market size, in terms of value (USD Billion), for the market. The report segments the market and forecasts it by Product Type, by Application, by Component, and by region/country.

Considering recreational drugs today cannabis is one of the most widely used drugs today. It comes from the genus of the flowering plant, which includes three species: indica, sativa and rudralis. It’s basically native to the Indian subcontinent and Central Asia. Apart from recreational use, it’s also used in religious ceremonies and, more recently, has been used to treat various illnesses, from chronic pain to epilepsy.

Cannabis is composed of remarkably intricate chemical compositions such as delta-9-tetrahydrocannabinol and cannabidiol, which have significantly opposing effects. The discovery of these components has led to the further discovery of a significant neurotransmitter system known as endocannabinoid systems. The system is widely bifurcated in the brain and within the body and is considered to be responsible for various important functions.

After reviewing the data shown below, it can be determined that the North America region dominates the Cannabis Market for the following reasons.
The North American region is significantly dominating the cannabis market due to the increasing demand and legalization within the 30 states in the U.S., which have pushed the market to significant growth. The legalization of cannabis production has helped the revenue grow significantly. For instance, according to research by TAX FOUNDATION it is estimated that the legalized states will have collected nearly $3 billion in marijuana revenues in 2022, and according to an estimation, nationwide legalization could generate $8.5 billion annually for all the states, which is driving substantially the market growth of the Cannabis Market within the region.


By Product Type

Based on Product Type, the Cannabis Market is bifurcated into Flower, Concentrates, Edibles and Topicals– where Buds segment is dominating and ahead in terms of share. The Bud segment within the product type is dominating the Cannabis Market due to the increasing demand for buds used for smoking purposes within the population due to the recent legalization all around the globe. Consuming the buds allows for a more direct and immediate experience of the plant effect compared to other forms such as concentrates and edibles due to the high THC content within the bud compared to the others, which makes the bud segment dominate within the product segment in the Cannabis Market.

By Application

Based on Application, the Cannabis Market is bifurcated into Recreational and Medicinal– where Recreational segment is dominating and ahead in terms of share.

By Component

Based on Component, the Cannabis Market is bifurcated into THC- dominant, Balanced THC and CBD and CBD- Dominant– where THC- dominant segment is dominating and ahead in terms of share.

Key Players

• Aurora Cannabis Inc.
• Tilary Inc.
• Canopy Growth Corporation
• VIVO Cannabis Inc.
• Lexaria Corp.


Rising Demand for Medicinal Application
Many countries have acknowledged that the therapeutic capacity of cannabis are immense. For instance, in 2017, a report published by National Academy of Science evaluated 10,700 research articles that have proved with conclusive evidence that cannabis is very effective in the area of chronic pain treatments in adults as antiemetic in the treatment of chemotherapy-induced nausea and vomiting and also for improving the patient's reported multiple sclerosis spasticity symptoms. Oral CBD ingestion caused noticeable reduction in social avoidance and anxiety, as well as improvements in better sleep, feeding, motor co-ordination, sensory processing and language skills, which is significantly driving the market growth of the Cannabis market


Market Expansion through Legalization
The Cannabis Market is significantly experiencing market growth opportunities due to the recent legalization around the globe. For instance, Germany has recently legalized cannabis consumption for adults over 18 to carry and own 25 grams of cannabis for consumption. Also, the United States legalized cannabis in 2021, which has shown immense potential for market growth opportunity for the Cannabis Market.

Report Attribute Details
Market Value in 2024 47.29 Billion
Forecast in 2032 361.66 Billion
CAGR CAGR of 29% from 2024 to 2032
Base Year of forecast 2023
Historical 2019-2022
Units Revenue in USD Million and CAGR from 2024 to 2032
Report Coverage Revenue forecast, Industry outlook, Competitive Landscape, Growth Factors, and Trends
Segments Scope By Product Type, By Application, By Component
Regions Covered North America, Europe, Asia Pacific, SA and MEA
Key Companies profiled • Aurora Cannabis Inc.
• Tilary Inc.
• Canopy Growth Corporation
• VIVO Cannabis Inc.
• Lexaria Corp.

1 Market Overview
2 Market Drivers
3 Market Restraints
4 Market Challenges
5 Market Opportunities
5.3 Porter’s Five Analysis
5.4 Covid-19 Impact
6 Cannabis Market, By Product Type
6.1. Bud
6.2. Concentrates
6.3. Edibles
6.4. Topicals
7 Cannabis Market, By Application
7.1. Recreational
7.2. Medicinal
8 Cannabis Market, By Component
8.1. THC- dominant
8.2. Balanced THC and CBD
8.3. CBD- Dominant
9 Major Developments and Strategic Initiatives
10 Market Positioning
11 Market Share Analysis
12 North America
12.1. U.S.
12.2. Canada
12.3. Mexico
12.4. Europe
12.5. Germany
12.6. UK
12.7. Spain
12.8. Russia
12.9. France
12.10. Italy
13 Asia Pacific
13.1. China
13.2. Japan
13.3. India
13.4. South Korea
13.5. Australia
13.6. CSA
13.7. Brazil
13.8. Argentina
14 MEA
14.1. UAE
14.2. Saudi Arabia
14.3. South Africa
15 Company Profiles
15.1. Aurora Cannabis Inc.
15.1.1. Company Overview
15.1.2. Financial Performance
15.1.3. Product Portfolio
15.1.4. Strategic Initiatives
15.2. Tilary Inc.
15.2.1. Company Overview
15.2.2. Financial Performance
15.2.3. Product Portfolio
15.2.4. Strategic Initiatives
15.3. Canopy Growth Corporation
15.3.1. Company Overview
15.3.2. Financial Performance
15.3.3. Product Portfolio
15.3.4. Strategic Initiatives
15.4. VIVO Cannabis Inc.
15.4.1. Company Overview
15.4.2. Financial Performance
15.4.3. Product Portfolio
15.4.4. Strategic Initiatives
15.5. Lexaria Corp.
15.5.1. Company Overview
15.5.2. Financial Performance
15.5.3. Product Portfolio
15.5.4. Strategic Initiatives