Cannabis Market By Product Type (Buds or Marijuana Flower, Cannabis Extracts), By Compound (THC-dominant, Balanced THC and CBD, CBD-dominant), By Application (Medical, Recreational, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global cannabis market was valued at $25.7 billion in 2021, and is projected to reach $148.9 billion by 2031, growing at a CAGR of 20.1% from 2022 to 2031.Cannabis is a psychoactive narcotic derived from the Cannabis plant, which is also known by various names, including marijuana. The cannabis plant, which is indigenous to Central and South Asia, has been used for ages in traditional remedies as well as a narcotic for both recreational and entheogenic uses. One of the 483 known plant chemicals, comprising at least 65 more cannabinoids, including cannabidiol, tetrahydrocannabinol (THC) is the primary psychoactive component of cannabis (CBD). Cannabis can be consumed as a smoked product, vaped, ingested, or utilized as an extract. Although it can be used for spiritual objectives, cannabis is most frequently utilized for recreational or therapeutic purposes. Although it is legal in some places, it is the most widely used illegal substance in the world. Adults in Zambia, the U.S., Canada, and Nigeria use it the most frequently.
The global cannabis market is analyzed on the basis of product type, compound, application, and region. By product type, the market is divided into buds or marijuana flower and cannabis extracts. By compound, the market is divided into THC-dominant, balanced THC & CBD, and CBD-dominant. By application, it is classified into medical, recreational, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, Italy, Denmark, Poland, the UK, and the rest of Europe), Asia-Pacific (Thailand, Australia, New Zealand, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and Rest of LAMEA).
The impact of the COVID-19 outbreak was negative on the growth of the global cannabis market. The trade restrictions and lockdown resulted into halting of production and manufacturing units. Conversely, the recovery of the cannabis market is expected in near future.
The legalization of cannabis in many different places, the growing public knowledge of cannabis' health advantages, and its expanding use in medicine to treat a variety of ailments and symptoms are the main reasons driving the expansion of the global cannabis industry. Additionally, the development of new products and increasing R&D operations support the expansion of the cannabis business. Cannabis use is subject to complicated regulations, and the use of cannabis is stigmatized in society, which restricts market expansion. For companies in the cannabis market, however, the legalization of cannabis in Asia-Pacific is anticipated to present attractive development prospects.
The key players operating in the cannabis market have adopted product launch, business expansion, and merger & acquisition as its key strategies to expand their market share, increase profitability, and remain competitive in the market. The major players operating in the global cannabis market are Aurora Cannabis Inc., Tilray, Canopy Growth Corporation, Cresco Labs, Curaleaf, Ecofibre Limited, Green Thumb Industries, Hexo Corporation, INDIVA, Maricann Inc., Medical Marijuana Inc., MME LLC., Organigram Holdings Inc., Stencocare, and Harvest Health & Recreation, Inc.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cannabis market analysis from 2021 to 2031 to identify the prevailing cannabis market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the cannabis market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global cannabis market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
Buds or Marijuana Flower
Cannabis Extracts
By Compound
THC-dominant
Balanced THC and CBD
CBD-dominant
By Application
Medical
Recreational
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
Italy
Denmark
Poland
UK
Rest of Europe
Asia-Pacific
Thailand
Australia
New Zealand
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Rest of LAMEA
Key Market Players
Aurora Cannabis Inc.
Tilray
Canopy Growth Corporation
Cresco Labs
Curaleaf
Ecofibre Limited
Green Thumb Industries
HEXO Corp.
INDIVA
Maricann Inc.
medical marijuana inc.
MME, LLC.
Organigram Holdings Inc.
Stenocare
Harvest Health & Recreation, Inc
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