Cannabis Marijuana Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cannabis Marijuana Market
The Cannabis Marijuana market size was valued at USD 43.72 billion in 2022, and the market is now projected to grow from USD 57.18 billion in 2023 to USD 444.34 billion by 2030, exhibiting a CAGR of 34.03%during the forecast period of 2023-2030.
There was a continuous need for cannabis during COVID-19 pandemic, it was even more essential to have them available in medical centers across most states. During the Cannabis Marijuana market growth imposed lockdowns, some like California, Oregon, and Colorado did not close down their tourist retail shops. This move coupled with stockpiling, notable in the European region and United States resulted into growth of cannabis markets since many areas adopted its use for leisure as well as medical purposes
Companies and retailers that make C. Sativa consumer products are quickly changing in order to meet the needs of regular marijuana users who do not smoke by offering varieties such as concentrates or edibles or topicals. The Cannabis Marijuana market share outbreak of COVID-19 (Corona Virus Disease 2019) has increased the appeal of edibles. Innovative ways have been developed to make edibles more uniform while at the same time increasing the popularity of other infusion forms like topicals as well as sublinguals.
During the COVID-19 pandemic, the industry found support whilst regulations were relaxed. By June of 2021, the Cannabis Regulation Act for New Mexico had been enacted thus setting up a system for licensing and regulating the use of adult cannabis. Under Cannabis Control Division’s leadership, any person who is over 21 years old can possess precise amounts of cannabis extracts, buds, edibles or plants.
Comprehensive Analysis of Cannabis Marijuana Market
The Cannabis Marijuana market and Food & Beverages industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by Type Analysis, by Application Analysis, by Component Analysis. The Type Analysis, concentrates and flowers/buds. However, the Application Analysis, notable contributor of the global recreational marijuana market is the ongoing legalization and decriminalization of marijuana across the globe. The Component Analysis, cannabis varieties are THC-dominant as it is the most abundant cannabinoid.
The North America region lead the Cannabis Marijuana market by benefitting a market size of USD 35.76 billion in 2022 due to Recreational legalization the U.S. began in 2012, with Colorado and Washington becoming first two states to legalize its recreational use.
The top players in the market play a crucial role in the Food & Beverages industrial prospectus growth and setting market standards. These players include, Tilary, Inc. (Canada), Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), VIVO Cannabis Inc. (Canada), CannTrust Holdings Inc. (Canada), Jazz Pharmaceuticals (Ireland), Cronos Group Inc. (Canada), Lexaria Corp. (Canada), OrganiGram Holdings (Canada), ABcann Medicinals, Inc. (Canada), these market players provide a level-playing competitive landscape.
In May 2023, The Nirvana Group has teamed up with Toast a multi-state cannabis brand, innovative products to patients and consumers within Oklahoma and New Mexico The main objectives of this cooperation is to broaden their reach in Oklahoma and New Mexico as well as enriching the variety of cannabis products in these states.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 34.03% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Type
Flowers/Buds
Concentrates
By Application
Medical
Recreational
-
Edibles
Topicals
Industrial Hemp
By Component
THC-dominant
Balanced THC and CBD
CBD-dominant
By Region
North America (By Type, Application, By Component and By Country)
- U.S. (by Type)
- Canada (by Type)
- Mexico (by Type)
Europe (By Type, Application, By Component and By Country)
- Germany (by Type)
- France (by Type)
- Italy (by Type)
- Czech Republic (by Type)
- Belgium (by Type)
- Rest of Europe (by Type)
Asia Pacific (By Type, Application, By Component and By Country)
- Australia (by Type)
- Thailand (by Type)
- Rest of Asia Pacific (by Type)
Rest of the World (By Type, Application, By Component and By Country)
- Brazil (by Type)
- Zimbabwe (by Type)
- Others in RoW(by Type)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Overview of the Narcotic Drugs & Psychotropic Substances
- 4.2. Regulatory Framework for Cannabis, by Country
- 4.3. Cannabis Market Investments Analysis and Details on Start-up Companies
- 4.4. Market Analysis and Insights (in Relation with COVID-19)
- 4.4.1. Impact of COVID-19 on the Market
- 4.4.2. Supply Chain Challenges due to the Pandemic
- 4.4.3. Potential Opportunities to Support the Sales during the Calamity
- 5. Global Cannabis Market Analysis, Insights and Forecast, 2023-2030
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Type (Value)
- 5.2.1.1. Flowers
- 5.2.1.2. Concentrates
- 5.2.2. By Application (Value)
- 5.2.2.1. Medical
- 5.2.2.2. Recreational
- 5.2.2.2.1. Edibles
- 5.2.2.2.2. Topicals
- 5.2.2.3. Industrial Hemp
- 5.2.3. By Component (Value)
- 5.2.3.1. THC-dominant
- 5.2.3.2. Balanced THC and CBD
- 5.2.3.3. CBD-dominant
- 5.2.4. By Region (Value)
- 5.2.4.1. North America
- 5.2.4.2. Europe
- 5.2.4.3. Asia Pacific
- 5.2.4.4. Rest of the World
- 6. North America Cannabis Market Analysis, Insights and Forecast, 2023-2030
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Type (Value)
- 6.2.1.1. Flowers
- 6.2.1.2. Concentrates
- 6.2.2. By Application (Value)
- 6.2.2.1. Medical
- 6.2.2.2. Recreational
- 6.2.2.2.1. Edibles
- 6.2.2.2.2. Topicals
- 6.2.2.3. Industrial Hemp
- 6.2.3. By Component (Value)
- 6.2.3.1. THC-dominant
- 6.2.3.2. Balanced THC and CBD
- 6.2.3.3. CBD-dominant
- 6.2.4. By Country (Value)
- 6.2.4.1. U.S
- 6.2.4.1.1. By Type (Value)
- 6.2.4.1.1.1. Flowers
- 6.2.4.1.1.2. Concentrates
- 6.2.4.2. Canada
- 6.2.4.2.1. By Type (Value)
- 6.2.4.2.1.1. Flowers
- 6.2.4.2.1.2. Concentrates
- 6.2.4.3. Mexico
- 6.2.4.3.1. By Type (Value)
- 6.2.4.3.1.1. Flowers
- 6.2.4.3.1.2. Concentrates
- 7. Europe Cannabis Market Analysis, Insights and Forecast, 2023-2030
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Type (Value)
- 7.2.1.1. Flowers
- 7.2.1.2. Concentrates
- 7.2.2. By Application (Value)
- 7.2.2.1. Medical
- 7.2.2.2. Recreational
- 7.2.2.2.1. Edibles
- 7.2.2.2.2. Topicals
- 7.2.2.3. Industrial Hemp
- 7.2.3. By Component (Value)
- 7.2.3.1. THC-dominant
- 7.2.3.2. Balanced THC and CBD
- 7.2.3.3. CBD-dominant
- 7.2.4. By Country (Value)
- 7.2.4.1. Germany
- 7.2.4.1.1. By Type (Value)
- 7.2.4.1.1.1. Flowers
- 7.2.4.1.1.2. Concentrates
- 7.2.4.2. France
- 7.2.4.2.1. By Type (Value)
- 7.2.4.2.1.1. Flowers
- 7.2.4.2.1.2. Concentrates
- 7.2.4.3. Italy
- 7.2.4.3.1. By Type (Value)
- 7.2.4.3.1.1. Flowers
- 7.2.4.3.1.2. Concentrates
- 7.2.4.4. Czech Republic
- 7.2.4.4.1. By Type (Value)
- 7.2.4.4.1.1. Flowers
- 7.2.4.4.1.2. Concentrates
- 7.2.4.5. Belgium
- 7.2.4.5.1. By Type (Value)
- 7.2.4.5.1.1. Flowers
- 7.2.4.5.1.2. Concentrates
- 7.2.4.6. Rest of Europe
- 7.2.4.6.1. By Type (Value)
- 7.2.4.6.1.1. Flowers
- 7.2.4.6.1.2. Concentrates
- 8. Asia-Pacific Cannabis Market Analysis, Insights and Forecast, 2023-2030
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Type (Value)
- 8.2.1.1. Flowers
- 8.2.1.2. Concentrates
- 8.2.2. By Application (Value)
- 8.2.2.1. Medical
- 8.2.2.2. Recreational
- 8.2.2.2.1. Edibles
- 8.2.2.2.2. Topicals
- 8.2.2.3. Industrial Hemp
- 8.2.3. By Component (Value)
- 8.2.3.1. THC-dominant
- 8.2.3.2. Balanced THC and CBD
- 8.2.3.3. CBD-dominant
- 8.2.4. By Country (Value)
- 8.2.4.1. Australia
- 8.2.4.1.1. By Type (Value)
- 8.2.4.1.1.1. Flowers
- 8.2.4.1.1.2. Concentrates
- 8.2.4.2. Thailand
- 8.2.4.2.1. By Type (Value)
- 8.2.4.2.1.1. Flowers
- 8.2.4.2.1.2. Concentrates
- 8.2.4.3. Rest of Asia-Pacific
- 8.2.4.3.1. By Type (Value)
- 8.2.4.3.1.1. Flowers
- 8.2.4.3.1.2. Concentrates
- 9. Rest of the World Cannabis Market Analysis, Insights and Forecast, 2023-2030
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Type (Value)
- 9.2.1.1. Flowers
- 9.2.1.2. Concentrates
- 9.2.2. By Application (Value)
- 9.2.2.1. Medical
- 9.2.2.2. Recreational
- 9.2.2.2.1. Edibles
- 9.2.2.2.2. Topicals
- 9.2.2.3. Industrial Hemp
- 9.2.3. By Component (Value)
- 9.2.3.1. THC-dominant
- 9.2.3.2. Balanced THC and CBD
- 9.2.3.3. CBD-dominant
- 9.2.4. By Country (Value)
- 9.2.4.1. Brazil
- 9.2.4.1.1. By Type (Value)
- 9.2.4.1.1.1. Flowers
- 9.2.4.1.1.2. Concentrates
- 9.2.4.2. Zimbabwe
- 9.2.4.2.1. By Type (Value)
- 9.2.4.2.1.1. Flowers
- 9.2.4.2.1.2. Concentrates
- 9.2.4.3. Others in RoW
- 9.2.4.3.1. By Type (Value)
- 9.2.4.3.1.1. Flowers
- 9.2.4.3.1.2. Concentrates
- 10. Competitive Matrix
- 10.1. Business Strategies Adopted by Leading Players
- 10.2. Global Cannabis Market Revenue Share/Ranking Analysis, By Key Manufacturer 2022
- 11. Company Profiles
- 11.1. Aurora Cannabis
- 11.1.1. Overview
- 11.1.2. Description
- 11.1.3. Product Portfolio
- 11.1.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.5. Recent DevelopHouseholdts
- 11.2. Aphria Inc.
- 11.2.1. Overview
- 11.2.2. Description
- 11.2.3. Product Portfolio
- 11.2.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.5. Recent DevelopHouseholdts
- 11.3. Canopy Growth Corporation
- 11.3.1. Overview
- 11.3.2. Description
- 11.3.3. Product Portfolio
- 11.3.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.5. Recent DevelopHouseholdts
- 11.4. MedReleaf Corp.
- 11.4.1. Overview
- 11.4.2. Description
- 11.4.3. Product Portfolio
- 11.4.4. Financials (Data as available in public domain and/or on paid databases)
- 11.4.5. Recent DevelopHouseholdts
- 11.5. Cronos Group Inc.
- 11.5.1. Overview
- 11.5.2. Description
- 11.5.3. Product Portfolio
- 11.5.4. Financials (Data as available in public domain and/or on paid databases)
- 11.5.5. Recent DevelopHouseholdts
- 11.6. GW Pharmaceuticals, plc.
- 11.6.1. Overview
- 11.6.2. Description
- 11.6.3. Product Portfolio
- 11.6.4. Financials (Data as available in public domain and/or on paid databases)
- 11.6.5. Recent DevelopHouseholdts
- 11.7. CannTrust Holdings Inc.
- 11.7.1. Overview
- 11.7.2. Description
- 11.7.3. Product Portfolio
- 11.7.4. Financials (Data as available in public domain and/or on paid databases)
- 11.7.5. Recent DevelopHouseholdts
- 11.8. VIVO Cannabis Inc.
- 11.8.1. Overview
- 11.8.2. Description
- 11.8.3. Product Portfolio
- 11.8.4. Financials (Data as available in public domain and/or on paid databases)
- 11.8.5. Recent DevelopHouseholdts
- 11.9. Tilray
- 11.9.1. Overview
- 11.9.2. Description
- 11.9.3. Product Portfolio
- 11.9.4. Financials (Data as available in public domain and/or on paid databases)
- 11.9.5. Recent DevelopHouseholdts
- 11.10. OrganiGram Holdings
- 11.10.1. Overview
- 11.10.2. Description
- 11.10.3. Product Portfolio
- 11.10.4. Financials (Data as available in public domain and/or on paid databases)
- 11.10.5. Recent DevelopHouseholdts
- 12. Appendix
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