Global Cannabis and Hemp Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Cannabis and Hemp Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Cannabis and hemp originated in China. This variety is currently commercially grown as an economic crop with a THC content of<0.3%. It is one of the two varieties of cannabis that have been spread throughout Asia a long time ago. It has been cultivated for more than 6000 years in China and can be used as a food crop, Cash crops, pharmaceuticals and industrial raw materials.

Market Overview:

The latest research study on the global Cannabis and Hemp market finds that the global Cannabis and Hemp market reached a value of USD 18923.68 million in 2022. It’s expected that the market will achieve USD 75341.41 million by 2028, exhibiting a CAGR of 25.89% during the forecast period.

The industrial chain is affected

The COVID-19 outbreak has disrupted business and economic activities globally. It is expected to have a short-term impact on the Cannabis and Hemp market to a certain extent. With several countries across the globe announcing nationwide lockdowns and temporary closures of various industries, production and manufacturing have been severely affected. Stopping production not only aggravates the shortage of funds for small and medium-sized enterprises, but also reduces the solvency of enterprises, which may affect production and sales. Some enterprises have difficulties in operation and even go bankrupt. The epidemic situation has seriously affected the logistics and transportation, and the transportation of raw materials is difficult. The industrial chain of small and medium-sized enterprises is imperfect and fragile. Trade barriers have further impacted the demand-supply gap. Companies operating in the Cannabis and Hemp market have suspended non-essential visits/activities until the COVID-19 outbreak is resolved.

The production cost of enterprises increases

With the gradual control of the epidemic, some factories began to resume operation. However, enterprises need to protect the life and health of employees while operating production, such as purchasing masks, disinfectants and other epidemic prevention materials, disinfecting the working environment before and after production, and testing the body temperature of employees every day to ensure their health. These measures will increase production costs and affect the development of enterprises.

SMEs face challenges

Pneumonia epidemic in COVID-19 has a great impact on the after-sales operation of Cannabis and Hemp industry, especially on small and medium-sized enterprises. Stopping production not only aggravates the shortage of funds for small and medium-sized enterprises, but also reduces the solvency of enterprises, which may affect production and sales. Some enterprises have difficulties in operation and even go bankrupt. The epidemic situation has seriously affected the logistics and transportation, and the transportation of raw materials is difficult. The industrial chain of small and medium-sized enterprises is imperfect and fragile.

Social Factors

The trend of legalization of marijuana is rising in many places around the world. In some areas, the social acceptance of marijuana is high and the legalization process is fast. For example, the main reason for the legalization of marijuana in the United States is the large number of people who smoke marijuana in the United States, and the government is unable to effectively control it. Therefore, it has chosen to legalize medical marijuana first to explore the next step for the legalization of recreational marijuana. The cultivation, production, sales and use of cannabis are under strict supervision to reduce management costs and illegal channel transactions. However, in some regions, such as China and Japan, the regulation of cannabis cultivation and sales is still very strict. But generally speaking, in many places around the world, the process of legalization of cannabis is advancing.

Technological Factors

In the past decade, the legal Cannabis and Hemp industry has changed the rules of the game, and many states have legalized marijuana for recreational and medicinal purposes. There are many scientific breakthroughs involved in bringing these products to the mass market. Nowadays, growers are using vegetable oils to produce atomizers, capsules, edible gummies, etc., rather than just minimal processing of plants. The following are some projects under development that may fundamentally reshape the cannabis industry.

Environmental Factors

Although growing hemp crops in a responsible and sensitive manner can bring huge environmental benefits, practices often used in illegal industries often do more harm than good. Banning (high THC) cannabis pushes growers underground. This means that crops are usually hidden-usually indoors.

Many cannabis growers in many jurisdictions may encounter significant obstacles when attempting to grow outdoors. Due to multi-year bans on hemp, most governments (especially in the UK and the US) require hemp (including industrial hemp) to be grown out of public view. Unfortunately, this usually means indoors.

Region Overview:

In 2021, the share of the Cannabis and Hemp market in North America stood at 61.96%.

Company Overview:

Curaleaf Holdings is one of the major players operating in the Cannabis and Hemp market, holding a share of 4.85% in 2022.

Curaleaf Holdings

Curaleaf Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, engages in the production and distribution of cannabis products. Curaleaf Holdings serves dispensary and cultivation sites in North America.

Cresco Labs

Cresco Labs is one of the largest vertically-integrated multi-state cannabis operators in the United States. Cresco is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America.

Segmentation Overview:

As for product types, the Concentrates segment held the largest market share in 2021.

Application Overview:

By application, the Recreational segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Cannabis and Hemp market covered in Chapter 3:

TerrAscend
Medical Marijuana, Inc.
Cannabis Sativa, Inc.
Hexo Corp.
VIVO Cannabis Inc.
Curaleaf Holdings
Canopy Growth Corporation
Aphria Inc.
Aurora Cannabis Inc.
Folium Biosciences
Hemp Oil Canada
Canah International
Tikun Olam
Green Thumb Industries
Harvest Health and Recreation
Ecofibre Limited
Indiva
Jinzhou Qiaopai Biotech
Cresco Labs
Terra Tech Corp.

In Chapter 4 and Chapter 14.2, on the basis of types, the Cannabis and Hemp market from 2018 to 2029 is primarily split into:

Flowers
Concentrates
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Cannabis and Hemp market from 2018 to 2029 covers:

Medicinal
Recreational
Industrial
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)