The Global Cannabis Market has been estimated to reach a value of USD 19.89 billion in 2021 and it is projected to grow at a CAGR of 27.0% during the forecast period. The market growth can be attributed to the rising awareness among customers concerning the health advantages of cannabis and its increasing medical applications.

The legalization of cannabis has permitted people to practice safe utilization along with registering its medicinal advantages. Most nations around the world have still not legalized the recreational usage of cannabis, the approach to the utilization and sales has been reduced over the years. The increasing popularity of the utilization of cannabis in different regions has increased the development of the overall cannabis market.

The factors driving the cannabis market are proven medicinal effects, legalization of cannabis, developments in intellectual property rights of cannabis, and active research and development and modification of the plant. For instance, in January 2018, the Australian government permitted cannabis manufacturers in the zone to export medical cannabis and its products to the worldwide market.

 TABLE 1: GLOBAL CANNABIS MARKET OVERALL SNAPSHOT

 Segmentation

 The genetic cannabis market is segmented based on product type, application, compound, and region.

FIGURE 1: GLOBAL CANNABIS MARKET SEGMENTATION

Global Cannabis Market, by Product Type

Based on product type, the market is segmented into flowers, concentrates, and others (capsules, edibles, and beverages). The concentrates segment is expected to dominate the market during the forecast period. The market dominance can be attributed to its ease of utilization and its versatility in the process of delivery. The concentrates are available in the form of ingestible oils, dabbing, and tinctures. The flowers segment holds a major market share as several cannabinoids are identified in the leaves and flowers of the mature cannabis plant, which makes them a popular option for harvesting.

Global Cannabis Market, by Application

Based on application, the market is segmented into medical and recreational. The recreational segment is expected to dominate the market during the forecast period due to the increasing demand and utilization of cannabis for recreational purposes. The legalization of recreational applications is expected to drive segment growth.

Cannabis can be utilized in several forms for recreational purposes. It’s often smoked as a shredded green and brown mix of flowers, seeds, and leaves. It can be utilized as a cigarette, blunt, and pipe, or bong. A blunt is a cigar filled with marijuana. It can also be blended in food or brewed as a tea.

Global Cannabis Market, by Compound

Based on the compound, the market is segmented into tetrahydrocannabinol (THC)–dominant, cannabidiol (CBD)-dominant, and balanced THC and CBD. The THC-dominant segment is expected to be the fastest-growing during the forecast period. The segment growth can be attributed to the medical advantages of THC-dominant products like relieving nausea, insomnia, and appetite loss.

Global Cannabis Market, by Region

Based on region, the global cannabis market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is projected to record the highest market share during the forecast period. The medical application of cannabis is observing remarkable development as customers are becoming more conscious of the medicinal advantages of cannabis.

The North America cannabis market is also increased by the existence of major players operating in the market, like Aurora Cannabis Inc, Medical Marijuana Inc., and Canopy Growth Corporation. These competitors are spending heavily on the growth of the cannabis industry in the zone.

According to the U.S. Government Accountability Officer, conditions and symptoms that can be treated by cannabis include Alzheimer’s diseases, HIV-AIDS, anorexia, arthritis, nausea, pain, Crohn's disease, migraines, and multiple sclerosis. Continuous research and standardization of products for medicinal purposes are estimated to increase the popularity and demand for cannabis in the future.

TABLE 2: GLOBAL CANNABIS MARKET OVERVIEW

 

FIGURE 3: GLOBAL CANNABIS MARKET (USD BILLION), 2021–2030

Recent Developments in the Global Cannabis Market

• December 2020- Aphria Inc. and Tilray, Inc. (Canada) entered into a definitive arrangement to merge their businesses and generate the world’s largest cannabis company. The combined company, assisted by reduced-cost cultivation, transforming, and manufacturing facilities, would have a complete portfolio of branded cannabis 2.0 products in Canada.
• November 2020- Aphria Inc. declared the completion of the acquisition of SW Brewing Company, LLC (U.S.), one of the highest independent craft brewers. Sweetwater provides complimentary cannabis lifestyle brands, which could assist Aphria to transform its product portfolio.

What Does This Report Provide?

This report provides a detailed understanding of the global cannabis market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, and opportunities for the global cannabis market have been covered in the report. This report further includes the market shares of the leading companies operating in the global market, along with their production capacities and the growth strategies adopted by them.

Market Segmentation:

By Product Type:

• Flowers
• Concentrates
• Others (Capsules, Edibles, and Beverages)

By Application:

• Medical
• Recreational

By Compound:

• Tetrahydrocannabinol (THC)-Dominant
• Cannabidiol (CBT)-Dominant
• Balanced THC and CBD

By Region:

North America Cannabis Market

• North America, by Country
  • U.S.
  • Canada
  • Mexico
• North America by Product Type
• North America by Application
• North America by Compound

Europe Cannabis Market

• Europe, by Country
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe 
• Europe by Product Type
• Europe by Application
• Europe by Compound

Asia Pacific Genetic Toxicology Testing Market

• Asia Pacific, by Country
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia-Pacific 
• Asia Pacific by Product Type
• Asia Pacific by Application
• Asia Pacific by Compound

Middle East and Africa Genetic Toxicology Testing Market

• Middle East and Africa, by Country 
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East and Africa
• Middle East and Africa by Product Type
• Middle East And Africa by Application
• Middle East And Africa by Compound

South America Genetic Toxicology Testing Market

• South America, by Country 
  • Brazil
  • Argentina
  • Rest of South America
• South America by Product Type
• South America by Application
• South America by Compound

Major Companies: The major companies included in the report are: Canopy Growth Corporation, Aurora Cannabis Inc., Medman Enterprises, Terra Tech Corp (TRTC), Aphria Inc., VIVO Cannabis, Inc., Stenocare, Tikun Olam, Cresco Labs, Inc., Indiva, Green Thumb Industries, Curaleaf Holdings, Inc., TerrAscend, Ecofiber Limited, and Harvest Health and Recreation, Inc.

Objectives of this Report:

• To estimate the market size for the cannabis market on a regional and global basis
• To identify major segments in the cannabis market and evaluate their market shares and demand
• To provide a competitive scenario for the market with major developments observed by the key companies in the historic years
• To evaluate key factors governing the dynamics of the cannabis market with their potential gravity during the forecast period
• To evaluate the leading company-wise pricing analysis for the mentioned applications

Key Questioned Answered in the Study:

• What are major growth drivers and market trends that are impacting the global cannabis market?
• What is the market size both in terms of value and volume for the global cannabis market?
• Who are the leading market players and who are the new market players that operate in the global market with an estimated market share?
• What are the future investment pockets and opportunities in the global cannabis market?
• Major list of customers and potential futuristic customer list along with an estimated buying volume
• Impact of COVID-19 on the global cannabis market

Customization:

This study is customized to meet your specific requirements:

• By sub-segment
• By client-specific country, type, and application market analysis
• Pricing analysis along with the potential list of customers
• Product-specific competitive analysis

For more information, contact: [email protected]