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 application.

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 around the world. While most of the nations around the world have still not legalized the recreational usage of cannabis, the approach to 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 the proven medicinal effects of cannabis, legalization of cannabis, developments in intellectual property rights of cannabis, and active research genetic 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.

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 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 dominated the market during the forecast period due to the increasing demand and utilization of cannabis for recreational purposes. The legalization of recreational applications has a high possibility 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 that is 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. These are observed to relieve 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 expected to increase the popularity and demand for cannabis in the future.

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.

Key Findings of the Global Cannabis Market Include:

• The analysis includes a global cannabis market study, expansions, and forecasts, along with a country-specific analysis
• An in-depth analysis of the global cannabis market comprises segments by product type, application, compound, and region with an analysis of trend-based insights and factors
• Product offering details on competitive benchmarking and the evolution approach adopted by the industry players, along with their investments in the last five years in the global market.
• The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global cannabis market
• The study also offers complex measures of potential market effect during the forecast period and an in-depth overview of the leading companies operating in the global market
• External as well as internal variables that are expected to have a positive or negative effect on companies have been evaluated, which will offer the decision-makers a strong futuristic view of the industry
• The research also helps understand the dynamics of the market structure by analyzing market segments and by projecting the size of the market
• The report helps to understand the effects of the COVID-19 pandemic on the global cannabis market
• Some major industry players functional in the global cannabis market 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, Harvest Health and Recreation, Inc.

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
• Europe
• Asia Pacific
• Middle East and Africa
• South America