Executive Summary Cannabis Market Size and Share Forecast

CAGR Value

The global cannabis market size was valued at USD 32.89 Billion in 2024 and is expected to reach USD 65.54 Billion by 2032, at a CAGR of 9.00% during the forecast period

This Cannabis Market Research Report also conducts analysis on consumption of the market, key players involved, sales, price, revenue, and market share with volume and value for each region. This Cannabis Market research report has been prepared with a nice blend of industry insight, smart and practical solutions, and the newest technology to present a better user experience. This global market report also encompasses predictions utilizing a practical arrangement of uncertainties and techniques. Cannabis report comprises better market insights with which driving the business into the right direction becomes easy. In addition, it makes out and analyzes the emerging trends along with major driving factors, challenges, and opportunities in the market for Cannabis Market industry.

Market segmentation is the major parameter of this Cannabis report that categorizes the market depending upon application, vertical, deployment model, end-user, geography, etc. Data models utilized for the research methodology are merchant positioning grid, market timeline analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, thorough analysis, and vendor share analysis. This Cannabis report also evaluates the potential market for a new product, consumers’ reactions to particular product, general market tendencies, different types of customers, and the depth of the marketing problem. Cannabis Market research report has been prepared by including most advanced insight and analysis, which furnishes maximum benefits to the Cannabis Market industry.

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Cannabis Market Review

Segments

- By Product Type: The global cannabis market can be segmented based on product type into flowers, concentrates, and others. Flowers refer to the dried cannabis buds, which are commonly used for smoking. Concentrates include products like oils, tinctures, waxes, and edibles. The concentrates segment is expected to witness significant growth due to the increasing popularity of alternative consumption methods.

- By Compound: Cannabis products can be segmented based on their compound composition, such as tetrahydrocannabinol (THC) dominant, cannabidiol (CBD) dominant, and balanced THC/CBD products. THC-dominant products are known for their psychoactive effects, while CBD-dominant products are preferred for their therapeutic properties. The balanced THC/CBD segment caters to consumers looking for a combination of both psychoactive and therapeutic benefits.

- By Application: The market can also be segmented by application into medicinal and recreational. The medicinal segment includes products used for treating various health conditions such as chronic pain, epilepsy, anxiety, and others. The recreational segment caters to consumers seeking cannabis products for leisure and enjoyment purposes.

Market Players

- Canopy Growth Corporation: A leading cannabis company offering a diverse range of products for both medicinal and recreational use. Canopy Growth has a strong global presence and focuses on innovation and research to drive market growth.

- Aurora Cannabis Inc.: This Canadian-based company is known for its high-quality cannabis products and strategic acquisitions to expand its market reach. Aurora Cannabis has a strong brand reputation and a well-established distribution network.

- GW Pharmaceuticals: Specializing in developing cannabis-based pharmaceutical products, GW Pharmaceuticals is a key player in the medicinal cannabis segment. The company focuses on research and clinical trials to bring innovative treatment options to patients.

- Cronos Group Inc.: Operating internationally, Cronos Group is a prominent player in the cannabis market with a focus on product diversification and brand development. The company is known for its sustainable cultivation practices and commitment to quality.

- Tilray Inc.: With a strong presence in both the medicinal and recreational cannabis markets, Tilray is a dynamic player known for its global expansion efforts and strategic partnerships. The company offers a wide range of cannabis products to cater to diverse consumer preferences.

DDDDDThe global cannabis market is witnessing a significant transformation driven by evolving consumer preferences, regulatory changes, and increasing awareness of the medicinal and therapeutic benefits of cannabis products. One of the key trends shaping the market is the growing demand for innovative and convenient consumption methods, which is driving the growth of the concentrates segment. Manufacturers are focusing on developing a wide range of concentrates such as oils, tinctures, and edibles to cater to the diverse preferences of consumers. This shift towards alternative consumption methods is expected to drive substantial growth opportunities for market players in the coming years.

In terms of product segmentation based on compounds, the market is experiencing a surge in demand for CBD-dominant products, driven by the growing recognition of CBD's potential health benefits and therapeutic properties. Consumers are increasingly turning to CBD products for various health conditions such as chronic pain, anxiety, and insomnia, propelling the growth of this segment. The rise of CBD-infused products across different categories such as beauty and wellness further indicates the expanding scope of CBD in the market. Additionally, the balanced THC/CBD segment is gaining traction among consumers looking for a balanced approach to reaping the psychoactive and therapeutic benefits of cannabis.

The market segmentation based on applications highlights the dual nature of the cannabis market, with distinct offerings for medicinal and recreational purposes. The medicinal segment is witnessing robust growth as more healthcare professionals and patients recognize the potential of cannabis for managing chronic conditions and improving quality of life. Regulatory changes that support the use of cannabis for medical purposes are also driving the growth of this segment. On the other hand, the recreational segment continues to appeal to consumers seeking cannabis products for relaxation, socializing, and overall well-being, presenting new avenues for market players to explore.

Market players such as Canopy Growth Corporation, Aurora Cannabis Inc., GW Pharmaceuticals, Cronos Group Inc., and Tilray Inc. continue to play a pivotal role in shaping the global cannabis market landscape. These companies are at the forefront of innovation, product development, and strategic partnerships to capitalize on the growing opportunities in the market. With a focus on quality, compliance, and customer-centric approaches, these market players are poised to sustain their competitive edge and drive further growth in the dynamic and rapidly evolving cannabis market landscape.The global cannabis market is experiencing a transformative shift driven by changing consumer preferences, regulatory advancements, and a heightened awareness of the therapeutic benefits associated with cannabis products. The market segmentation based on product type underscores the diversification in offerings, with flowers, concentrates, and other products catering to varying consumer needs. Concentrates, in particular, are witnessing a surge in demand due to the rising popularity of alternative consumption methods beyond traditional smoking. This trend is pushing manufacturers to innovate and expand their range of concentrates to meet the evolving preferences of consumers, thereby presenting substantial growth opportunities for market players.

Furthermore, the segmentation based on compound composition reveals a notable uptick in the demand for CBD-dominant products. CBD's therapeutic properties and potential health benefits are driving consumer interest, especially in alleviating conditions like chronic pain, anxiety, and insomnia. The increasing acceptance and incorporation of CBD-infused products across different sectors such as beauty and wellness signify the broadening appeal and application of CBD in the market. Additionally, the balanced THC/CBD segment is gaining traction among individuals seeking a harmonious blend of psychoactive and therapeutic effects offered by cannabis.

The market segmentation by application delineates the duality of the cannabis market, delineating its utility for both medicinal and recreational purposes. The medicinal segment is witnessing robust growth propelled by the recognition of cannabis's efficacy in managing chronic ailments and enhancing overall well-being. Regulatory reforms supporting medical cannabis further bolster this segment's expansion. Conversely, the recreational segment remains popular among consumers seeking leisure, relaxation, and social enjoyment through cannabis products, presenting avenues for market players to explore and diversify their offerings to cater to a broader consumer base.

Key market players such as Canopy Growth Corporation, Aurora Cannabis Inc., GW Pharmaceuticals, Cronos Group Inc., and Tilray Inc. are pivotal in steering the global cannabis market landscape through their proactive approaches towards innovation, product development, and strategic alliances. These industry leaders are not only shaping the competitive landscape but also driving market growth by adhering to stringent quality standards, regulatory compliance, and customer-centric strategies. Their focus on tapping into emerging opportunities and adapting to the evolving market dynamics positions them strongly to maintain a competitive edge and foster continued growth amidst the dynamic cannabis market environment.

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Structured Market Research Questions for Cannabis Market

• What is the present size of the global Cannabis industry?
• What annual growth rate is projected for the Cannabis sector?
• What are the main segment divisions in the Cannabis Market report?
• Who are the established players in the global Cannabis Market?
• What geographic areas are explored in the Cannabis Market report?
• Who are the leading manufacturers and service providers for Cannabis Market?

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