Cannabis Market Size Expected to Boost USD 216.88 Billion at a CAGR of 26.7% by 2030 | Reports and Data

Published March 29, 2023

According to the current analysis of Reports and Data, the global Cannabis market was valued at USD 25.85 Billion in 2021 and expected to reach USD 216.8 Billion by the year 2030, at a CAGR of 26.7%. Cannabis is mostly consumed for its relaxing and calming effects. In some U.S states, it’s also suggested to help with a range of medical conditions, including chronic pain, glaucoma, and poor appetite. The primary ingredient of cannabis, which is CBD, a non-psychoactive cannabinoid, and often used to help reduce inflammation and ease the pain. It also helps to cure nausea, migraines, seizures, and anxiety. But even after legalization of these products in Canada, the sales were adversely affected in Canada as the licensing process is time-consuming and tedious in nature, as to acquire a marijuana cultivation permit, the producers are required to produce two full crops, get them tested, receive a sale audit which takes another year of the producer.

There has been a lot of advancement happening in the industry by various key market players to increase market penetration, such as, In May 2018, Aurora Cannabis acquired MedReleaf. The agreement brings together two of Canada’s premier marijuana companies with fully-aligned strategic visions. The company will come together and create a powerful platform for accelerated growth on a global scale. Aurora and MedReleaf teams consider the acquisition to be a vital successful deal in the marijuana industry; low production costs and industry-leading yields can be expected out of this agreement as Aurora’s programmed greenhouses are anticipated to provide industry-leading efficiency and low production costs, delivering sustainably robust margins. MedReleaf’s high-yield cultivation is expected to enhance productivity further and reduce costs across the combined entity’s facilities and widespread distribution channels in Canada and internationally will help the two companies have established distribution agreements in Canada.

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Top 10 Profiled in the Global Cannabis Market Report: Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), Tikun Olam (Israel), Cannabis Science Inc. (US), Aphria Inc. (Canada), Maricann Group Inc. (Canada), Tilray Inc. (Canada), VIVO Cannabis Inc. (Canada), Medical Marijuana, Inc. (US), STENOCARE (Denmark), Cronos Group Inc. (Canada), Terra Tech Corp. (US), and MedMen (US).

Further key findings from the report suggest

  • By product type, the market has been categorized into Flower, Concentrates, and others (including pharmaceutical and industrial). Among the mentioned segment, concentrates is holding the largest industrial share. The concentrates are useful in increasing the potency of the flower. Cannabis concentrates come in a range of product types, forms, and consistencies. These products may vary in purity or chemical composition (i.e., THC, CBD, terpenes), which generally comes down to how the concentrate is extracted and refined as well as the source material from which the final extract is derived.
  • Medical Cannabis dominates market share. Many countries have permitted the usage of cannabis for medicinal purposes such as Australia, Chile, Colombia, Canada, Germany, Greece, Israel, Italy, the Netherlands, Peru, Poland, Portugal, and Uruguay, among others. The states in the United States, where marijuana has been legalized majorly, consist of the adult population aged 50 years and above. Owing to the higher incidence of risk for chronic diseases post 50 years of age, this demographic profile is expected to boost the demand for cannabis in the country.
  • According to the US Government Accountability Office, under State Medical Marijuana Laws, symptoms and conditions that can be cured by marijuana include anorexia, HIV-AIDS, Alzheimer’s disease, glaucoma, cancer, arthritis, epilepsy, nausea, pain, cachexia, Crohn’s disease, migraines, multiple sclerosis, spasticity, and wasting syndrome.

Product Type (Revenue, USD Million; 2029–2030)

  • Flower
  • Concentrates
  • Others

Compound  (Revenue, USD Million; 2029–2030)

  • Tetrahydrocannabinol
  • Cannabidiol (CBD)
  • Balanced THC & CBD

Application  (Revenue, USD Million; 2029–2030)

  • Medical
    • Pain Management
    • Neurological Health Management
    • Mental Health Management
    • Others
  • Recreational

Key Regional Markets Covered in the Report:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Russia
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • U.A.E.
    • Israel
    • Rest of Middle East & Africa

Key Takeaways of the Global Cannabis Market Report:

  • A comprehensive overview of the global Cannabis industry.
  • Accurate market projections in terms of market size, share, and volume.
  • Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
  • Deep-dive analysis of the upcoming market trends.
  • Qualitative and quantitative analyses of the global Cannabis market.
  • Elaborate study of the leading regional markets in the global Cannabis market.
  • Complete overview of the market’s competitive landscape.
  • Brief look at the company profiles and portfolios.

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