Cannabis Technology Market to Hit $23.46 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 26, 2023 /PRNewswire/ — The global cannabis technology market size is expected to reach USD 23.46 billion by 2030, expanding at a CAGR of 25.3% from 2023 to 2030, according to a new study by Grand View Research, Inc. The rising trend of cannabis legalization in various regions globally is expected to drive companies to develop cannabis consumption technology to attract new customers. Moreover, the increasing medical applications of cannabis are anticipated to drive cultivators in using modern technology to grow specific strains, thereby helping to grow the market.

Key Industry Insights & Findings from the report:

Based on component, the software segment is anticipated to grow at the fastest rate of almost 32% during the forecast period, due to significant developments in smart cannabis consumption devices.
Based on distribution channel, the offline segment recorded the largest market share of around 89% in 2022, as a result of the growing number of cannabis dispensaries.
Based on application, the consumption segment is expected to expand at a significant CAGR during the projection period, due to the prominent medical uses of cannabis.
Based on end use, the recreational segment is anticipated to advance at the highest CAGR of around 30% in the coming years, aided by the growing popularity of cannabis for recreational use during the COVID-19 pandemic.
Based on geography, North America dominated the market with a share of over 56% in 2022, due to the growing implementation of technology in the cannabis industry, coupled with the increasing trend of vaping in the region.

Read 300 page market research report, “Cannabis Technology Market Size, Share & Trends Analysis Report By Application, By Distribution Channel (Online, Offline), By Component (Hardware, Software), By End-use, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.

Cannabis Technology Market Growth & Trends

There is an influx of new technology-focused players entering the market for cannabis tech to develop devices and software for the cultivation, warehousing, and consumption of cannabis. These companies are using modern technologies such as artificial intelligence and genetic engineering to develop high-tech cannabis cultivation and consumption devices. For instance, developments in vertical farming technology have enabled cultivators to maximize growing space and save on energy costs with the help of LED strips and advanced ventilation systems.

North America is anticipated to account for a significant share of the market for cannabis tech over the forecast period owing to the extensive legalization in the region. For instance, 21 states in the U.S. have legalized the recreational use of cannabis. Additionally, the trend of cannabis dispensaries in the region is anticipated to drive regional growth. The significance of these cannabis dispensaries is that they are legal and enable the government to collect taxes on the total sales of cannabis.

Cannabis Technology Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 4.84 billion
Revenue forecast in 2030	USD 23.46 billion
Growth rate	CAGR of 25.3% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 – 2021
Forecast period	2023 – 2030

Cannabis Technology Market Segmentation

Grand View Research has segmented the global cannabis technology market based on application, distribution channel, component, end-use, and region:

Cannabis Tech – Application Outlook (Revenue, USD Billion, 2018 – 2030)

Cultivation

Indoor
Outdoor

Processing/Manufacturing
Warehousing
Consumption

Vaporizers
Decarb Machine
Accessories

Cannabis Technology Market – Distribution Channel Outlook (Revenue, USD Billion, 2018 – 2030)

Online
Offline

Cannabis Technology – Component Outlook (Revenue, USD Billion, 2018 – 2030)

Hardware
Software

Cannabis Tech Market – End-use Outlook (Revenue, USD Billion, 2018 – 2030)

Medical
Recreational
Industrial

Cannabis Tech – Regional Outlook (Revenue, USD Billion, 2018 – 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Spain
Italy

Asia Pacific

China
India
Australia
South Korea
Thailand

Latin America

Brazil
Mexico

Middle East & Africa

South Africa
Morocco

List of Key Players in Cannabis Technology Market

Ardent Life, Inc.
Demetrix, Inc.
Courier Plus, Inc. (Dutchie)
Casters Holdings LLC (Fyllo)
Green Thumb Industries
Jane Technologies, Inc.
LeafLink, Inc.
Puff Corporation (Puffco)
SpringBig
Stealth Monitoring

Check out more related studies published by Grand View Research:

U.S. Cannabis Market – The U.S. cannabis market size is expected to reach USD 40.1 billion by 2030 and is expected to expand at a CAGR of 14.2% over the forecast period, according to a new report by Grand View Research, Inc. The increased legalization of cannabis for medical and recreational purposes is driving the market growth.
Cannabis Beverages Market – The global cannabis beverages market size is expected to reach USD 2.8 billion by 2025, expanding at a CAGR of 17.8% during the forecast period, according to a new report by Grand View Research, Inc. The market is highly fragmented in nature, owing to the presence of several small and medium scale companies. The majority of the companies are based in Canada, owing to the legalization of marijuana for medical and recreational purposes in the country. The rise in legalization of marijuana in order to eradicate the black market and to boost the tax revenue from legal sales of marijuana products is anticipated to positively influence the growth.
Cannabis Cultivation Market – The global cannabis cultivation market size is expected to reach USD 1,844.1 billion, expanding at a CAGR of 21.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing legalization and adoption of cannabis for the treatment of chronic diseases is positively impacting the market growth.
Cannabis Extract Market – The global cannabis extract market size is expected to reach USD 15.5 billion by 2030. According to a new report by Grand View Research, Inc, it is expected to expand at a CAGR of 20.0% over the forecast period. The growth is attributed to the rising usage of cannabis for recreational and medical purposes has increased.
Cannabis Pharmaceuticals Market – The global cannabis pharmaceuticals market size is expected to reach USD 102.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 62.5% from 2023 to 2030. Rapid growth in applications of cannabis for various indications including pain, inflammation, sleep disorders, anorexia, epilepsy, schizophrenia, and multiple sclerosis is estimated to driving cannabis pharmaceuticals market growth.
Legal Cannabis Regulatory Scenario – The global cannabis industry is flourishing owing to the rising number of countries devising a systematic regulatory framework for the cultivation and sale of cannabis. Wide acceptance and rising awareness of Cannabidiol (CBD) in various countries, majorly for medical purposes, is gaining impetus. A shifting trend toward cannabis-based products is anticipated to grow in the coming years.

Browse through Grand View Research’s Next Generation Technologies Research Reports.

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