The “Global Cannabis Market Size By Product, By Compound-Type, By Application, By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Cannabis Market, including its growth prospects, market trends, and market challenges
JERSEY CITY, N.J., July 17, 2023 /PRNewswire/ — The Global Cannabis Market is projected to grow at a CAGR of 30.00% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 21.32 Billion in 2021 and is expected to reach USD 226.09 Billion by the end of the forecast period.
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Browse in-depth TOC on “Cannabis Market“
202 – Pages
126 – Tables
37 – Figures
Cannabis Market Thrives Amid Growing Legalization and Medical Awareness
The global Cannabis Market is witnessing remarkable growth, driven by increasing acceptance and legalization of cannabis across various regions. This flourishing industry presents numerous opportunities and regulatory challenges for key players. Financial statements, product benchmarking, and SWOT analysis, along with key development strategies, are crucial factors impacting market dynamics.
The term “cannabis” encompasses a genus of flowering plants within the Cannabaceae family, comprising approximately 170 plant species. Cannabis Indica, Cannabis Sativa, and Cannabis Ruderalis are the most prevalent species, with Cannabis sativa L. known as hemp, and its psychoactive counterpart being marijuana. Both hemp and marijuana belong to the same species.
The expanding legalization of cannabis is a significant driver behind the growth of the Cannabis Market. This increased acceptance has allowed for safe usage, unlocking the plant’s medical potential. Consequently, numerous countries around the world are progressively legalizing cannabis, although recreational use is not yet universally legalized. Attitudes toward cannabis have become more permissive over time, creating an environment conducive to market expansion.
The rising awareness of marijuana’s medical characteristics, particularly its potential to treat epilepsy, Alzheimer’s disease, arthritis, anorexia, chronic pain, and other medical conditions, is expected to propel the market’s growth further. As a result, emerging cannabis startups are actively engaging in research and development, testing, and manufacturing to contribute to the market’s expansion.
Leading the charge in this thriving industry are prominent key players such as Aurora Cannabis Inc., Aphria Inc., Canopy Growth Corporation, Chronos Group Inc., Vivo Cannabis Inc., Terra Tech Corp., Medmen, Stenocare, Tikun Olam, and Medical Marijuana, Inc. These companies are actively shaping the Cannabis Market through strategic initiatives, product innovation, and market penetration.
The Cannabis Market’s exponential growth is not without its challenges, primarily stemming from the complex regulatory landscape. Companies engaged in the sale of cannabis and cannabis-infused products must navigate diverse regulatory frameworks across the globe. Complying with stringent requirements governing manufacturing and sales in different nations poses considerable challenges for manufacturers and stakeholders. The variations in cannabis laws from one country to another further impede the market’s growth potential.
The global Cannabis Market continues to thrive due to increasing acceptance and legalization in various regions. As awareness of cannabis’s medical properties grows, so does the demand for related products and services. Key players, such as Aurora Cannabis Inc., Aphria Inc., Canopy Growth Corporation, and others, play a vital role in driving the market’s growth through their strategic initiatives and innovative products.
However, navigating the complex regulatory landscape remains a key challenge for industry stakeholders. Striking a balance between growth and adherence to stringent regulations is crucial for sustainable development in the global Cannabis Market.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Cannabis Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Cannabis Market into Product, Compound-Type, Application, And Geography.
- Cannabis Market, by Product
- Flower
- Concentrates
- Others
- Cannabis Market, by Compound-Type
- Tetrahydrocannabinol (THC)
- Cannabidiol (CBD)
- Balanced THC & CBD
- Cannabis Market, by Application
- Medical
- Recreational
- Cannabis Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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