Cannabis Products Global Market Report 2024

The cannabis products market size has grown exponentially in recent years. It will grow from $50.96 billion in 2023 to $63.75 billion in 2024 at a compound annual growth rate (CAGR) of 25.1%. The growth observed during the historic period in the cannabis products market can be attributed to factors such as cannabis advocacy and activism, advancements in research and scientific discoveries, evolving consumer trends and preferences, the presence of early market entrants, and the development of policy and legal frameworks related to cannabis.

The cannabis products market size is expected to see exponential growth in the next few years. It will grow to $159.93 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%. The anticipated growth in the forecast period in the cannabis products market can be attributed to factors such as supply chain dynamics, the expansion of international markets, patterns in investment and funding, developments in regulatory frameworks, and the dynamics of market competition and consolidation. Major trends expected in the forecast period encompass legislation and legalization efforts, a focus on health and wellness, increased innovation and product diversity, initiatives for consumer education and awareness, and the influence of celebrity and brand endorsements in the cannabis industry.

The cannabis products market is experiencing significant growth driven by the expanding medical applications of cannabis. Derived from Indian hemp plants such as Cannabis sativa and Cannabis indica, cannabis contains the main active chemical THC (delta-9 tetrahydrocannabinol). With proven medical benefits, cannabis is increasingly utilized in treating conditions such as nausea, glaucoma, epilepsy, and asthma. Its medical applications extend to addressing chronic pain, cancer, depression, arthritis, diabetes, migraines, AIDS, Alzheimer's disease, and Parkinson's disease. Despite being a psychoactive drug, many countries have legalized cannabis for medical purposes, garnering support from a large percentage of the American population, as highlighted by Harvard Health.

Cannabis tourism is emerging as a notable trend contributing to the growth of the cannabis products market. This trend involves travel and tourism activities centered around the consumption, purchase, and exploration of cannabis products, particularly in regions where recreational cannabis use is legal. Cannabis tourism has created a niche market, driving demand for various cannabis-related experiences, including dispensary tours, tastings, and cultural events. Notably, a growing percentage of the active leisure travel audience in the United States is motivated by cannabis experiences, indicating the rising popularity of cannabis tourism.

The cannabis products market faces significant restraints due to legal norms related to the use and possession of cannabis. Regulatory bodies such as the Food and Drug Administration (FDA) and state governments in the USA impose strict regulations, requiring FDA review for safety and effectiveness of cannabis products. While cannabis businesses are allowed in certain states, a significant number of municipalities, including major cities such as Los Angeles and San Francisco, do not permit retail marijuana businesses.

An emerging trend in the cannabis products market is solar cannabis cultivation. Given the energy-intensive nature of cannabis cultivation, companies in the cannabis product manufacturing sector are increasingly investing in solar cannabis cultivation. This trend is particularly evident in states where cannabis products have been legalized, leading to a surge in energy consumption by cannabis manufacturers. For instance, Aurora's acquisition of 71 acres of land in Medicine Hat, Alberta, for a high-technology hybrid greenhouse cannabis production facility exemplifies the shift toward solar cannabis cultivation.

Regulation of cannabis manufacturing safety is a crucial aspect, particularly in California, where the government oversees safety standards under the California Code of Regulations. Manufacturers are required to obtain a valid license, submit the physical address of the manufacturing premises, and provide a comprehensive security plan to prevent unauthorized access and loss or theft of cannabis and cannabis products.

In September 2023, Lucy Scientific Discovery, a Canada-based pharmaceutical company, acquired intellectual property and licensing agreements from High Times. This acquisition is anticipated to enhance Lucy Scientific Discovery's product portfolio and global market presence through licensing and online distribution of cannabis products, with High Times being a prominent US-based producer in this market.

Major companies operating in the cannabis products market report are Sprott Inc., Medical Marijuana Inc., Jazz Pharmaceuticals PLC, Tilray Inc., Canopy Growth Corporation, LivWell Enlightened Health LLC, Organigram Holdings Inc., Aphria Inc., Aurora Cannabis Inc., Medicine Man Technologies Inc., Insys Therapeutics Inc., MedMen Enterprises Inc., Stenocare A/S, Cronos Group Inc., The Valens Company Inc., Jushi Holdings Inc., Columbia Care Inc., Cara Therapeutics Inc., VIVO Cannabis Inc., Terra Tech Corp., United Cannabis Corporation, Tikun Olam Ltd., Noya Inc., The Scotts Miracle-Gro Company, Wayland Group Corp., Cannabis Sativa Inc., ABcann Medicinals Inc., CanniMed Therapeutics Inc., Lexaria Bioscience Corp., Cannabis Science Inc. North America was the largest region in the cannabis products market in 2023. The Middle East is expected to be the fastest-growing region in the global cannabis products market share during the forecast period. The regions covered in the cannabis products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The main types of cannabis products are flowers, concentrates, and others. The smokable part of the cannabis plant, known as the bud, flower, or nug, is commonly referred to as the flower. Cannabis products come in various formulations, including THC-dominant, CBD-dominant, and balanced THC and CBD compounds, serving both medical and recreational purposes. These products can be administered through various routes, including oral solutions and capsules, smoking, vaporizers, topicals, and others.

The cannabis products market research report is one of a series of new reports that provides cannabis products market statistics, including cannabis products industry global market size, regional shares, competitors with a cannabis products market share, detailed cannabis products market segments, market trends and opportunities, and any further data you may need to thrive in the cannabis products industry. This cannabis products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the cannabis products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cannabis products market consists of sales of cannabis vape products, cannabis edibles, cannabis topicals, and cannabis oral products. Values in this market are factory gate values that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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