Cannabis Market Report and Forecast 2023-2028

According to the report the global cannabis market reached a value of USD 26.1 billion in 2022. Aided by the swift societal shift in perceptions around cannabis and its burgeoning medicinal and recreational applications, the market is projected to further grow at a CAGR of 10.45% between 2023 and 2028 to reach a value of USD 51.03 billion by 2028.

Cannabis, often referred to as marijuana, is a psychoactive plant historically consumed for its recreational, medicinal, and spiritual properties. Of the over 100 identified compounds in the plant, THC (Tetrahydrocannabinol) and CBD (Cannabidiol) remain the most renowned. While THC is predominantly responsible for the plant's psychoactive effects, CBD is largely celebrated for its therapeutic attributes, with minimal to no psychoactive impact.

The paradigm shift in global acceptance of cannabis is the most conspicuous propellant of the cannabis market growth. With an increasing body of research underscoring cannabis's therapeutic potential in addressing conditions like chronic pain, epilepsy, anxiety, and multiple sclerosis, numerous nations have embarked on legalising its medical use. Additionally, the recognition of cannabis as a recreational entity, akin to alcohol and tobacco in some regions, has further spurred its global demand.

The confluence of health awareness and holistic well-being trends has remarkably influenced the global cannabis narrative. Today's consumers, informed and discerning, display a predilection for natural remedies and alternatives to traditional pharmaceuticals. Cannabis, fitting this narrative, finds heightened interest, especially in formulations like oils, tinctures, and edibles, touted for their therapeutic efficacy without the psychoactive aftermath.

Diverse industrial applications of cannabis also play an instrumental role in underpinning the cannabis market development. The cosmetic and personal care sectors, in pursuit of natural and efficacious ingredients, are increasingly integrating CBD in their product formulations, ranging from skincare serums to therapeutic balms. The textile industry, too, finds value in hemp - a type of cannabis - revered for its durability and sustainability.

Moreover, the gourmet food and beverage sector, ever-evolving, is now experimenting with cannabis-infused products which is further bolstering the cannabis market expansion. From chocolates and gummies to beverages like teas, coffees, and even alcoholic concoctions, the incorporation of cannabis promises consumers a unique experience, blending gastronomic pleasure with therapeutic or recreational benefits.

Market Segmentation

The market can be divided based on product type, compound, application, and region.

Market Breakup by Product Type

• Buds or Marijuana Flower
• Cannabis Extracts

Market Breakup by Compound

• THC-Dominant
• Balanced THC and CBD
• CBD-Dominant

Market Breakup by Application

• Medical
• Recreational
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cannabis companies. Some of the major key players explored in the report are as follows:

• Aurora Cannabis Inc.
• Tilray, Inc.
• Canopy Growth Corporation
• Cresco Labs, LLC
• Curaleaf, Inc.
• Ecofibre Ltd.
• Green Thumb Industries inc.
• HEXO Operations Inc.
• INDIVA Inc.
• Maricann Inc.
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.