Cannabis Market by Form, Product Type, Compound, Source, Distribution Channel, Application

List of Tables

[187 Pages Report] The Cannabis Market size was estimated at USD 32.73 billion in 2023 and expected to reach USD 41.77 billion in 2024, at a CAGR 28.29% to reach USD 187.24 billion by 2030.

The cannabis market products derived from cannabis include but are not limited to dry flowers, concentrates, edibles, topicals, and cannabinoids such as THC (tetrahydrocannabinol) and CBD (cannabidiol). The cannabis industry serves various end-use sectors, such as healthcare, pharmaceuticals, personal care, and food & beverages. In the medical sector, cannabis is prescribed to alleviate symptoms associated with chronic pain, cancer, epilepsy, and multiple sclerosis, among others. The recreational use of cannabis provides an alternative to traditional leisure substances such as alcohol and tobacco. The scope of the cannabis market includes global and regional sales, product innovation, supply chain management, and regulatory landscapes. Cannabis market growth is predominantly driven by increasing legalization, growing medicinal applications, and the rising adoption of cannabis as a consumer good. Furthermore, advancements in genetics and cultivation technology, and increasing investment in cannabis-related research, contribute to the market's expansion. The latest potential opportunities within the cannabis market include the burgeoning CBD market, especially in the health and wellness sector, the integration of blockchain for supply chain transparency, and the exploration of new delivery systems to enhance bioavailability. Innovations are particularly thriving in areas of cannabis-infused products, such as beverages and edibles, as well as personalized cannabis medicines tailored to individual genetic profiles. Furthermore, implementing eco-friendly cultivation and processing methods to appeal to environmentally-conscious consumers and investing in consumer education to overcome stigma and inform about responsible use. Leveraging AI and machine learning for predictive analytics in cultivation and consumer preferences is expected to propel market growth. However, complex regulatory hurdles across different jurisdictions, high compliance costs, and the persistent stigmatization of cannabis use. In addition, the lack of standardized dosing and methods of consumption, significant competition from black-market operators, and hurdles in banking and financial services pose limitations to the market's potential.

KEY MARKET STATISTICS
Base Year [2023]	USD 32.73 billion
Estimated Year [2024]	USD 41.77 billion
Forecast Year [2030]	USD 187.24 billion
CAGR (%)	28.29%

Regional Insights

The Americas represents a complex and rapidly expanding cannabis market, differing minimally at the federal level but with nuanced legal frameworks across the states. Consumer needs vary significantly by region and demographics, with trends showing a substantial increase in demand for both medicinal and, in legal states, recreational cannabis products. Customer purchasing behavior demonstrates a strong inclination towards edibles and vapes. Several states have initiated research programs while the race for new patents is intense, particularly in cultivation tech and cannabinoid synthesis. In APAC, China's and India's involvement in the cannabis market is predominantly focused on the production of hemp, a non-psychoactive variety of cannabis. China is one of the largest producers of hemp-derived products such as textiles and cannabidiol (CBD) extracts, though consumption within the country remains strictly controlled. Meanwhile, India presents a nascent market with ancient cultural ties to cannabis, and while still heavily regulated, it shows potential for medical cannabis research and Ayurvedic applications. In Europe, the regulatory landscape for cannabis is fragmented but generally moving towards more open medicinal markets, with countries such as Germany, Italy, and the Netherlands leading in patient access and product diversity. The EU's customer purchasing behavior reflects a growing awareness and acceptance of the potential medical benefits of cannabis, leading to increased investment in pharmaceutical cannabis products and related research.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Cannabis Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Social Acceptance of Cannabis Products Globally
- Increasing Use in Treatment of the Patients Diagnosed with Neurological Disorders and other Chronic Diseases
- Legal Supply of Quality-Controlled Cannabis Available for Sale
- Increasing Demand of Cannabis-Infused Foods and Beverages
- Legalized Production of Cannabis in North America
- Import and Export of Cannabis or Cannabis Products for Medical and Scientific Purposes
- In-House Cultivation Cannabis

Market Restraints
- Lacking Guidance and Inaccurate Dosing can Result in Dangerous Consequences
- Product Developers Need to be Constantly on their Toes
- Governance of Cannabis Possession, Usage, Distribution or Sales by International Laws

Market Opportunities
- New Product Development Related to Cannabis-Infused Foods and Beverages
- Pharmaceutical and Beverage Companies Eyeing the Cannabis Market for Long Term Gain
- Efficient Cannabis Retractation Procedures under Development

Market Challenges
- Heavy Taxes Imposed on Cannabis Industry

Market Segmentation Analysis
- Form: Varied range forms of products particularly concentrated oils offer a potent and swift onset of effects when used medicinally
- Products: Cannabis flowers are vigorously used for due to presence of varied biochemicals
- Compound: THC-dominant cannabis compounds target the therapeutic components opting for the psychoactive experience or needing potent symptom relief
- Distribution Channel: Online channels are emerging platforms for consumers to view lab reports, reviews, and detailed product information before making a purchase
- Application: Adoption of medicine hinges on clinical research outcomes and the evolving legal landscape around medical usage of cannabis in healthcare sector

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Cannabis Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Cannabis Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Organigram Announces USD 92.91 Million Investment from BAT and Creation of "Jupiter" Strategic Investment Pool

Organigram Holdings Inc. announced a significant USD 92.91 million equity investment from BT DE Investments Inc., a subsidiary of British American Tobacco. This strategic infusion of capital represents a powerful endorsement from a leading consumer goods company and is poised to fast-track Organigram's growth trajectory. With the investment, named "Jupiter," Organigram aims to expand its reach, enhance its technological capabilities, and diversify its product offerings. The initiative further cements the already robust partnership with BAT, tapping into their expansive global resources and scientific prowess for shared progressive ventures. [Published On: 2023-11-06]

Tilray Closes Acquisition of Hexo Corp To Create 'Largest Canadian Cannabis Company by Revenue'

Tilray, Inc. has effectively concluded its acquisition of Hexo Corp, solidifying its position as the preeminent Canadian cannabis company based on revenue. This strategic move bolsters the firm's competitiveness against Canopy Growth Corporation, positioning it for market leadership. Additionally, the integration is set to drive significant operational efficiencies, with anticipated annual cost savings of USD 27 million. In the mechanics of the deal, Tilray issued approximately 19.5 million common shares, granting former Hexo shareholders 0.4352 of a Tilray share for each Hexo share held, leading to the cessation of Hexo's stock trading. [Published On: 2023-06-26]

Curaleaf Completes Acquisition of Deseret Wellness

Curaleaf Holdings, Inc. has successfully finalized its acquisition of Deseret Wellness, Utah's foremost cannabis retailer. This strategic move significantly bolsters Curaleaf's presence in the burgeoning Utah market, expanding their local dispensary count to four and extending the company's reach to an impressive 150 retail locations throughout the United States. The integration of Deseret Wellness under the Curaleaf banner marks yet another milestone in the company's expansion, highlighting its commitment to growth and leadership in the nation's competitive cannabis industry. [Published On: 2023-04-10]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Cannabis Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Cannabis Market, highlighting leading vendors and their innovative profiles. These include Acreage Holdings, Aphria, Inc., Aurora Cannabis Inc., Cannabis Science Inc., Canopy Growth Corporation, Chronos Group Inc., Cresco Labs, Inc., Curaleaf Holdings, Inc., CV Sciences Inc., EcoGen Biosciences, Elixinol Wellness Limited, Extractas Bioscience, Folium Europe B.V., Green Thumb Industries Inc., Lexaria Bioscience Corp., Medical Marijuana, Inc., MediPharm Labs Inc., Organigram Holdings Inc., Peace Naturals Project Inc., PharmaHemp d.o.o., StenoCare A/S, The Seed Cellar, and Tikun Olam.

Market Segmentation & Coverage

This research report categorizes the Cannabis Market to forecast the revenues and analyze trends in each of the following sub-markets:

Form
- Concentrated Oil
- Cream
- Food Additive
- Inhaled Liquids
- Supplement Capsule
- Tincture Spray

Product Type
- Concentrates
- Flower
- leaves
- Seeds

Compound
- Balanced THC & CBD
- Cannabidiol (CBD)-Dominant
- Tetrahydrocannabinol (THC)-Dominant

Source
- Non-Organic
- Organic

Distribution Channel
- Offline
- Online

Application
- Cosmetics & Personal Care
- Food & Beverage
- Medical & Pharmaceuticals
- Pet Care
- Recreational

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-034230D3E2BB

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Social Acceptance of Cannabis Products Globally
  - 5.1.1.2. Increasing Use in Treatment of the Patients Diagnosed with Neurological Disorders and other Chronic Diseases
  - 5.1.1.3. Legal Supply of Quality-Controlled Cannabis Available for Sale
  - 5.1.1.4. Increasing Demand of Cannabis-Infused Foods and Beverages
  - 5.1.1.5. Legalized Production of Cannabis in North America
  - 5.1.1.6. Import and Export of Cannabis or Cannabis Products for Medical and Scientific Purposes
  - 5.1.1.7. In-House Cultivation Cannabis
- 5.1.2. Restraints
  - 5.1.2.1. Lacking Guidance and Inaccurate Dosing can Result in Dangerous Consequences
  - 5.1.2.2. Product Developers Need to be Constantly on their Toes
  - 5.1.2.3. Governance of Cannabis Possession, Usage, Distribution or Sales by International Laws
- 5.1.3. Opportunities
  - 5.1.3.1. New Product Development Related to Cannabis-Infused Foods and Beverages
  - 5.1.3.2. Pharmaceutical and Beverage Companies Eyeing the Cannabis Market for Long Term Gain
  - 5.1.3.3. Efficient Cannabis Retractation Procedures under Development
- 5.1.4. Challenges
  - 5.1.4.1. Heavy Taxes Imposed on Cannabis Industry
5.2. Market Segmentation Analysis
- 5.2.1. Form: Varied range forms of products particularly concentrated oils offer a potent and swift onset of effects when used medicinally
- 5.2.2. Products: Cannabis flowers are vigorously used for due to presence of varied biochemicals
- 5.2.3. Compound: THC-dominant cannabis compounds target the therapeutic components opting for the psychoactive experience or needing potent symptom relief
- 5.2.4. Distribution Channel: Online channels are emerging platforms for consumers to view lab reports, reviews, and detailed product information before making a purchase
- 5.2.5. Application: Adoption of medicine hinges on clinical research outcomes and the evolving legal landscape around medical usage of cannabis in healthcare sector
5.3. Market Trend Analysis
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Cannabis Market, by Form

6.1. Introduction
6.2. Concentrated Oil
6.3. Cream
6.4. Food Additive
6.5. Inhaled Liquids
6.6. Supplement Capsule
6.7. Tincture Spray

7. Cannabis Market, by Product Type

7.1. Introduction
7.2. Concentrates
7.3. Flower
7.4. leaves
7.5. Seeds

8. Cannabis Market, by Compound

8.1. Introduction
8.2. Balanced THC & CBD
8.3. Cannabidiol (CBD)-Dominant
8.4. Tetrahydrocannabinol (THC)-Dominant

9. Cannabis Market, by Source

9.1. Introduction
9.2. Non-Organic
9.3. Organic

10. Cannabis Market, by Distribution Channel

10.1. Introduction
10.2. Offline
10.3. Online

11. Cannabis Market, by Application

11.1. Introduction
11.2. Cosmetics & Personal Care
11.3. Food & Beverage
11.4. Medical & Pharmaceuticals
11.5. Pet Care
11.6. Recreational

12. Americas Cannabis Market

12.1. Introduction
12.2. Argentina
12.3. Brazil
12.4. Canada
12.5. Mexico
12.6. United States

13. Asia-Pacific Cannabis Market

13.1. Introduction
13.2. Australia
13.3. China
13.4. India
13.5. Indonesia
13.6. Japan
13.7. Malaysia
13.8. Philippines
13.9. Singapore
13.10. South Korea
13.11. Taiwan
13.12. Thailand
13.13. Vietnam

14. Europe, Middle East & Africa Cannabis Market

14.1. Introduction
14.2. Denmark
14.3. Egypt
14.4. Finland
14.5. France
14.6. Germany
14.7. Israel
14.8. Italy
14.9. Netherlands
14.10. Nigeria
14.11. Norway
14.12. Poland
14.13. Qatar
14.14. Russia
14.15. Saudi Arabia
14.16. South Africa
14.17. Spain
14.18. Sweden
14.19. Switzerland
14.20. Turkey
14.21. United Arab Emirates
14.22. United Kingdom

15. Competitive Landscape

15.1. Market Share Analysis, 2023
15.2. FPNV Positioning Matrix, 2023
15.3. Competitive Scenario Analysis
- 15.3.1. Organigram Announces USD 92.91 Million Investment from BAT and Creation of "Jupiter" Strategic Investment Pool
- 15.3.2. Tilray Closes Acquisition of Hexo Corp To Create 'Largest Canadian Cannabis Company by Revenue'
- 15.3.3. Curaleaf Completes Acquisition of Deseret Wellness

16. Competitive Portfolio

16.1. Key Company Profiles
16.2. Key Product Portfolio