Cannabis Market Value - By Product Type (Edibles, Flowers, Concentrates, Topical & Tinctures), By Compound (CBD-Dominant, THC-Dominant, and Balanced THC & CBD), By Application (Medical, Recreational), By Region, Industry Analysis, Size, Share & Forecast, 2023 – 2032

MVI Statistics and Viewpoints:

• Cannabis Market size surpassed more than USD 24.7 Billion in 2022.
• The market is expected to expand at a CAGR of over 15.3% from 2023 to 2032. 
• By the end of the forecast period, the market is projected to reach USD 101.0 Billion.

In the global market, manufacturers range from large-scale licensed producers to smaller craft producers, each catering to different market segments and consumer preferences. They work in a rapidly evolving sector, adapting to changing regulations, consumer trends, and technological advancements. Manufacturers play an important role in shaping the global industry growth and development by focusing on cultivation, product development, quality control, compliance, and distribution. 

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Market Overview:

Cannabis, also known as marijuana or hemp, contains cannabinoids with medicinal and recreational properties, such as THC and CBD. The global cannabis market is the industry that grows, manufactures, distributes, and sells cannabis products for medical, recreational, and industrial purposes. The market can be divided into several categories, including medical, recreational, and industrial hemp cannabis. Medical cannabis is used to treat conditions such as chronic pain, epilepsy, and multiple sclerosis, whereas recreational cannabis is used to get high. Industrial hemp fibers, seeds, and oils are used in industries such as textiles, food and beverage, and cosmetics.

Key players in the global cannabis industry include licensed producers, cultivators, pharmaceutical companies, and retailers. These businesses operate in a complex regulatory environment, with regulations varying greatly between jurisdictions. Some countries and states have completely legalized cannabis, while others have only legalized it for medical purposes.

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Growth Drivers:

• An increase in research and development and technological innovation: As cannabis cultivation and consumption expand rapidly in many countries around the world, technological innovation is being restructured to allow for the efficient development of cannabis-based products. As more nations seek to legalize medical cannabis, technological involvement in cannabis development is becoming more important. Cannabis growers have traditionally prioritized minimal plant processing.
   
• Medical Applications: The growing body of scientific research highlighting cannabis's potential therapeutic benefits has aided the market's expansion. Cannabis is becoming more popular as an alternative or complementary treatment for a variety of medical conditions, including chronic pain, epilepsy, cancer-related symptoms, and mental health disorders.
   
• International Growth: Because of increased international acceptance and regulatory changes, the global market has been expanding. Cannabis is being legalized or decriminalized in countries all over the world, opening up new export and import opportunities. This international expansion has fueled the industry growth and opened up new markets for industry players.

Restraints:

• Issues associated with high-dose cannabis use: Legalizing cannabis has benefits in terms of increased employment and tax revenue, but it also increases the risk of cannabis overdose. In the short term, overdosing can cause anxiety or panic attacks, and in the long term, it can cause heart arrhythmia and mental health problems. Cannabis poisoning, or the temporary negative effects of consuming an excessive amount of cannabis at once, is also a possibility. A wide range of cannabis products is available, encompassing capsules, oils, an assortment of edibles, and vaporizers. However, it is crucial to exercise caution with edibles as their effects may take time to appear, increasing the risk of unintentionally consuming a higher dose. Many countries are not legalizing cannabis due to these negative health effects, which is affecting overall industry growth.

By Product Type Synopsys:                      

The Cannabis Market is classified by product type into edibles, flowers, concentrates, topical & tinctures, and others. Among these segments, the flowers segment is expected to hold the largest share of the global market during the forecast period. Cannabis flowers are widely consumed for recreational purposes and are also used as the primary raw material for other product categories such as concentrates and edibles. Flowers are the dried and cured female flowers of the cannabis plant. They are also known as buds or marijuana buds. They are the most well-known and traditional method of cannabis consumption. Flowers have the highest concentrations of cannabinoids, such as THC and CBD, and are usually smoked or vaporized. They come in a variety of strains, each with its own distinct flavor, aroma, and effect. Flowers have a quick onset of effects and are popular among recreational users and those looking for immediate symptom relief.

By Application Synopsys:    

The market is classified by application into medical, recreational, and others. Among these segments, the medical segment is expected to hold the largest share of the global cannabis market during the forecast period. The medical segment of the market involves the therapeutic use of cannabis and its derivatives. Medical cannabis is used to treat and alleviate symptoms of a variety of medical conditions. Because of the potential therapeutic benefits of cannabinoids like THC and CBD, the use of cannabis for medicinal purposes has gained popularity. Medical cannabis is typically prescribed or recommended by healthcare professionals and is subject to strict regulations and guidelines.

Regional Overview:

North America accounted for the largest share of the global cannabis industry in 2022. 

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North America has pioneered cannabis legalization and market development. In 2018, Canada became the first G7 country to legalize recreational cannabis on a national scale, while several states in the United States have legalized recreational and/or medical cannabis. Both the medical and recreational segments have significant market shares in this region. The recreational market in the United States has been rapidly expanding, with several states legalizing adult-use cannabis. 

Europe is estimated to grow at a rapid pace in the global cannabis market during the forecast period. 

The Europe market is rapidly expanding. Several European countries, including Germany, the Netherlands, Spain, and Italy, have implemented medical cannabis programs, allowing patients access to cannabis-based medicines. Furthermore, Luxembourg and Switzerland have taken steps towards legalizing recreational cannabis. As more countries explore cannabis legalization and establish regulatory frameworks, the European market is expected to grow significantly.

Latin American countries have shown growing interest in the cannabis industry. Uruguay became the first country in the world to fully legalize cannabis in 2013, and other countries in the region, including Colombia, Mexico, and Argentina, have followed suit. Latin America offers favorable climate conditions for cannabis cultivation, attracting international investments and positioning the region as a major player in the global market.

Key Development:

• In May 2023, Toast, a brand operating in multiple states, has formed a strategic partnership with the Nirvana Group, a leading diversified cannabis company. Through this collaboration, they aim to introduce cutting-edge and innovative products to patients and consumers in the regions of Oklahoma and New Mexico.

Top Companies Includes In The Global Cannabis Landscape:

• Aurora Cannabis Inc.   
• Unrivaled Brand Inc.   
• The Cronos Group   
• Canopy Growth Corporation   
• VIVO Cannabis Inc.   
• Tilary Inc.   
• HEXO Corp.   
• Medical Marijuana Inc.   
• Medmen Enterprise Inc.   
• Cresco Labs  
• Curaleaf Holdings Inc.   
• Organigram Holdings Inc.   
• Stenocare   
• Trulieve   
• Indiva  
• Others

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In-depth analysis of cannabis market along with industry coverage and forecasting for the following segments:

Market Size, By Product Type

• Edibles
• Flowers
• Concentrates
• Topical & Tinctures
• Others

Market Size, By Compound

• CBD-Dominant
• THC-Dominant
• Balanced THC & CBD

Market Size, By Application

• Medical
• Recreational
• Others

Market Size, By Region

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