Market Size

The global cannabis market size was valued at USD 23.2 billion in 2020 and is estimated to reach a value of USD xx billion in 2027. The Cannabis market analysis shows that it will grow with a CAGR of 26.9% over the forecast period of 2021 to 2027.

Market Insight

It is thriving as a result of the increasing legalization of cannabis in various regions. Furthermore, the growth of this market can be attributed to growing consumer awareness of cannabis's health benefits and expanding medical applications. North America will continue to dominate the global market as cannabis is increasingly legalized for medical and recreational purposes throughout the region.

Geographical Outlook

California held the largest market share in the United States in 2019 and is expected to continue growing at a rapid pace over the forecast period. The state's market expansion can be attributed to the state's growing population and an increasing number of cannabis businesses. Additionally, the state has legalized both medical and recreational marijuana use, significantly increasing product adoption. In 2015, new standards for marijuana's medicinal use were established. Regulations governing the cultivation and licensing of cannabis businesses have been updated. Later that year, in 2016, Proposition 64 was approved, legalizing marijuana for recreational use in the state. This legalization paved the way for numerous revenue-generating opportunities, including an increase in employment, long-term benefits for investors in this industry, and revenue generation for the government. New York also accounted for a sizable portion of revenue in 2019 as a result of the state's legalization of cannabis for the treatment of medical conditions such as chronic pain and mental disorders. The number of people who use marijuana is expected to increase as a result of fewer restrictions, lower prices, and increased accessibility. Additionally, the state government is expected to legalize marijuana for recreational use in 2019 and impose taxes on marijuana and its products, which is expected to drive the market exponentially over the next few years.

Market Driver

Medical marijuana is used to treat patients suffering from chronic conditions such as Alzheimer's disease, cancer, rheumatoid arthritis, Parkinson's disease, and neurologic disorders such as depression, anxiety, and epilepsy, a factor that may contribute to the country's disease burden reduction. According to the International Agency for Research on Cancer (IARC), the global burden of cancer increased to 18.1 million new cases and 9.6 million deaths in 2018. Demand for medical marijuana is expected to increase over the forecast period as the country's demand for pain management therapies associated with chronic diseases such as cancer increases. As more states legalize marijuana for recreational or medical purposes, the legal demand for marijuana is expected to grow. Combating the illegal market and generating revenue through new job opportunities and businesses are major drivers of this move. Industrial players and government officials are focusing on striking a balance between safety and health in order to undermine illegal marijuana use and ensure a safe and controlled supply. However, the country's illicit cannabis market is thriving, as the price of products sold illicitly is significantly lower than the price of the drug sold legally. Additionally, policymakers are interested in resolving conflicts between federal and state regulations that impede the industry's growth, which, if determined to be in favor of federal legalization, will exponentially drive the overall market in the country.

Competitive Landscape

Industry participants are concentrating their efforts on increasing their penetration in the state in which they operate in order to bolster their foothold. Green Man Cannabis introduced ONE Cannabis, which is a cannabis retail franchise operating in the United States, in January 2018. This franchise is dedicated to providing the best retail experience possible for modern marijuana consumers while also increasing marijuana's accessibility and acceptance in the United States market.

Research Methodology

Cannabis market report consists of market analysis including both primary and secondary research. Primary research comprises of the interaction between manufacturers, industry experts channel partners, and end users, while the secondary research presents an analytical interpretation of relevant published databases, which contains details like company annual reports, and financial reports, white papers, and purchased databases. For single, team and corporate user license, we will provide 15% free customization of the report. However, alternatively, if you are looking for additional data or insight related to the scope of the report, you may purchase the "Customized Research License". Please put an enquiry for the pricing details.

About Us

Market Insight Solutions is a leading market research firm which caters to a diverse portfolio of research campaigns. We are one of the fastest growing research organization led by an extensive team of individuals. Our team has individuals with more than 10 years of experience in diverse research domains. Our strategic insights aim at providing credible and practical solutions to meet the specific requirements of our clients. We offer market studies on basis of facts across cross domains.

Segments covered in the report

Cannabis Market Size and Outlook by Type

• Flowers
• Concentrates
• Others

Cannabis Market Size and Outlook by Compound

• Tetrahydrocannabinol (THC)-dominant
• Cannabidiol (CBD)-dominant
• Balanced THC & CBD

Cannabis Market Size and Outlook by Application

• Medical
• Recreational

Cannabis Market Size and Outlook by Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Indonesia
  • South Korea
  • Australia
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa

Companies Profiled in this Report

• Aphria Inc. (Canada)
• Aurora Cannabis Inc. (Canada)
• Canopy Growth Corporation (Canada)
• Ecofibre Limited (Australia)
• Medical Marijuana Inc. (US)
• MedMen (US)
• Stenocare (Denmark)
• Terra Tech Corp. (US)
• The Cronos Group (Canada)
• VIVO Cannabis Inc. (Canada)

Actionable Outcomes

Our Cannabis Market Report offers a thorough assessment of estimations and projections on the market dynamics. Further, it helps in the implementation of these results as they show tangible benefits to business stakeholders and industry entities decisions as leaders.

Strategic Planning

Every business needs to understand how their product will function in the forthcoming years. With the current uncertainness due to the COVID-19 scenario, this analysis becomes significant to understand past disruptions and boost the preparedness for the next steps of decision. We at Market Insight Solutions are trying to break down the complex market for the business leaders through strategic insights and resilience in unpredictable situations.

Highlights of the report:

• COVID-19 impact on Cannabis market size
• Cannabis market size, drifts, drivers and opportunities
• Analyzing the regional market for the growth factors, estimated analysis and its penetration to the global market
• Cannabis market size in United States
• Understanding the dynamics of the parent market
• Prime fluctuations of the market dynamics
• Evaluation of the market opportunities
• Historical, current, and projected Cannabis market size from the standpoint of both value and volume
• Market segmentation and comprehensive analysis in the second or third level
• Reporting and evaluation of recent industry developments
• Analysis of market share and developments
• Detailed company profiling of leading companies
• Opportunities to newer markets in global and regional markets
• Analyzing the trajectory line of the business
• Analyze Cannabis market share
• Measures to consider for Cannabis market