According to a recent market study published by Growth Market Reports titled, “Global Cannabis Market by Product Type, Compound, Application, Legality, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 11,683.3 Million in 2019 and is expected to grow at a healthy growth rate of 22.2% by the year 2027. The global cannabis market is anticipated to grow owing to increasing usage of cannabis foe several medical applications. Furthermore, rising application of cannabis for recreational purposes in numerous nations where cannabis is legalized is a primary factor expected to drive the growth of the global cannabis market.

The global cannabis market is fragmented based on product type, compound, application, legality, and region. In terms of product type, the market is segmented into edible oils, tincture, capsules, creams, CBD extracts/paste, dry herb, and others. On the basis of compound, the market is divided into tetrahydrocannabinol (THC)-dominant, cannabidiol (CBD)-dominant, and balanced THC & CBD. Based on application, the market is classified into pain management, neurological health management, mental health management, and recreational.

On the basis of legality, the market is bifurcated into legal and illegal. Based on region, the global cannabis market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S. and Canada. The Europe region is further categorized into Germany, France, Italy, U.K., Spain, Russia, and Rest of the Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia (SEA), and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa.

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In year 2020, the cannabis market is expected to witness a decrease owing to the COVID 19 pandemic. The outbreak has resulted in a moderate decline in indirect sales of cannabis. However, the illegal cannabis market is anticipated to witness a significant decline in demand and supply. Moreover, the impact of COVID-19 is expected to restrain legalization scenarios in several nations in Europe.

As per Growth Market Reports industry analyst Akshata Ahire, “The Global Cannabis Market is anticipated to witness significant growth during forecast period 2021-2027 driven by increasing applications for recreational purposes. Furthermore, several medical aids associated with the use of cannabis is another key factor resulting in the expansion of the market. However, regulations and the black-market challenges are expected to hinder the growth of the market. The new legalization acts and regulations on the sale of cannabis are expected to integrate cannabis into the mainstream retailing, creating a significant opportunity in the global cannabis market.”

Key Takeaways from the Study

  • Top ten market players hold approximately one sixth of market share of global cannabis market in year 2019.
  • North America accounts for a major share of the market, followed by Europe. The market in North America is projected to expand at significant CAGR during the forecast period.
  • Based on product type, the dry herb segment is anticipated to expand at a substantial CAGR during the forecast period due to rising popularity for vaporization as recreational applications.
  • On the basis of application, the pain management segment is expected to hold a substantial share in the market during the forecast period. The growth is attributed to the use of cannabis in reduction of pain for patients suffering from glaucoma and other pain-causing ailments. Furthermore, the mental health management segment is anticipated to expand at a significant CAGR owing to rising incidence of several mental disorders.

Report Scope

Report Metric

Details

Market Value in 2019

USD 11,683.3 Million

Market Growth Rate (from 2021 to 2027)

22.2%

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020 - 2027

Units Considered

Value (USD Million)

Market Segments

By Product Type, By Compound, By Application, By Legality

Regional Scope

North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)

Country Scope

U.S., Canada, Germany, France, Italy, U.K., Spain, Russia, Rest of the Europe, China, Japan, South Korea, India, Australia, South East Asia (SEA), Rest of Asia Pacific, Brazil, Mexico, Rest of Latin America, Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa.

Key Companies Profiled

Acreage Holdings, Inc., Aphria Inc., Aurora Cannabis Inc., Canopy Growth Corporation, Cresco Labs Inc., Cronos Group Inc., Curaleaf, Inc., Green Thumb Industries Inc., GW Pharmaceuticals plc, Harvest Enterprises, Inc., HEXO Corp., MedMen Enterprises Inc., Organigram Holdings Inc., Tilray, Inc., and Trulieve Cannabis Corp.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Cannabis manufacturers (pharmaceutical companies), raw material suppliers, primary respondents, and distributors.
  • Demand Side: Hospital, clinics, homecare, pharmacies, drug stores, group purchasing organizations, medical payers etc.
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
  • Associations and Industry Bodies: Food and Drug Administration (FDA), Cannabis Regulatory Authority (CRA), Tobacco Products Agency (TPA), Bureau of Cannabis Control, Manufactured Cannabis Safety Branch (MCSB), CalCannabis Cultivation Licensing, Brazilian Narcotics Act, Ministry of Health Ordinance, PRC Anti-Drug Law, German Narcotics Act ("Betäubungsmittelgesetz", "BtMG"), German Medicines Act ("Arzneimittelgesetz", "AMG"), Volume V of the Social Insurance Code ("Fünftes Buch Sozialgesetzbuch", "SGB V"), German Federal Institute for Drugs and Medical Devices, Ministry of Public Health, and Others