The Cannabis Market is expected to reach USD 120 Billion by 2028, growing at a CAGR of 27.9%, over the forecast period (2021-2028).

The factors driving growth of the market includes increasing use of cannabis for recreational purposes, Government regulations legalizing the consumption of cannabis, rising prevalence of arthritis, cancer, and Alzheimer’s disease, and improvements in the living standards. Moreover, growing popularity of hemp-based candies, chocolates, and beverages, rising focus of manufacturers on launching innovative cannabis-based products, increasing adoption of advanced technologies by manufacturers, and rapid urbanization, are some of the additional factors supplementing the Cannabis Market Growth. In addition, the increasing investments by major companies on research and development, strategic mergers, and partnerships between corporations, rising population growth rates and growing disposable incomes, are further contributing towards the market growth.

However, problems related to over-consumption of cannabis, is restricting the market growth.

The leading players operating in the market are GW Pharmaceuticals, CannTrust Holdings Inc., VIVO Cannabis Inc., Aurora Cannabis, Aphria Inc., MedReleaf Corp., Tilray, Canopy Growth Corporation, Cronos Group Inc., and OrganiGram Holdings, among others.

Based on Product Type, the Concentrates segment is predicted to grow at a significant CAGR during the forecast period

Cannabis concentrates are available in forms such as dabbing and ingestible oils, versatile in the method of delivery and are easy to use, are some of the factors pushing growth of the segment.

Based on Compound, the Tetrahydrocannabinol (THC) segment is expected to expand over the forecast period

Tetrahydrocannabinol (THC) compounds helps provides relief from insomnia, nausea, and appetite loss, is propelling segment’s growth.

Based on Region, the North American region is likely to capture the larger market share during the forecast period

According to the Cannabis Market Research, rising use of marijuana for medicinal and recreational purposes, Government regulations regarding the consumption of cannabis, increasing population growth rates and high disposable income, are driving the North America.

Key Developments

• In 2019, Altria Group decided to invest USD 1.8 billion in the Cronos Group Inc., to expand its presence in the international markets.
• In 2019, Aphria Inc., signed a partnership agreement with Colombian Medical Federation for the development of academic curriculum on the medicinal use of cannabis.

Market Segmentation

Segmentation by Application

• Medical
• Recreational

Segmentation by Product Type

• Flowers
• Concentrates
• Others

Segmentation by Compound

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

Segmentation by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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