Global Cannabis Market Size, Trends, Share, Industry Size, Growth 2018 to 2023

The cannabis market size is projected to grow from USD 10.3 billion in 2018 to USD 39.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.7% during the forecast period. The major driving factors in the cannabis market are growing medicinal application of cannabis and increasing legalization of cannabis.

The global market for cannabis is dominated by major players such as Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), Tikun Olam (Israel), Cannabis Science Inc. (US), Aphria Inc. (Canada), Maricann Group Inc. (Canada), Tilray Inc. (Canada), VIVO Cannabis Inc. (Canada), Medical Marijuana, Inc. (US), STENOCARE (Denmark), Cronos Group Inc. (Canada), Terra Tech Corp. (US), and MedMen (US). These players have adopted various growth strategies such as agreements, collaborations, joint ventures & partnerships, new product launches, expansions & investments, and acquisitions to expand their presence in the global cannabis market. Agreements, collaborations, joint ventures & partnerships have been the most dominating strategies adopted by the major players from 2013 to 2018. These strategies have helped them to tap the lucrative growth opportunities in the market and strengthen their market positions. Additionally, they have also helped them to increase their distribution channels.

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By product type, the concentrates segment is expected to grow at the highest rate during the forecast period.

The flower segment dominated all the product types of cannabis. The dominance of this segment is mainly attributable to its maximum availability, and its method of delivery as smoking or vaping the cannabis flower has a quicker effect and is preferred for fast-acting relief by medical and recreational cannabis consumers.

The market for concentrates is projected to grow at the highest CAGR during the forecast period. This is due to their ease in usage, and their versatility in the method of delivery, such as dabbing, ingestible oils, and tinctures. Also, along with ingestion, concentrates can offer cleaner, smoother, and less odiferous hits than the flower.

By compound, the THC- dominant segment is expected to dominate the market during the forecast period.

The THC-dominant segment dominated the market for cannabis in 2017 and is also projected to grow at the highest CAGR during the forecast period. The dominance of this segment is majorly attributed to the fact that THC is the psychoactive substance in cannabis products, which is responsible for the high. Even though high THC content is better known for its mind-altering euphoria, it also has significant medical benefits. It is considered useful in relieving nausea, appetite loss, and insomnia, among other symptoms.

Europe is projected to grow at the highest CAGR during the forecast period.

Europe is projected to be the fastest-growing region in the cannabis market from 2018 to 2023. The market in Europe is majorly driven by the increasing legalization of medical cannabis in the region, coupled with the healthcare system present in several European countries that covers the health expenditure of most patients in these regions. Further, to meet the increasing domestic demand for medical cannabis products, these countries majorly depend on imports from Canada, Israel, and Australia. However, to increase the supply, the governments in these countries are increasingly granting import and cultivation licenses to other players.

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Created on Dec 21st 2020 10:32. Viewed 363 times.

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