The cannabis market is projected to grow at a CAGR of 19.64% during the forecast period, reaching a total market size of US$36.903 billion in 2024 from US$12.581 billion in 2018. Cannabis which is often called marijuana is a psychoactive drug from the cannabis plant that is generally used for medical and recreational purposes. Increasing legalization and growing medical applications of cannabis are expected to be the key driver for the growth of the market during the forecast period.
Currently, the majority of cannabis is sold through illegal channels, but as countries begin to liberalize laws related to it the market is expected to witness a surge in demand in the coming years. The North America cannabis market is expected to hold a significant market share in 2018 owing to increasing legalization of cannabis for both medical and recreational purposes in the region. However, the stringent and complex regulatory framework on the use of cannabis may hinder the market growth opportunities in the coming years.
The “Cannabis Market– Forecasts from 2019 to 2024” is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by end-use and geography.
The Cannabis market segmented based on end-use and geography. By end-use, the market has been segmented into medicinal and recreational.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the Cannabis market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the Cannabis market.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market size value in 2018 | US$12.581 billion |
| Market size value in 2024 | US$36.903 billion |
| Growth Rate | CAGR of 19.64% from 2018 to 2024 |
| Base year | 2018 |
| Forecast period | 2019–2024 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | End-Use, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | Aurora Cannabis Inc., Canopy Growth Corp, Tikun Olam, Tilray Inc, Cronos Group, Lift&Co., Sundial Growers Inc., Vivo Cannabis Inc |
| Customization scope | Free report customization with purchase |
Segmentation:
Frequently Asked Questions (FAQs)
Q1. What will be the cannabis market size by 2024?
A1. The cannabis market is projected to reach a total market size of US$36.903 billion in 2024.
Q2. What are the growth prospects for cannabis market?
A2. The cannabis market is projected to grow at a CAGR of 19.64% during the forecast period.
Q3. What is the size of global cannabis market?
A3. Cannabis market was valued at US$12.581 billion in 2018.
Q4. What factors are anticipated to drive the cannabis market growth?
A4. Increasing legalization and growing medical applications of cannabis are expected to be the key driver for the growth of the market during the forecast period.
Q5. Which region holds the largest market share in the cannabis market?
A5. The North American region is expected to hold a significant share in the cannabis market.