Global Cannabis Market Size, Share, Opportunities, And Trends By Product Type (Capsules, Concentrates, Edibles, Other Product Types), By Application (Medicinal, Recreational), By Compound Type (Tetrahydrocannabinol (THC), Cannabidiol (CBD), Balanced THC & CBD), And By Geography - Forecasts From 2023 To 2028

Cannabis is a psychoactive substance extracted from the cannabis plant which is native to Central and South Asia. It is known by many other names such as hemp (industrial name), marijuana, grass, CBD etc. Since ancient times, cannabis has been used in traditional remedy preparations, entheogenic use, and recreational use as well. Cannabis can be consumed orally, through vapours or utilised as an extract. There are a variety of psychological and physiological effects associated with cannabis consumption, such as altered states of consciousness, euphoria, trouble focusing, impaired balance and fine psychomotor control, reduced short-term memory, relaxation, and increased appetite.

Legal growers & producers, customers, independent industrial standards bodies, auxiliary goods and service providers, regulators, and experts on cannabis and hemp, its industrial derivative, comprise the cannabis business. Regulatory limitations have hindered the cannabis business for most of recent history, but as more countries allow medicinal and adult use, the legal cannabis sector has grown quickly. Therefore rising legalization of cannabis products for medicinal purposes in various countries is the primary reason driving the growth of the global market during the projection period. 

The use of cannabis to treat illness or lessen its effects is known as medicinal cannabis or medical marijuana. Various studies reveal that cannabis has a number of significant advantages. Cannabis can also be used to alleviate chronic pain and muscular spasms, lessen nausea and vomiting during chemotherapy, increase appetite in HIV/AIDS patients, help people with multiple sclerosis and more. Therefore the application of cannabis in the medical sector is also propelling its demand and driving market growth.

However, stringent rules and regulations implemented by the government regarding the production and usage of cannabis, the presence of large illegal markets in various countries and the adverse health effects of consuming marijuana in excess amounts are anticipated to obstruct the growth of the global market for cannabis during the projection period.

During the anticipation period, the global market for cannabis will grow due to an increase in the legalisation of marijuana for medicinal as well as recreational purposes in various countries.

Various countries around the world have implemented policies which are in favour of consuming and even producing cannabis and its products due to its growing application for medicinal purposes. Governments have also started to legalize the consumption of marijuana for recreational purposes but in a safe amount. The aforementioned factors act as one of the primary drivers for the growth of cannabis during the forecast period.

For instance, Adult recreational cannabis usage has been approved by Germany's coalition government. For personal use, one might own up to 30g (1oz). It would be sold at pharmacies and authorised stores. The measure still has to get through parliament and be approved by the European Commission. The initiative may become law in 2024, according to  German health minister Karl Lauterbach. In the United States, cannabis is permitted for medicinal use in 37 states and Washington, DC. It is also authorised for recreational use in 19 states. It sums to much more than 40 per cent of the American population. Uruguay and Canada are the only two nations with national recreational cannabis cultivation, use, and trade as of 2022. Many nations, including Spain and the Netherlands, where the sale of cannabis is permitted in regulated facilities, have chosen a policy of lax policing. Malta became the first nation in the European Union to legalise cannabis for recreational use in 2021.

Moreover, In June 2022, Thailand's Food and Drug Administration removed marijuana and hemp from the list of Category 5 narcotics, decriminalising them. The government believes that by changing the law, Thailand would become a "herbal hub" in Southeast Asia, allowing Thais to cultivate and sell marijuana for medical purposes. As a result Future popularity and demand for cannabis are anticipated to rise as a result of ongoing research and product standardisation for medical use.

North America is anticipated to hold a significant amount of the global cannabis market share during the forecast period

North American region is anticipated to hold a significant amount of market share in cannabis and its products. This region will witness high growth during the forecast period owing to the legalization of cannabis in countries like the United States and Canada. On October 17, 2018, Canada became the second nation to legalise cannabis for adult use. During the May 2021 reference period, the total permitted cannabis cultivated under cover in Canada was 20,130,384 square feet, compared to the total licenced cannabis grown in open fields of 1,692 acres. According to official data, in the United States, cannabis is permitted for medicinal use in 37 states and Washington, DC. It is also authorised for recreational use in 19 states. It sums to much more than 40 per cent of the American population. For the first time in more than 50 years, the US government licenced new cultivators of research marijuana in May 2021, expanding the opportunity to examine the drug's potential as a medicine. In a similar vein, the Food and Drug Administration granted approval for the medical use of certain of its derivative chemicals. The FDA has given its permission to the marijuana medications Marinol, Cesamet, Syndros and Epidolex. Due to the expansion of the production capacity of key companies such as Canopy Growth Corp, Aurora Cannabis and Medmen over the past several years, cannabis production levels in North America have expanded significantly.

Market Key Developments

• In February 2023, medicinal cannabis education, lobbying, and peer support for nurses are all goals of a recently established association. Together with co-founders Deb Ranson and Jodie Davis, nurse practitioner Simone O'Brien will serve as president of the Australian Cannabis Nurses Association (ACNA). The organisation wants endocannabinoid system study to be a part of undergraduate nursing programmes.
• In February 2023, CraftPlant, a new medical cannabis brand for patients in the Australian market, has been launched by Aurora Cannabis Inc., the Canadian business introducing cannabis to the globe. Greendae, Navana, and HiVolt are three new products under the CraftPlant brand that physicians may now prescribe. All three are THC-dominant strains with significant terpene content that were created from ultra-premium cultivars.
• In February 2023, California regulators recently announced the beginning of a new initiative aimed at improving consumer access to legal marijuana in the towns and counties that do not yet have cannabis merchants licenced under their control. Up to $20 million in funding will be made available to local governments under the Department of Cannabis Control (DCC) of California's initiative to help them extend access to legal cannabis products in underprivileged communities.

Segmentation:

• By Product Type
  • Capsules
  • Concentrates
  • Edibles
  • Other Product Types
• By Application
  • Medicinal
  • Recreational
• By Compound Type
  • Tetrahydrocannabinol (THC)
  • Cannabidiol (CBD)
  • Balanced THC & CBD
• By Geography
  • North America
    • USA
    • Canada
    • Others
  • South America
    • Brazil
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Others
  • Middle East and Africa
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Taiwan
    • Thailand
    • Indonesia
    • Others