Cannabis Market Size, Share, Growth Report 2030

According to the report published by Zion Market Research, global demand for cannabis market was valued at approximately USD 13.48 Billion in 2019, and is expected to generate revenue of around USD 87.79 Billion by end of 2026, growing at a CAGR of around 30.7% between 2020 and 2026.

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Global Cannabis Market: Overview

In recent years, the cannabis industry has steadily gained popularity as cannabis is legalised for medical and therapeutic uses worldwide. Cannabis is widely trafficked, cultivated, and consumed drug worldwide.

Global Cannabis Market: Growth Factors

The growing acceptance of cannabis in myriad medical applications such as cancer, chronic ailment, and mental disorders are anticipated to drive cannabis market in forthcoming years. Legalization of cannabis in various countries such as Uruguay and Canada is escalating demand for the product among the consumers is predicted to accelerate the cannabis market growth over the years ahead. While most countries around the world have not yet legalised their use, over the years the approach to use and sales has been relaxed. As more countries move towards their partial or full legalisation, the cannabis industry would have a positive trajectory.

Hectic lifestyle and stressful work are likely to induce mental stress, sleep disorders, insomnia, sleep apnea, and anxiety among the population and this, in turn, is anticipated to drive the growth of cannabis market in the years ahead. Furthermore, the growing need for relief from acute pain will elevate cannabis market share in the years ahead.

Global Cannabis Market: Segmentation

The global cannabis market can be divided based on product type, application, and compound. On the basis of product type, the market is segmented into flower, concentrates, and others. Based on the application, the cannabis market is divided into medical and recreational types. In terms of compound, the market is sectored into THC-Dominant, Balanced THC & CBD, and CBD-Dominant.   

Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Global Cannabis Market: Regional Analysis

North American cannabis market is projected to contribute a major chunk of the market share in 2019. Cannabis market in the region is mainly driven by massive product demand in the countries such as the U.S. and Canada. Growing legalization of cannabis for both medical and recreational purposes in North America and the massive awareness among consumers pertaining to the health benefits of cannabis is predicted to boost the scope of cannabis market in the years ahead.

Furthermore, the growth of cannabis market is increasing owing to the presence of major cannabis giants such as Medical Marijuana Inc., Canopy Growth Corporation, and Aurora Cannabis Incorporation who are constantly investing and collaborating for manufacturing innovative products for the fulfillment of the consumer demand.  

Asia Pacific cannabis market growth will gain traction over the years to come as the country is planning to increase the production of cannabis in the upcoming years and increase its product import to the increase in the cannabis output. This, in turn, is projected to embellish the growth graph of Cannabis market in APAC region over the forecast period.

Global Cannabis Market: Competitive Players

Some main participants of the cannabis market are Maricann Group, Inc., Canopy Growth Corporation, Aphria, Inc., ABcann Medicinals, Inc., Aurora Cannabis Inc., Tilray, The Cronos Group, Organigram Holdings, Inc., Tikun Olam., Cannabis Science Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Terra Tech Corp., and MedMen among others.

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

Cannabis Market: Regional Segment Analysis