According to a Research Report Published by Spherical Insights & Consulting, the Global Cannabis Market Size Expected to Grow from USD 32.84 Billion in 2023 to USD 242.94 Billion by 2033, at a CAGR of 22.15 % during the forecast period 2023-2033.

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Cannabis is a flowering plant genus for which there is a long history of use based on known and validated therapeutic and medical effects. It is also known and recognized for its social and spiritual usage. The three common species are Cannabis sativa, Cannabis indica, and Cannabis ruderalis. Currently, most of the varieties grown today are hybrids among two or more of these major species. Such rapid expansion of cannabis cultivation and consumption across the globe brings innovative technologies into infrastructural restructuring for systematic and effective harvesting of cannabis-based products. Advance technologies are analogous to artificial intelligence and genetic engineering. Their influence in the cannabis industry is positively felt. Artificial intelligence is making a great impression when it comes to the cannabis industry. Growers can use artificial intelligence not only to optimize environmental changes but also for genetic manipulation of the product strains. However, it ranges from capsules to oils to all possible edibles to vaporizers and away from them. This is because the effects of edible products take quite a while to kick in, giving rise to overconsumption during such indirect use by an individual. Overdabbing has serious health implications. That is one of many reasons why many countries have not legalized the use of cannabis, thereby restricting the overall development of the market for cannabis.

Browse key industry insights spread across 245 pages with 114 Market data tables and figures & charts from the report on the Global Cannabis Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Flowers, Concentrates, Edibles, Topicals & Tinctures), By Compound (THC-Dominant, CBD-Dominant, and Balanced THC & CBD), By Application (Medical and Recreational), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

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The flowers segment is expected to grow at the highest CAGR in the global cannabis market during the forecast period. 

 The global cannabis market is categorized by product type into flowers, concentrates, edibles, topicals, and tinctures. Among these, the flowers segment is expected to grow at the highest CAGR in the global cannabis market during the forecast period. The rise can be attributed to its acceptance by people—the mass popularity and cultural acceptance of smoking cannabis flowers. These are the most commonly recognized and traditional forms of cannabis, also known as buds or marijuana buds. There are various strains, potencies, and aromas for the consumers, and the effects differ accordingly.

The THC-dominant segment is expected to grow at the fastest pace in the global cannabis market during the forecast period. 

 Based on the compound, the global cannabis market is divided into THC-dominant, CBD-dominant, and balanced THC and CBD. Among these, the THC-dominant segment is expected to grow at the fastest pace in the global cannabis market during the forecast period. The growth may be due to the above historical roots and cultural connections cannabis has held regarding its psyche. THC-dominant products contain higher concentrations of THC compared to most CBD-dominant products. This makes them popular among recreational users seeking the drug’s euphoric effects.

The medical segment is expected to hold the largest share of the global cannabis market during the forecast period.

 Based on the application, the global cannabis market is divided into medical and recreational. Among these, the medical segment is expected to hold the largest share of the global cannabis market during the forecast period. The growth can be attributed to the increased acceptance of cannabis’ possible therapeutic effects as well as the legalization of medical cannabis in many nations. The medical cannabis market pertains to the medical applications of cannabis and its derivatives. Medical cannabis products are mainly used for treating and relieving symptoms of various ailments experienced.

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North America is projected to hold the largest share of the global cannabis market over the forecast period.

North America is projected to hold the largest share of the global cannabis market over the forecast period. A booming cannabis market has emerged in North America, primarily due to the recent legalization of the consumption of cannabis for either therapeutic or recreational purposes in Canada and many US states. The medical and recreational cannabis markets have experienced impressive growth because of their diverse product offerings along with their rapidly increasing consumer base.

Europe is expected to grow at the fastest CAGR of the global cannabis market during the forecast period. The pharmaceutical industry in Europe is somehow edging towards growth, but so far, some countries such as Germany, the Netherlands, Spain, and Italy have already approved the supply and use of medicated cannabis products through their programs. Some European countries, such as Portugal and the Netherlands, have adopted a more liberal stance on cannabis policies, including the legalization of recreational cannabis in certain jurisdictions.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global cannabis along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global cannabis market are Canopy Growth Corporation, Aurora Cannabis Inc., VIVO Cannabis Inc., Tilary Inc., Unrivaled Brand Inc., HEXO Corp., Medical Marijuana Inc, The Cronos Group, Medmen Enterprise Inc., Cresco Labs, Curaleaf Holdings Inc., Organigram Holdings Inc, Stenocare, Trulieve, Indiva, Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 Key Market Development

• In April 2023, Beleaf Co. collaborated with this establishment for the launch of a new juice line that integrates CBD-infused juice shots. Hello Juice and Smoothie – a local juice and smoothie store in the United States.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cannabis market based on the below-mentioned segments:

Global Cannabis Market, By Product Type

• Flowers
• Concentrate
• Edibles
• Topical & tincture

Global Cannabis Market, By Compound

• THC-dominant
• CBD-dominant
• Balanced THC-CBD

Global Cannabis Market, By Application

• Medical
• Recreational

 Global Cannabis Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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