The cannabis products market has experienced exponential growth in recent years, surging from $50.96 billion in 2023 to $63.75 billion in 2024, showcasing a compound annual growth rate (CAGR) of 25.1%. This remarkable expansion in the historic period can be attributed to various factors such as the advocacy and activism surrounding cannabis, significant research and scientific discoveries, evolving consumer trends and preferences, early market entrants, and the development of policy and legal frameworks. Looking ahead to 2028, the market size is expected to continue its upward trajectory, reaching $159.93 billion at a CAGR of 25.9%. The forecasted growth in the coming years is influenced by supply chain dynamics, international market expansion, patterns in investment and funding, regulatory developments, and the dynamics of market competition and consolidation. Key trends in the forecast period encompass legislation and legalization, emphasis on health and wellness, innovation and product diversity, enhanced consumer education and awareness, and the impact of celebrity and brand endorsements.
Major Driver In The Cannabis Products Market
The growing medical applications of cannabis are a significant driver for the cannabis products market. Cannabis is a drug that comes from Indian hemp plants such as Cannabis sativa and Cannabis indica, with THC (delta-9 tetrahydrocannabinol) being the main active chemical in it. Cannabis has several medical applications in conditions such as nausea and vomiting, glaucoma, epilepsy, and asthma. Hence, many countries have legalized the use of cannabis for medical applications despite it being a psychoactive drug. Medical applications of cannabis include treating cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, AIDS, Alzheimer's disease, and Parkinson's disease. According to Harvard Health, around 85% of Americans supported legalizing medical marijuana, and at least several million Americans were using it.
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Cannabis Products Market Competitive Landscape
Sprott Inc., Medical Marijuana Inc., Jazz Pharmaceuticals plc, Tilray Inc., Canopy Growth Corporation, LivWell Enlightened Health LLC, Organigram Holdings Inc., Aphria Inc., Aurora Cannabis Inc., Medicine Man Technologies Inc., Insys Therapeutics Inc., MedMen Enterprises Inc., Stenocare A/S, Cronos Group Inc., The Valens Company Inc., Jushi Holdings Inc., Columbia Care Inc., Cara Therapeutics Inc., VIVO Cannabis Inc., Terra Tech Corp., United Cannabis Corporation, Tikun Olam Ltd., Noya Inc., The Scotts Miracle-Gro Company, Wayland Group Corp., Cannabis Sativa Inc., ABcann Medicinals Inc., CanniMed Therapeutics Inc., Lexaria Bioscience Corp., Cannabis Science Inc.
Key Cannabis Products Market Trend
Solar cannabis cultivation is an emerging trend in the cannabis product market. Cannabis cultivation requires significant energy for lighting, heating, air-conditioning, and dehumidification systems, leading cannabis product manufacturing companies to invest in solar cannabis cultivation. This shift is primarily driven by the legalization of cannabis products in various states of the USA, which is continuously increasing energy consumption and prompting cannabis manufacturers to adopt solar cultivation methods. For example, Aurora acquired 71 acres of land in Medicine Hat, Alberta, and installed a high-technology hybrid greenhouse cannabis production facility.
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Cannabis Products Market Segmentation
The cannabis products market covered in this report is segmented –
1) By Product Type: Flower, Concentrates, Other Product Types
2) By Usage: Medical, Recreational
3) By Compound: THC-Dominant, CBD-Dominant, Balanced THC & CBD
4) By Route Of Administration: Oral Solutions And Capsules, Smoking, Vaporizers, Topicals, Other Route Of Administrations
By Geography:The regions covered in the cannabis products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the cannabis products market in 2023.
The Cannabis Products Global Market Report 2024 furnishes information about the global cannabis products market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
