Global Marijuana Market Size By End-Use (Recreational and Medical), By Compound ((THC)–dominant, Cannabidiol (CBD)-dominant, Balanced TH), By Product Type (Flowers, Concentrates), By Geographic Scope And Forecast

Marijuana Market Size And Forecast

Marijuana Market size was valued at USD 123.88 Billion in 2020 and is projected to reach USD 1189.09 Billion by 2028, growing at a CAGR of 33.12% from 2021 to 2028.

The major driver inclining the market growth is the rising awareness among customers about the health advantages of Marijuana and its growing medical and therapeutic applications. The Global Marijuana Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Marijuana Market Definition

Marijuana legalization is gaining motion around the globe. Marijuana is also known as ‘cannabis’, ‘hemp’, ‘weed’, and ‘Ganjha’ in many parts of the world. This movement is primarily propelled due to the growing recognition that marijuana has a range of sincere medicinal benefits and therapeutic applications. Marijuana is the most broadly farmed, trafficked, and consumed drug across the globe. Marijuana is a genus of flowering plants and is used for thousands of years with the consumption of these herbs are acknowledged therapeutic and medicinal benefits. Cannabis sativa, Cannabis indica, and Cannabis ruderalis are the three most used Marijuana species. Most marijuana types that are grown nowadays are hybrids that show features of two or more of these principal species.

The hemp with an insignificant quantity of psychotropic substances is mainly derived from the Sativa family and finds widespread application in paper, textiles, biodegradable plastics, and fuel industries. Marijuana is one of the fastest-growing agricultural crops. It requires small to no quantity of pesticides, less industrial processing after the harvest, and low environmental impact. Industrial hemp can be cultivated on most of the world’s agricultural land. China, Canada, and France are some of the major exporters of Marijuana. There are several Medicinal applications of marijuana like the incorporation of cannabinoids or cannabinoid-like compounds in pharmaceutical products. Marijuana ingredients are also infused with lotions, lubricants, creams, etc. to provide relief of muscle soreness, inflammation, headaches, and cramping.

Global Marijuana Market Overview

Marijuana legalization is frequently viewed with dual perceptions where its legalization has been said to be met with concerns associated with its possible misuse. The legalization of Marijuana has given people a permit to practice safe and controlled substance usage along with understanding its medicinal benefits. Which has resulted in several countries progressively legalizing the practice of Marijuana across the world. While several countries across the world have still not sanctioned the recreational use of cannabis, the approach to use and its sales have been lenient over the years, which has guided to the increasing popularity regarding usage of Marijuana in several regions driving the upsurge of the overall Marijuana Market.

Sativex, Marinol, and Cesamet are some of the highly known Marijuana-based drugs. Some of the proven and practiced uses of Marijuana in the medical sector are to treat chronic pain, multiple sclerosis, treatment-resistant epilepsy, etc. Due to this, its consumption is on rising One main reason factoring towards restraining the growth of the Marijuana Market is the complex sanctioned structure for the usage of Marijuana. Companies providing marijuana and marijuana-infused products are obligated to comply with different regulation guidelines, globally.  The harsh regulatory norms for the production and sales of marijuana and marijuana-based products across different countries could be hard for manufacturers and stakeholders to comply with.

Additionally, the regulatory guidelines pertaining to the usage of cannabis differ from country to country which creates more hindrances for the growth of the global Marijuana Market. One more restraint to the Marijuana Market is the myths regarding the intoxicating effects of Marijuana irrespective of THC content. There is a lack of approval for marijuana as a medical therapeutic product because of the assumption that marijuana can be consumed only via smoking. But cannabis can be injected in many ways like pills, vaporization, edibles, dabs, and patches. To overcome these restraints, efficient marketing techniques are required for the right view of marijuana-based medical products.

Slowly many countries in regions like North America, Europe, and South America are legalizing marijuana and there is a great opportunity for the initialization and legalization of marijuana in the Asia-Pacific region. China, standing as one of the biggest markets for industrial hemp. China is also expected to become one of the biggest upcoming markets for industrial marijuana. Several key players functioning in the cannabis industry, are waiting for the legalization of marijuana in the Asia-Pacific region, predicted to incorporate huge opportunities for the Marijuana Market. Several countries in the Asia-Pacific region can be potential low-cost producers of marijuana with high production capacity.

Global Marijuana Market Segmentation Analysis

The Global Marijuana Market is Segmented on the basis of End-Use, Compound, Product Type, And Geography.

Marijuana Market, By End-Use

• Recreational• Medical

Based on End-Use, the market is segmented into Recreational and Medical. The recreational segment is dominating the market due to the high demand and consumption of marijuana for recreational purposes. Legalization of the marijuana for recreational purposes is pushing the growth of this segment. Various journals and surveys reported that recreational legal cannabis sales have been escalated especially in the adult population. However, the medical end-use segment is projected to spur in the years to follow due to the growing inclination of the pharma players towards marijuana-based medical products.

Marijuana Market, By Compound

• (THC)–dominant• Cannabidiol (CBD)-dominant• Balanced TH• CBD

Based on Compound, the market is segmented into (THC)–dominant, cannabidiol (CBD)-dominant, balanced TH, and CBD. The THC-dominant segment is the fastest-growing segment of the Marijuana Market due to several medical benefits associated with THC-dominant products. THC-dominant products are proven to have medical benefits in relieving nausea, pain, appetite loss, reducing anxiety, insomnia and also protecting brain cells.

Marijuana Market, By Product Type

• Flowers• Concentrates• Others (edibles, capsules, and beverages)

Based on Product Type, the market is segmented into Flowers, Concentrates, and Others (edibles, capsules, and beverages). the concentrates segment is predicted to lead the market. The growth of the concentrates segment can be credited to its ease of use and its adaptability in the process of delivery. These are available in various forms like ingestible oils, dabbing, and tinctures. The flowers segment accounts for a major market stake, as the highest amount of cannabinoids are found in the leaves and flowers of the mature cannabis plant, which makes them a common option for harvesting.

Marijuana Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, the Global Marijuana Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is expected to hold the largest market stake throughout the forecast period. The Global Marijuana Market is dominated by the North American region because of the growing legalization of marijuana for medical and recreational uses. More recently, in 2021, legislation to legalize marijuana for recreational purposes has been passed in the US (Connecticut, New Mexico, New York, and Virginia) states in addition to the existing 19 states of the US. Additionally, the medical applications of marijuana are witnessing incredible growth, as more and more consumers are becoming aware of the medicinal and therapeutic benefits of marijuana.

Key Players

The “Global Marijuana Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, The Cronos Group, Organigram Holdings, Inc., ABcann Medicinals, Inc., and Tikun Olam.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• Aphria Inc. and Tilray, Inc. (Canada) moved into a definitive agreement to merge their businesses and create the world’s biggest marijuana company in December 2020. The merged Company, backed by low-cost cultivation, processing, and manufacturing facilities, will have a complete series of branded Cannabis 2.0 products in Canada.

• Aphria Inc acquired SW Brewing Company, LLC (US), one of the biggest independent craft brewers November 2020. SweetWater offers complementary marijuana lifestyle brands, which will help Aphria to expand its product portfolio.

• Canopy Growth Corporation presented a new line of their CBD-infused beverages named Quatreau in November 2020. They are naturally flavoured sparkling waters, which are available in 2 categories both CBD-only and balanced (CBD + THC) offerings

• Medical Marijuana Inc. publicized the expansion of their production and warehouse facility in September 2020. Enabling them to widen their product R&D and internal manufacturing. The company is going to add 1,100sq.ft of production area.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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