According to the report by Expert Market Research (EMR), "The Global Cannabis Market Size, Share, Analysis, Report and Forecast 2024-2032″,the global cannabis market is projected to grow at a CAGR of 23.50% between 2024 and 2032. Aided by the swift societal shift in perceptions around cannabis and its burgeoning medicinal and recreational applications, the market is expected to grow significantly by 2032.
Cannabis, often referred to as marijuana, is a psychoactive plant historically consumed for its recreational, medicinal, and spiritual properties. Of the over 100 identified compounds in the plant, THC (Tetrahydrocannabinol) and CBD (Cannabidiol) remain the most renowned. While THC is predominantly responsible for the plant's psychoactive effects, CBD is largely celebrated for its therapeutic attributes, with minimal to no psychoactive impact.
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The paradigm shift in global acceptance of cannabis is the most conspicuous propellant of the cannabis market growth. With an increasing body of research underscoring cannabis's therapeutic potential in addressing conditions like chronic pain, epilepsy, anxiety, and multiple sclerosis, numerous nations have embarked on legalising its medical use. Additionally, the recognition of cannabis as a recreational entity, akin to alcohol and tobacco in some regions, has further spurred its global demand.
The confluence of health awareness and holistic well-being trends has remarkably influenced the global cannabis narrative. Today's consumers, informed and discerning, display a predilection for natural remedies and alternatives to traditional pharmaceuticals. Cannabis, fitting this narrative, finds heightened interest, especially in formulations like oils, tinctures, and edibles, touted for their therapeutic efficacy without the psychoactive aftermath.
Diverse industrial applications of cannabis also play an instrumental role in underpinning the cannabis market development. The cosmetic and personal care sectors, in pursuit of natural and efficacious ingredients, are increasingly integrating CBD in their product formulations, ranging from skincare serums to therapeutic balms. The textile industry, too, finds value in hemp – a type of cannabis – revered for its durability and sustainability.
Moreover, the gourmet food and beverage sector, ever-evolving, is now experimenting with cannabis-infused products which is further bolstering the cannabis market demand. From chocolates and gummies to beverages like teas, coffees, and even alcoholic concoctions, the incorporation of cannabis promises consumers a unique experience, blending gastronomic pleasure with therapeutic or recreational benefits.
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Market Segmentation
The market can be divided based on product type, compound, application, and region.
Market Breakup by Product Type
Buds or Marijuana Flower
Cannabis Extracts
Market Breakup by Compound
THC-Dominant
Balanced THC and CBD
CBD-Dominant
Market Breakup by Application
Medical
Recreational
Others
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cannabis market. Some of the major players explored in the report by Expert Market Research are as follows:
Aurora Cannabis Inc.
Tilray, Inc.
Canopy Growth Corporation
Cresco Labs, LLC
Curaleaf, Inc.
Ecofibre Ltd.
Green Thumb Industries inc.
HEXO Operations Inc.
INDIVA Inc.
Maricann Inc.
Others
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