SkyQuest projects that the Global Cannabis Market will attain a value of USD 66.35 Billion by 2031, with a CAGR of 22.1 % during the forecast period (2024-2031). The cannabis market is expanding rapidly, driven by increased application and demand for the plant. This is indicated by the growing number of organizations active in the cannabis sector, along with the rising number of people who use cannabis. Some of the factors responsible for this include cannabis becoming more widely acceptable in society, and there are now more methods to utilize it than ever before. It involves both recreational and medical applications. Many new products have also been manufactured for the cannabis market, giving users plenty of options. The legalization of cannabis is still an emerging issue. Yet, cannabis has become legal in several countries worldwide, including certain states in the United States.
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Browse in-depth TOC on the “Global Cannabis Market”
- Pages – 197
- Tables – 95
- Figures – 76
Food Safety Testing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $13.43 Billion |
| Estimated Value by 2031 | $66.35 Billion |
| Growth Rate | Poised to grow at a CAGR of 22.1 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Product Type, Compound, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East and Africa |
| Report Highlights | More people have started using cannabis as a medicinal drug and for recreational purposes. |
| Key Market Opportunities | Increased social acceptability of cannabis products is steadily increasing its market opportunities. |
| Key Market Drivers | Medicinal uses of cannabinoids in treating pain, inflammation, and anxiety is driving its demand. |
High Demand of Cannabis Drug Used for Recreational Purpose is Boosting Market
The global cannabis market is experiencing significant demand for recreational purposes. They are actually among the most often utilized recreational drugs. They offer a distinct and pleasant experience not available with other substances. Research has demonstrated that cannabis can alleviate stress and anxiety, improve mood, and increase creativity. Although it can be consumed in food or prepared as tea, cannabis is most commonly smoked in cigarettes or pipes. The euphoric effects of cannabis are attributed to THC, the main element in the plant. THC affects a user’s perceptions, emotions, and behavior by attaching to cannabinoid receptors in the brain.
Market to Attract higher Revenues with Rise in Rate of Cannabis Culture Adoption
Cannabis culture includes anything from art and lifestyle choices to music and fashion. The increasing acceptance of cannabis culture is also fueling the drug’s demand and people have started to implement it in their daily life. As more people start connecting with this culture, they will start looking for and using more cannabis products. Brands such as Whoopi and Maya, Lord Jones, Cannadorable, and Beboe have helped to normalize cannabis use among women, elders, and parents by promoting the cannabis culture.
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High Demand of Cannabis in North America Due to Maximum Legalization and Ideal Climate for Production
Presently, North America dominates the global cannabis market. The legalization of cannabis in the majority of US states has resulted in a strong presence of suppliers, and the high demand from consumers in the United States and Canada has made North America the largest cannabis market. Furthermore, the climate in North America is ideal for producing cannabis, and there is plenty of area available for growth.
Cannabis Market Insight
Drivers:
- One of the primary drivers of the rising demand for cannabis is the global legalization of the plant as many countries have started decriminalizing and legalizing it
- The stigma connected with cannabis use is fading as people gain a better understanding of its effects and its applications, driving the market growth.
- As more people become aware of cannabis’ potential medicinal benefits, demand for cannabinoids will increase since they can cure a variety of ailments such as seizures.
Restraints:
- Many people still view cannabis as an unsafe drug and this reduces its acceptance as a legitimate kind of medication.
- The legal framework of cannabis differs from country to country creating difficulty for businesses to function in some regions and can even lead to illegal activities.
- Long term use of smoking cannabis can lead to many health hazards like risk to lung health, cognitive impairment, and addiction.
Prominent Market Players in the Cannabis Market
- TerrAscend
- MedMen
- Canopy Growth Corporation
- Aurora Cannabis Inc.
- Cronos Group Inc.
- Tilray Inc.
- GW Pharmaceuticals PLC
- Aphria Inc.
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Key Questions Answered in Global Cannabis Market Report
- What are factors driving the cannabis market globally?
- Which are the major players operating in the cannabis market?
- Which region will lead the global cannabis market
- What is the key trend shaping the global cannabis market?
This report provides the following insights:
- Analysis of key drivers (Increasing legalization, medicinal use of cannabis, decreasing of stigma related to cannabis, and popularity of cannabis culture, investment of big brands in cannabis), restraints (considering cannabis as dangerous drugs, different legal status of cannabis from one country to another, and long term smoking cannabis can cause health risks), opportunities (Increase in consumer demand for better quality cannabis product, awareness of the benefits of cannabis, and constantly evolving market), and challenges (Increasing price of cannabis and growing restrictions on supplying cannabis) influencing the growth of cannabis market
- Market Penetration: Comprehensive information on the product offered by the top players in the cannabis market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the cannabis market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.