Global Cannabis Market Analysis and Forecast, 2019-2028

The global cannabis market is expected to grow at a CAGR of 17.8% during the forecast period of 2023-2028. The report covers the market for cannabis products for medical, recreational, and industrial use. The growth of the global cannabis market is driven by several factors, including the increasing legalization of cannabis for medical and recreational use in various countries, the growing acceptance of cannabis as a treatment for various medical conditions, and the increasing use of cannabis in the pharmaceutical and cosmetics industries.

The report also highlights the growing trend of consumers seeking natural and organic products, which is driving the demand for cannabis-based products. The report identifies several challenges facing the global cannabis market, including regulatory challenges and restrictions on cannabis use in some countries, as well as the lack of standardization in the cannabis industry, which can affect the quality and consistency of cannabis products.

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Key Segmental and Regional Analysis

Based on product type, the RationalStat report identifies cannabis buds as the largest segment of the global cannabis market, accounting for the majority of the market share. This is due to the high demand for cannabis buds for both medical and recreational use. However, the report notes that cannabis extracts and concentrates are expected to grow at a faster rate during the forecast period, driven by the increasing use of cannabis in the pharmaceutical and cosmetics industries.

Regionally, the report identifies North America as the largest market for cannabis, driven by the legalization of cannabis for medical and recreational use in several US states and Canada. However, the report notes that the Asia Pacific region is expected to grow at the highest rate during the forecast period, driven by the increasing acceptance of cannabis for medical use in countries such as Australia and New Zealand.

Market Structure and Competitive Landscape

Some of the prominent players that contribute significantly to the global cannabis market growth include Canopy Growth Corporation, Aurora Cannabis Inc., Cronos Group Inc., GW Pharmaceuticals plc., Tilray, Inc., Curaleaf Holdings, Inc., Aphria Inc., HEXO Corp., MedMen Enterprises Inc., Green Thumb Industries Inc., etc. among others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, and product launches are some of the strategies followed by industry players.

Key Market Segmentation

RationalStat has segmented the global cannabis market on the basis of key segments and regions.

• Segment 1
  • Sub-segment A
  • Sub-segment B
  • Detailed sub-segment as mentioned in the ToC will be provided
• Segment 2
  • Sub-segment A
  • Sub-segment B
  • Detailed sub-segment as mentioned in the ToC will be provided
• Segment 3
  • Sub-segment A
  • Sub-segment B
  • Detailed sub-segment as mentioned in the ToC will be provided
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Western Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • Rest of Eastern Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • ASEAN (Indonesia, Vietnam, Malaysia, etc.)
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Turkey
    • Rest of the Middle East & Africa

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Primary Intelligence

• RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
• RationalStat takes a unique approach to arrive at market conclusions and actionable insights for clients.
• We have the technology and strong in-house resource pool with extensive experience in the global and regional markets, across a wide variety of categories and stakeholders.
• Strong language proficiency and capability with coverage across more than 70 language areas.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs.