Cannabis Market Report Size, Share and Forecast - 2027
The global cannabis market size is estimated to be valued at USD 27.7 billion in 2022 and is projected to reach USD 82.3 billion by 2027, recording a CAGR of 24.3% in terms of value. Increased legalization has been extremely beneficial to the cannabis industry. Additionally, as more research studies in the field are carried out and show that cannabis has positive effects medically, has helped alter public perceptions of the drug. The industry is witnessing a lot of new product launches and acquisition and mergers between big players.
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The medical segment sees demand for treating anxiety and pain management
Medical segment also significantly contributes towards the total cannabis market. Cannabis is used in treating various medical situations like anxiety, gastrointestinal disorders, seizures, and epilepsy. Increased network of cannabis dispensaries will help increase the reach of the cannabis products to consumers thus, projecting a bright future for the market.
Despite increased knowledge of its medical benefits, existing manufacturing inefficiencies and manufacturers poor-quality control are hindering output. Many products fail to meet regulatory and content requirements. However, because of enhanced manufacturing procedures and quality standards, the pharmaceutical industry is now poised to supply more consistent products.
- Legalization Trends: The trend toward legalization and decriminalization of cannabis for medical and/or recreational use in various jurisdictions continues to expand. Countries and states are reconsidering their cannabis policies, which could open up new markets and opportunities for industry growth.
- Consumer Demand: There has been a growing acceptance and normalization of cannabis consumption, especially among younger demographics. As stigma decreases and awareness of potential health benefits increases, consumer demand for cannabis products is expected to rise.
- Product Innovation: The cannabis industry is characterized by ongoing product innovation, with companies developing new and diverse cannabis-infused products to cater to different consumer preferences. This includes edibles, beverages, topicals, concentrates, and more.
- Medical Applications: Research into the medicinal properties of cannabis compounds, such as CBD and THC, is expanding. As more evidence supporting the therapeutic benefits of cannabis emerges, the medical cannabis market is expected to grow, driven by demand for treatments for various conditions.
- Investment and Consolidation: The cannabis industry has attracted significant investment from both traditional and institutional investors. Consolidation and strategic partnerships are common as companies aim to expand their market share and capabilities.
- Regulatory Environment: Regulations play a crucial role in shaping the cannabis market. Changes in regulations, such as taxation, licensing, and packaging requirements, can impact market dynamics and profitability for businesses operating in the industry.
- International Expansion: As more countries legalize or consider legalizing cannabis, there is potential for international expansion and trade opportunities. Companies are exploring partnerships and investments in emerging markets to capitalize on new growth opportunities.
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The demand for medical cannabis in South America is driven by the increased legalization of medical cannabis within various countries
The market in the region is driven by the legalization of medical cannabis. The legalization of cannabis originated from Uruguay and Colombia, which was later joined by Argentina, Brazil, Chile, and other South American countries. Although personal cultivation of recreational cannabis for personal consumption is legal in many countries in the region, the commercial sale is limited only to Uruguay. Several countries in South America have decriminalized possession of small amounts for personal use such as Chile, Colombia, Costa, Ecuador, and Peru. The South American cannabis market is also growing tremendously as many local companies are receiving EU-Good Manufacturing (GMP) certification, and countries are approving favorable legislation. This market also benefits from the favorable climate, low-cost labor, and construction costs, as they are very low as compared to North America.
- Canopy Growth Corporation (Canada)
- Aurora Cannabis Inc. (Canada)
- VIVO Cannabis Inc. (Canada)
- Tilary Inc. (US)
- Unrivaled Brand Inc. (US)
- HEXO Corp. (Canada)
- Medical Marijuana Inc. (US)
- The Cronos Group (Canada)
- Medmen Enterprise Inc. (US)
- Cresco Labs (US)
- Curaleaf Holdings Inc. (US)