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Cannabis Market to Surge at 34.03% CAGR over 2023 to 2030; Tokyo Smoke Established 9 Retail Stores to Strengthen Industry Foothold

July 11, 2023 | Food & Beverages

The global cannabis market size stood at USD 43.72 billion in 2022. The market value is slated to rise from USD 57.18 billion in 2023 to USD 444.34 billion by 2030 at a CAGR of 34.03% during 2023-2030. The growth is on account of the soaring legalization of the product across various regions. The decriminalization of the product in several regions resulted in the highlight of the medical benefits of the product.


Fortune Business Insights™ presents this information in its report titled Cannabis Market Size, Share & COVID-19 Impact Analysis, By Type (Flowers/Buds and Concentrates), By Application (Medical, Recreational (Edibles and Topicals), and Industrial Hemp) By Component (THC-Dominant, Balanced THC & CBD, and CBD Dominant), and Regional Forecast, 2023-2030.


Rising Consumption of In-house Marijuana Propelled Industry Expansion


The pandemic registered a steady demand for medical marijuana. Despite stay-at-home orders, dispensaries and recreational stores were permitted to remain open. The market expansion was further driven by the growing recognition of marijuana as essential for recreation and medicine in various regions.


Aurora Cannabis and MedReleaf Australia Launch CraftPlant to Secure Robust Footing in the Australian Market


In February 2023, Aurora Cannabis Inc., and MedReleaf Australia announced the rollout of CraftPlant. The new brand was launched for patients in the Australian market. The brand brings three new solutions including HiVolt, Navana, and Greendae. Aurora held a 10% ownership stake in MedReleaf Australia. The companies together provide Australian patients with numerous Aurora-branded products. These include soft gels, oils, and dried flowers.


Industry Share to Surge Owing to Soaring Demand for Medical Applications


Cannabis market growth is being propelled by the surging product demand for medical applications. Medical marijuana has been permitted in several countries such as Israel, Finland, Germany, and Canada. The recreational usage of the product has been legalized in over 30 states in the U.S. The industry growth is further impelled by the ongoing clinical trials and research initiatives associated with marijuana-based medications.


However, the industry expansion could be hampered by numerous regulations associated with the usage of hemp in various countries. Product consumption is still prohibited in Asian countries such as Korea, India, and Japan.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219


Pivotal Players Undertake Strategic Initiatives to Strengthen Industry Position


Major market players are formulating and undertaking various initiatives for strengthening their industry positions. These comprise collaborations, merger agreements, acquisitions, and others. Additional steps comprise an increase in R&D activities and the growing formation of alliances.


Key Players Profiled in the Report



  • Aurora Cannabis Inc. (Canada)

  • Tilary, Inc. (Canada)

  • Canopy Growth Corporation (Canada)

  • CannTrust Holdings Inc. (Canada)

  • VIVO Cannabis Inc. (Canada)

  • Cronos Group Inc. (Canada)

  • Jazz Pharmaceuticals (Ireland)

  • OrganiGram Holdings (Canada)

  • Lexaria Corp. (Canada)

  • ABcann Medicinals, Inc. (Canada)


Key Industry Development



  • January 2021 – Tokyo Smoke, the retail brand of Canopy Growth Corporation, announced the establishment of 9 brick-and-mortar retail franchised locations across Ontario, Canada. These stores would provide convenient and safe access to quality, legal marijuana and meet the surging consumer demand.


Further Report Findings



  • North America cannabis market share is poised to depict substantial expansion over the study period. The expansion is driven by the escalating deployment of marijuana-infused products in the region.

  • The Asia Pacific market is estimated to register considerable growth throughout the forecast period. The surge is impelled by the legalization of marijuana in several countries in the region and favorable government policies.

  • Based on type, the market is segmented into concentrates and flowers/buds. The flowers/buds segment is estimated to register substantial expansion over the projected period. The escalation is impelled by the increasing product consumption across the globe.

  • On the basis of application, the market is fragmented into recreational, medical, and industrial hemp. The industrial hemp segment is touted to grow at a lucrative rate over the analysis period. The expansion is driven by the growing trend of marijuana legalization and decriminalization.

  • By component, the market is subdivided into CBD-dominant, THC-dominant, and balanced THC and CBD. The THC-dominant segment is slated to expand at a considerable rate over the forecast period. The surge is impelled by the increasing product usage for recreational activities.


Table of Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 34.03% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Type



  • Flowers/Buds

  • Concentrates


 

By Application



  • Medical

  • Recreational



      • Edibles

      • Topicals





  • Industrial Hemp


 

By Component



  • THC-dominant

  • Balanced THC and CBD

  • CBD-dominant


 

By Region



  • North America (By Type, Application, By Component and By Country)

    • U.S. (by Type)

    • Canada (by Type)

    • Mexico (by Type)



  • Europe (By Type, Application, By Component and By Country)

    • Germany (by Type)

    • France (by Type)

    • Italy (by Type)

    • Czech Republic (by Type)

    • Belgium (by Type)

    • Rest of Europe (by Type)



  • Asia Pacific (By Type, Application, By Component and By Country)

    • Australia (by Type)

    • Thailand (by Type)

    • Rest of Asia Pacific (by Type)



  • Rest of the World (By Type, Application, By Component and By Country)

    • Brazil (by Type)

    • Zimbabwe (by Type)

    • Others in RoW  (by Type)





 
Cannabis Market
  • PDF
  • 2022
  • 2019-2021
  • 138

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