Global Cannabis Market, By Application, By Product Type, By Compound & By Region- Forecast and Analysis 2022-28

Global cannabis market is valued at USD 28.06 billion in 2021 and is projected to attain a market size of 197.75 billion by 2028 at a CAGR of 32.04% during the forecast period, 2022-2028.

A growing number of people are using and consuming cannabis, which is causing the market to expand quickly. This is clear from the growing number of companies operating in this sector as well as from the rise in the number of cannabis users. Cannabis legalization is still a relatively new occurrence in general. However, cannabis use is now permitted in a large number of nations, including some US states. The demand for this product has surged as a result, and this tendency is probably going to continue.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cannabis Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
 

Segments covered in this report

The Global Craft Beer Market is segmented based on Application, Product Type, Compound, and Region. Based on the application, the market is sub-segmented into medical and recreational. Based on the product type, the market is classified into concentrates and flowers. Based on the compound, the market is divided into THC dominant, CBD dominant, and balanced THC-CBD. Based on the region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

One of the key factors influencing the demand for cannabis is the increasing legalization of the drug globally. As more nations decriminalize or legalize marijuana, users will have easier access to it.
Demand for the medicine is also being driven by cannabis culture's rising popularity. The cannabis culture includes everything from music and fashion to art and way of life. More people will probably seek out and use cannabis products as they become more identified with this society.

Restraint

Cannabis is still seen by many as a harmful substance. This is impeding its adoption as a valid medical practice. The fact that cannabis is legal in different countries in another issue. Due of this, it might be challenging for businesses to function in certain regions and even encourage illegal activities.

Market Trends

More people are starting to use cannabis as a recreational substance and for medical causes as awareness of it grows. More states decriminalizing or legalizing cannabis use means that this trend is likely to continue. Companies are also creating fresh goods and services for the cannabis market. For instance, THC-free CBD oil products are now readily available.