Global Cannabis Market by Type (Concentrates, Capsules, Flowers, Edibles, Others); by Application (Recreational, Medicinal); and by Region (North America, Europe, Asia Pacific, Latin America, MEA); - Global Forecasts 2021 to 2027

The Global Cannabis Market was valued at USD 22.34 Bn in 2020 and is expected to reach USD 97.74 Bn by 2027, with a growing CAGR of 23.4% during the forecast period.

Global Cannabis Market Overview

Cannabaceae family produces Cannabis, a species of flowering plants. The number of species in the cannabis family is controversial. Cannabis sativa, Cannabis indica, and Cannabis ruderalis are the three species that may be identified. Cannabis has historically been used for hemp fibre, hemp seeds and oils, hemp leaves for vegetable and juice uses, therapeutic purposes, and as a recreational narcotic. Cannabis is an herbal medicine derived from the cannabis plant. It includes cannabinoids, which are chemicals.

Cannabis Market Share

Global Cannabis Market Dynamics

Increasing demand for cannabis from the medicinal sector is anticipated to drive the cannabis market growth throughout the forecast period. Cannabis is used to relive pain, anxiety, and to reduce inflammation. For instance, according to Forbes Legal sales across the U.S. (for 14 states) allowed adult use of cannabis, 36 states allowed for medical sales hit a record of $17.5 billion, a 46% increase from 2019.

Additionally, the use of cannabis in food & beverage is expected to support the market growth in the near future, due to its use with daily food consumables like pizza. In the US, cannabis cafes are as famous as Starbucks, and purchasing edibles is as simple as ordering pizza. Moreover, medicinal marijuana is being provided by primary care physicians. Products, services, and customer expectations are anticipated to evolve as the cannabis industry demand increases. Recreational cannabis and medicinal cannabis that has been lab assessed is examined by doctors and researchers. This assessment replaced the old marijuana, which was about as refined and strong as oregano. Therefore, the use of cannabis in food industry is expected to drive the market growth till 2027. However, stringent government policies related to the use of cannabis may hinder the market growth during the forecast period.

The Global Cannabis Market Segmentation:

By Type

  • Concentrates
  • Capsules
  • Flower
  • Edibles
  • Others

By Application

  • Recreational
  • Medicinal

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

The unique insights provided by this report also include the following:

  • In-depth Value Chain Analysis
  • Opportunity Mapping
  • Sector Snapshot
  • Key Players Positioning Matrix
  • Regulatory Scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market Trends
  • Covid-19 Impact Analysis
  • Product Comparison
  • Pre & Post COVID-19 Impact on the Cannabis Market
  • Competitive Landscape

Based on type, the concentrates segment held the largest market share in 2020 and is expected to grow significantly during the forecast period due to its recreational purpose

Based on type, the market has been segmented into concentrates, capsules, flowers, and others. The concentrates segment in cannabis sector accounted for the largest market share in 2020 and is expected to grow significantly during the forecast period. Cannabis concentrates come in a range of shapes and sizes. Moreover, they can be used like cannabis oil in vape cartridges, and other times they are hidden in medicinal balms and foods. Thus, the use of concentrates in recreational purpose is expected to drive the market demand for cannabis during the forecast period.

Additionally, the concentrates are found in cannabinoids and terpenes of cannabis flowers. Marijuana concentrates have a far greater proportion of cannabinoids and terpenes as compared to raw cannabis flowers. Therefore, concentrates are consumed more cannabinoids and terpenes are responsible for the effects, aroma, and flavours that experience with any cannabis product. They are found throughout the cannabis plant in small, shiny structures called trichomes. Legalization of Cannabis in the US supports the cannabis market demand. For instance, there is a café named Original Cannabis Café based in the US, they provide marijuana for recreation & food as well.

Based on the application, the recreational segment in the cannabis market growing at the highest CAGR during the forecast period owing to its adoption in healthcare

Based on the application, the market has been segmented into recreational and medicinal. The recreational segment growing at the highest CAGR during the forecast period. For its products, the recreational marijuana business uses tetrahydrocannabinol (THC), a psychoactive chemical responsible for the high (feeling of relaxation) produced by smoking marijuana. It has a wide range of uses, from marijuana-infused beer and coffee to cigarettes. Therefore, the recreational cannabis sector promotes the high that marijuana is renowned for many consumers cravings.

Cannabis is also used for medicinal purposes. For instance, Sativex, cannabinol is one of the well-known cannabis drugs. These are used for the treatment of resistant epilepsy, chronic pain & multiple sclerosis. Additionally, there is a significant interest in the development of therapies and other consumer products derived from cannabis and its components, including cannabidiol (CBD). FDA recognizes the potential opportunities that cannabis or cannabis-derived compounds may offer and acknowledges the significant interest in these possibilities. In the US, this increase was higher among males (from 18.3% to 34.2%) than among females (from 26.1% to 29.4%). The increase was also larger among adults 65 years and older than among adults in younger age groups

Based on region, North America is expected to hold the largest market share during the forecast period owing to presence of several manufacturers

Based on region, the global cannabis market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest market share in the cannabis market owing to the presence of several manufacturers such as Aurora. Canada is home to a well-established domestic and international grain hemp market. Since its first legal commercial harvest in 2019. Moreover, the hemp industry (botanical class of Cannabis sativa) in the United States had several challenges, resulting in decreased hemp output in 2020, with further decline predicted in 2021.

In the meanwhile, Canada is anticipated to increase its production capacity for hemp in 2021. In a recent interview with Grainews, Haney stated that the country's hemp industry is expecting a 15% to 20% growth in planted area, "which should take them over the 100,000-acre threshold for sure." However, in conversations with grain hemp market players in the United States, several voiced concern that extraordinarily high prices for traditional row crops and oilseeds might lead to lower-than-expected yields. This may act as a major challenge to the market growth. Additionally, according to Haney, CBD, and other cannabinoids presently account for around 2% to 3% of overall revenues in the Canadian hemp business. Another major front for the CHTA's (Canadian Horticultural Therapy Association) activities is to assist with cannabis and hemp laws in Canada, It consists of efforts to liberalize hemp-derived cannabinoids other than THC, while also supporting the sales of CBD and other hemp-derived cannabinoids.

The report also provides an in-depth analysis of cannabis market dynamics such as drivers, restraints, opportunities, and challenges


  • Proven medicinal benefits of cannabis
  • Legalization of cannabis
  • Increasing demand for cannabis-based edibles


  • Strict regulations related to cannabis usage
  • Side effects of over dosage


  • Emergence of legalizing cannabis in developing countries in Asia-Pacific


  • Addressing the stigma associated with a drug that has been banned for so long would be challenging.

COVID-19 Impact on the Cannabis Market Analysis

Covid-19 did impact the cannabis industry in 2020. The lockdowns and the complete freeze in the supply chain refrained the trade activities. However, medicinal benefits of cannabis such as pain relief, and others supported to increase the demand for cannabis even during the lockdown period. For instance, Coffeeshops in the Netherlands were first closed but were subsequently judged as essential category service. Due to social distance regulations, the development of Pharmacon's 178,000-square-foot cannabis grow house in North Macedonia was halted. Following the government's proclamation of a state of emergency across the nation, Cannabis Social Clubs private, non-profit organizations in which cannabis is cultivated and given to registered members were put on a stop in Barcelona. The pandemic of COVID-19 has a tremendous influence on the cannabis market. According to investor's Business Daily, the sector has been impacted as "customers store up on prescriptions and recreational consumers stock up on something to make the lockdown a little more relaxed or a little less boring."

Cannabis was utilized in Covid-19 patients amidst the pandemic. Increase use of cannabis relieved stress of Covid-19 patients. Additionally, cannabis was used to treat cancer patients suffering from covid-19. CBD inhibits the viral replication of SARS-CoV-2 entry into the host cell.

Note: A detailed analysis is specific to the cannabis market will be provided in the report

The report also provides an in-depth analysis of key trends in the cannabis market

  • The emergence of Cannabis Legalization in Asia-Pacific
  • Legalization leading to initiation of new brands in the cannabis market
  • Technological advancements supporting the cultivation process for cannabis 

The report also provides an in-depth analysis of recent news developments and investments

  • In June 2021, Canopy Growth (Canada) announced the completion of acquisition with Supreme Cannabis Company. The company aims towards global expansion.
  • In October 2021, Aurora (US), announced a manufacturing agreement with the Valens Company Inc, a leading manufacturer of cannabis products, to manufacture a new seasonal offering in the mint category.
  • In September 2021, Aurora (US) launched its first medicinal CBD product in Uruguay. The company introduced Bidiol, the first medicinal cannabis oil in Uruguay that is produced domestically. The CBD oil is available in 3% and 10% concentrations and comes in 10mL and 30mL bottles, available in pharmacies across the country.

Company Profiles and Competitive Intelligence

The key players operating in the Cannabis market are:

  • Tilray
  • The Cronos Group
  • Aurora Cannabis
  • Canopy Growth Corporation
  • Maricann Group, Inc.
  • Aphria, Inc.
  • ABcann Medicinals, Inc.
  • Lexaria Corp.
  • Vivo Cannabis
  • Cresco Labs Inc
  • Green Thumb Industries
  • Organigram Holding, Inc
  • Trulieve
  • Innovative Industrial Properties Inc.
  • Scotts Miracle-Gro Co.

Frequently Asked Questions (FAQs)

The global Cannabis market was valued at USD 22.34 Bn in 2020 and is anticipated to reach USD 97.74 Bn by 2027.

The Cannabis market is estimated to grow at a compound annual growth rate (CAGR) of 23.4 % during the forecast period.

The North America is expected to hold a significant market share during the forecast period.

A few key players include, but are not limited to Tilray, The Cronos Group, Aurora Cannabis, Canopy Growth Corporation, Maricann Group, Inc, Aphria, Inc, ABcann Medicinals, Inc, Lexaria Corp, Vivo Cannabis, Cresco Labs Inc, Green Thumb Industries, Organigram Holding, Inc, Trulieve, Innovative Industrial Properties Inc, and Scotts Miracle-Gro Co.

Strict regulations related to cannabis is the major restraining factor that hampers the growth of the market.

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  1. Market Introduction
    1. Definition
    2. Scope Of The Study
    3. List Of Assumptions
    4. Market Structure
    5. Scope of the Study: Segmentation 
    6. Timeframe, Currency and Limitations
  2. Research Methodology
    1. 3P Research Approach
    2. Market Sizing Approach
    3. Data Sources
    4. Primary Research Coverage
  3. Executive Summary
    1. Market Summary
    2. Market Snapshot
    3. Regional Snapshot
    4. Country Snapshot
  4. Premium Insights
    1. Key Trend Analysis
    2. New revenue Pockets
    3. Pain Point Analysis
    4. Company Market Share Analysis, by Region
    5. Strategies Adopted-Benchmarking Heat Map
    6. Regulatory Landscape
    7. PESTEL Analysis
    8. Regional Lifecycle
    9. Competitive Benchmarking
  5. Market Overview & Competitive Landscape
    1. Competitive Landscape
    2. Investment Scenario by key Players
    3. Key Player Overview
    4. Product comparison
    5. Player Wise Geographic Presence
    6. Player Wise Target Customer Segment
    7. Recent News
      1. Product Launches & upgrades
      2. R&D / Innovation
      3. Merger & Acquisition
      4. JV & Partnership
      5. Recognition and others
  6. Market Segmentation (Market Size and Share Analysis)
    1. Global Market Size & Historic Growth
    2. Market Size by Type
      1. Concentrates
      2. Capsules
      3. Flowers
      4. Edibles
      5. Others
    3. Market Size by Application
      1. Recreational
      2. Medicinal
  7. Market Dynamics
    1. Market Drivers
    2. Opportunities
    3. Value Chain Analysis
    4. Pricing Analysis
  8. COVID – 19 Opportunity Mapping
    1. Key Drivers & Anticipated Revival Period
    2. Key Trends Analysis
    3. Impact on End user Industry
    4. Opportunity Analysis
  9. Regional Market Analysis
    1. North America
      1. US
      2. Canada
    2. Europe
      1. UK
      2. Germany
      3. France
      4. Italy
      5. Spain
      6. Rest of Europe
    3. APAC
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    4. Latin America
      1. Mexico
      2. Brazil
      3. Argentina
      4. Rest of LATAM
    5. Middle East & Africa
      1. GCC
      2. Rest of MEA
  10. Company Profiles
    1.  Tilray
      1. Company Fundamentals
      2. Financial Analysis (Subject to Availability)
      3. Product Portfolio
      4. SWOT Analysis
    2. The Cronos Group
    3. Aurora Cannabis
    4. Canopy Growth Corporation
    5. Maricann Group, Inc.
    6. Aphria, Inc.
    7. ABcann Medicinals, Inc.
    8. Lexaria Corp.
    9. Vivo Cannabis
    10. Cresco Labs Inc
    11. Green Thumb Industries
    12. Organigram Holding, Inc
    13. Trulieve
    14. Innovative Industrial Properties Inc.
    15. Scotts Miracle-Gro Co.

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