Portland, OR, Sept. 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cannabis market generated $25.7 billion in 2021, and is projected to reach $148.9 billion by 2031, growing at a CAGR of 20.1% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $25.7 billion |
| Market Size in 2031 | $148.9 billion |
| CAGR | 20.1% |
| No. of Pages in Report | 250 |
| Segments Covered | Product Type, Application, Compound, And Region. |
| Drivers | Increase in legalization of cannabis in various regions |
| Surge in use of cannabis for therapeutic purposes | |
| Opportunities | Chronic pain sufferers and those who experience chemotherapy-related nausea have found considerable relief from their symptoms using cannabis as a medicinal. |
| Rise in investment due to its promoting benefits | |
| Restrains | Prevalence of regulatory issues in various countries |
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COVID-19 Scenario:
- The outbreak of coronavirus has had a serious impact on the growth of the global cannabis market, mainly due to the prevalence of stringent lockdowns in various countries across the globe. Lockdowns resulted in formation of strict rules in terms of trade as there was a temporary ban on raw materials, which in turn, negatively impacted the market.
- The decline in the product demand from major end-users, limited operations in most of the industries, inadequate funding to research and academic institutes, and challenges in terms of providing essential/post-sales services further aggravated the impact on the market.
- This is majorly due to the prevalence of stern social distancing mandates, that were imposed by the government to curb the spread of the virus during the pandemic.
The report offers a detailed segmentation of the global cannabis market based on product type, application, compound, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and the highest revenue generation that is mentioned in the report.
Based on product type, the cannabis extracts segment held the dominating market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 20.4% during the forecast period. The report also other segments of the market such as buds or marijuana flower.
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Based on application, the recreational segment held the dominating market share in 2021, holding more than half of the global market, and is expected to maintain its leadership status during the forecast period. The medical segment, on the other hand, is expected to cite the fastest CAGR of 21.1% during the forecast period.
Based on compound, the balanced THC and CBD segment held the dominating market share in 2021, garnering nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The THC-dominant segment, on the other hand, is expected to cite the fastest CAGR of 20.4% during the forecast period.
Based on region, the market across North America held the largest market share in 2021, holding more than four-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 32.3% during the forecast period.
The key players analyzed in the global cannabis market report include Aurora Cannabis Inc., Tilray, Canopy Growth Corporation, Cresco Labs, Curaleaf, Ecofibre Limited, Green Thumb Industries, Hexo Corporation, INDIVA, Maricann Inc., Medical Marijuana Inc., MME LLC., Organigram Holdings Inc., Stencocare, and Harvest Health & Recreation, Inc.
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The report analyzes these key players in the global cannabis market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
