Cannabis Market Size & Share - Future Growth Expectations
The global cannabis market size is on a trajectory of significant expansion, with an estimated value projected to reach USD 82.3 billion by 2027 from the 2022 valuation of USD 27.7 billion, displaying a promising Compound Annual Growth Rate (CAGR) of 24.3%.
Public perception of cannabis is changing. People are becoming more aware of the potential medical benefits of cannabis, and there is a growing acceptance of recreational use. Cannabis is being studied for a wide range of medical conditions, including chronic pain, anxiety, and epilepsy. As research continues, we are likely to see even more medical applications for cannabis.
Several Factors are Driving the Cannabis Industry Growth:
- Increasing legalization: Legalization is a major driver, with more and more countries and states in the US legalizing cannabis for medical and/or recreational use. This creates a new legal market for businesses to operate in and consumers to purchase from.
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Shifting social acceptance: Social acceptance of cannabis is on the rise, with fewer people viewing it as a dangerous drug. This is due in part to growing awareness of its medicinal benefits and the relatively harmless nature of the plant compared to other substances like alcohol.
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Medical applications: Cannabis is being increasingly recognized for its medical applications, with research showing its effectiveness in treating a variety of conditions such as chronic pain, anxiety, and epilepsy. This is leading to increased demand for medical cannabis products.
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Product innovation: The cannabis industry is constantly innovating, with new products being developed all the time. This includes edibles, topicals, concentrates, and even cannabis-infused beverages. This variety gives consumers more choices and helps to expand the market.
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Increased research and development: As cannabis becomes more accepted, there is more investment in research and development. This is leading to a better understanding of the plant and its potential benefits. This can lead to the development of new and more effective cannabis-based treatments.
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Health and Wellness Trends: Increased consumer preference for natural and organic health remedies, driving demand for cannabis products. Growing interest in holistic health approaches that integrate cannabis for overall well-being.
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Regulatory Support and Government Initiatives: Favorable government policies and regulations, such as the Farm Bill in the U.S. that legalized hemp, which contains CBD. Governments recognizing the potential tax revenue from legalized cannabis sales.
These are just some of the factors that are driving the growth of the cannabis market. As the industry continues to mature, we can expect to see even more innovation and growth in the years to come.
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Cannabis Market Share - Competitive Landscape
The cannabis market is characterized by the presence of several key players competing for market share. Some of the leading companies in the cannabis industry include:
- Canopy Growth Corporation (Canada)
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Aurora Cannabis Inc. (Canada)
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VIVO Cannabis Inc. (Canada)
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Tilary Inc. (US)
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Unrivaled Brand Inc. (US)
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HEXO Corp. (Canada)
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Medical Marijuana Inc. (US)
Canopy Growth Corporation (Canada)
Canopy Growth Corporation is one of the largest and most well-known cannabis companies in the world. It was founded in 2013 and is headquartered in Smiths Falls, Ontario. Canopy Growth produces a wide range of cannabis products, including dried flower, oils, softgel capsules, and infused beverages. They also offer medical cannabis products and have a significant presence in both the recreational and medical cannabis markets. The company has established partnerships with major corporations such as Constellation Brands, a leading beverage alcohol company, which has invested significantly in Canopy Growth.
Aurora Cannabis Inc. (Canada)
Aurora Cannabis Inc. is a licensed producer of cannabis with headquarters in Edmonton, Alberta, Canada. It offers various cannabis products including dried flower, pre-rolls, oils, concentrates, vapes, edibles, and beverages. Some of their brands include High Times, San Rafael ’71, Daily Special, Aurora Drift, Aurora Migrate, and Whistler. Aurora Cannabis has been in the news for its recent layoffs and cost-cutting measures as the company attempts to become profitable.
VIVO Cannabis Inc. (Canada)
VIVO Cannabis Inc. is a smaller Canadian cannabis company, headquartered in Napanee, Ontario. The company was founded in 2014 and focuses on producing high-quality cannabis products. It offers a range of cannabis products, including dried flower, oils, and capsules. They serve both the medical and recreational markets and emphasize organic and premium products. VIVO has a strong focus on the medical cannabis market, operating under the brand name Canna Farms for its medical products. The company invests in R&D to develop innovative cannabis products and delivery systems.
Related Report:
Cannabis Market By Product Type (Flowers, Concentrates, Edibles, Topicals & Tinctures), By Compound (THC-Dominant, CBD-Dominant, and Balanced THC & CBD), By Application (Medical and Recreational), and By Region (North America, South America, Europe and RoW) - Industry Forecast - 2027
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