Cannabis Products Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Cannabis products refer to cannabis that has undergone a process that turns the plant material into a concentrate, such as, but not limited to, concentrated cannabis, or an edible or topical product containing cannabis or concentrated cannabis and other substances. It is frequently used as a recreational drug and has several medical applications, including the treatment of migraines, nausea, and vomiting.

Sizing and Forecast
The cannabis products market size has grown exponentially in recent years. It will grow from $50.96 billion in 2023 to $63.75 billion in 2024 at a compound annual growth rate (CAGR) of 25.1%.  The  growth in the historic period can be attributed to cannabis advocacy and activism, research and scientific discoveries, consumer trends and preferences, early market entrants, policy and legal frameworks.

The cannabis products market size is expected to see exponential growth in the next few years. It will grow to $159.93 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%.  The growth in the forecast period can be attributed to supply chain dynamics, international market expansion, investment and funding patterns, regulatory developments, market competition and consolidation. Major trends in the forecast period include legislation and legalization, health and wellness, innovation and product diversity, consumer education and awareness, celebrity and brand endorsements.

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Segmentation & Regional Insights
The cannabis products market covered in this report is segmented –
1) By Product Type: Flower, Concentrates, Other Product Types
2) By Usage: Medical, Recreational
3) By Compound: THC-Dominant, CBD-Dominant, Balanced THC & CBD
4) By Route Of Administration: Oral Solutions And Capsules, Smoking, Vaporizers, Topicals, Other Route Of Administrations

North America was the largest region in the cannabis products market in 2023. The Middle East is expected to be the fastest-growing region in the global cannabis products market share during the forecast period. The regions covered in the cannabis products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The growing medical applications of cannabis are a significant driver for the cannabis products market. Cannabis is a drug that comes from Indian hemp plants such as Cannabis sativa and Cannabis indica, with THC (delta-9 tetrahydrocannabinol) being the main active chemical in it. Cannabis has several medical applications in conditions such as nausea and vomiting, glaucoma, epilepsy, and asthma. Hence, many countries have legalized the use of cannabis for medical applications despite it being a psychoactive drug. Medical applications of cannabis include treating cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, AIDS, Alzheimer’s disease, and Parkinson’s disease. According to Harvard Health, around 85% of Americans supported legalizing medical marijuana, and at least several million Americans were using it.

Key Industry Players
Major companies operating in the cannabis products market report are Sprott Inc., Medical Marijuana Inc., Jazz Pharmaceuticals plc, Tilray Inc., Canopy Growth Corporation, LivWell Enlightened Health LLC, Organigram Holdings Inc., Aphria Inc., Aurora Cannabis Inc., Medicine Man Technologies Inc., Insys Therapeutics Inc., MedMen Enterprises Inc., Stenocare A/S, Cronos Group Inc., The Valens Company Inc., Jushi Holdings Inc., Columbia Care Inc., Cara Therapeutics Inc., VIVO Cannabis Inc., Terra Tech Corp., United Cannabis Corporation, Tikun Olam Ltd., Noya Inc., The Scotts Miracle-Gro Company, Wayland Group Corp., Cannabis Sativa Inc., ABcann Medicinals Inc., CanniMed Therapeutics Inc., Lexaria Bioscience Corp., Cannabis Science Inc.

The cannabis products market report table of contents includes:
1. Executive Summary

2. Cannabis Products Market Characteristics
3. Cannabis Products Market Trends And Strategies
4. Cannabis Products Market – Macro Economic Scenario
5. Global Cannabis Products Market Size and Growth

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32. Global Cannabis Products Market Competitive Benchmarking
33. Global Cannabis Products Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cannabis Products Market
35. Cannabis Products Market Future Outlook and Potential Analysis
36. Appendix

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