The Cannabis market comprises the sale of various products made of cannabis to both private end consumers and healthcare entities in all the countries where these products were legalized. It covers three segments: Recreational Cannabis, Medical Cannabis, and Therapeutic Cannabis. The geographical scope varies depending on the exact cannabis product as not all types of cannabis are legalized in each country. For example, in Germany, the medical and therapeutic use of cannabis is legal, whereas recreational use is not legal.
The Cannabis market can be considered from three different application perspectives, “spiritual purpose,” “health condition management,” and “wellness management.”
The Recreational Cannabis segment includes the consumption of cannabis for non-medicinal reasons, such as boosting physical performance, pursuing creative activities, and experiencing spirituality. Recreational Cannabis can be consumed in the form of extracts, dried cannabis, edibles, and beverages.
The Medical Cannabis segment includes cannabinoid-based medicine, either licensed or unlicensed, which is supplied through the healthcare system and prescribed by a doctor with the primary focus of mitigating serious disease symptoms. It can include higher tetrahydrocannabinol (THC) levels of cannabidiol (CBD).
The Therapeutic Cannabis segment covers cannabinoid-based therapeutic products with low THC levels. These products are used for medicinal purposes and are intended to improve the quality of life, e.g., by reducing stress and/or anxiety. Prescribed and non-prescribed products are included in our scope and can be consumed through oils, capsules, topicals, e-liquid, edibles, and flowers.
The key players in the industry include Trulieve, Somai Pharmaceuticals, Tilray, Aphria, HEXO Corp and others.
- Revenue in the Cannabis market is projected to reach US$8.47bn in 2023.
- Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 16.44%, resulting in a market volume of US$15.57bn by 2027.
- In global comparison, most revenue will be generated in the United States (US$33,880.00m in 2023).
- In relation to total population figures, per person revenues of US$83.65 are generated in 2023.
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