The global cannabis market was valued at USD 27.7 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 24.3% from 2022 to 2027. The legalization of both medical and recreational cannabis has become a global trend, with the North American region leading the way. The United States has seen increasing legalization efforts in various states, contributing to the dominance of the North American market.
The demand for cannabis is driven by a combination of factors, including high demand and progressive policy reforms. As people worldwide face burnout and seek self-care and mental wellness, the popularity of CBD, a component of cannabis, has risen. The availability of CBD products has grown, leading to its presence in various sectors such as edibles, skincare, and online distribution channels.
The growing global demand for cannabis has also prompted companies to invest in research and development for genetic improvement strategies. One significant opportunity for manufacturers is the production of low-dosage edible products, catering to consumers who seek medical cannabis without psychoactive effects. Low-dose edibles are also an appealing option to attract new consumers to the cannabis market, as micro-dosing allows for controlled recreational consumption.
The demand for cannabidiol (CBD) is a significant driver for the cannabis market, as it offers various health and wellness benefits. The CBD sector is rapidly evolving, particularly around CBD-infused edibles. The acceptance of cannabis in society has fueled the market for cannabis-infused consumable products, including confectionery and bakery items. Edible forms of CBD oil are in high demand, and consumers expect sophisticated and appealing methods of consuming their CBD supplements, leading to a variety of formats such as beverages, gummies, and chocolate.
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The South American cannabis market is experiencing substantial growth due to the legalization of medical cannabis in countries like Uruguay, Colombia, Argentina, Brazil, Chile, and others. While personal cultivation for personal use is legal in many countries, commercial sales are limited to Uruguay. South American companies are obtaining EU-Good Manufacturing (GMP) certification, and favorable legislation is being approved, contributing to the region’s market growth. Additionally, the favorable climate, low-cost labor, and construction costs make South America an attractive market compared to North America.
This report provides insights into the marketing and development strategies, as well as the product portfolios, of leading companies in the cannabis industry. It includes profiles of prominent companies such as Canopy Growth Corporation, Aurora Cannabis Inc., VIVO Cannabis Inc., Tilary Inc., Unrivaled Brand Inc., HEXO Corp., Medical Marijuana Inc., The Cronos Group, Medmen Enterprise Inc., Cresco Labs, Curaleaf Holdings Inc., Organigram Holdings Inc., Stenocare, Trulieve, and Indiva.
