Leading market research firm SkyQuest Technology Group recently released a study titled 'Cannabis Market Global Size, Share, Growth, Industry Trends, Opportunity and Forecast 2024-2031,' This study Cannabis report offers a thorough analysis of the market, as well as competitor and geographical analysis and a focus on the most recent technological developments. The research study on the Cannabis Market extensively demonstrates existing and upcoming opportunities, profitability, revenue growth rates, pricing, and scenarios for recent industry analysis.
The research analysis on the global Cannabis Market report 2024 offers a close watch on top industry rivals along with briefings on their company profiles, strategical surveys, micro as well as macro industry trends, futuristic scenarios, analysis of pricing structure, and an all-encompassing overview of the Cannabis Market circumstances in the forecast period between 2024 and 2031. The global Cannabis Market is a dynamic and rapidly evolving sector, encompassing the development, production, and distribution. This market is essential for improving global market and driving economic growth through innovation and industry advancements.
Market Growth
The Cannabis Market has experienced robust growth over the past decade and is projected to continue expanding. Global Cannabis Market size was valued at USD 36.4 Billion in 2022 poised to grow from USD 42.6 Billion in 2023 to USD 148.4 Billion by 2031, growing at a CAGR of 16.9% in the forecast period (2024-2031). This growth is driven by several factors, including an aging global population, increasing prevalence of advancements in technology, and rising global expenditure.
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Detailed Segmentation and Classification of the report (Market Size and Forecast - 2031, Y-o-Y growth rate, and CAGR):
The Cannabis Market can be segmented based on several factors, including product type, application, end-user, and distribution channel. Understanding these segments is crucial for companies looking to target specific markets and tailor their offerings to meet consumer needs.
- Compound
- THC-dominant, Balanced THC & CBD and CBD-dominant
- Application
- Medical, Recreational and Others
- Product Type
- Buds or Marijuana Flower and Cannabis Extracts
Regional Analysis:
On the basis of region, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The Cannabis Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.
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Following are the players analyzed in the report:
- Maricann Inc. (Canada)
- Stenocare (Denmark)
- Canopy Growth Corporation (Canada)
- Ecofibre Limited (Australia)
- Green Thumb Industries (USA)
- Aurora Cannabis Inc. (Canada)
- MME, LLC. (USA)
- Curaleaf (USA)
- Harvest Health & Recreation, Inc. (USA)
- HEXO Corp. (Canada)
- Organigram Holdings Inc. (Canada)
- Cresco Labs (USA)
- Tilray (Canada)
- INDIVA (Canada)
- Medical Marijuana Inc. (USA)
Regional Analysis
1. North America:
- The United States and Canada dominate the North American Cannabis Market. The U.S. is the largest market globally, driven by advanced global infrastructure, high R&D investments, and significant Cannabis consumption.
2. Europe:
- Europe is a significant player, with major Cannabis Markets in Germany, France, and the United Kingdom. The region benefits from strong regulatory frameworks, high industry standards, and a robust R&D sector.
3. Asia-Pacific:
- This region is experiencing rapid growth, with countries like China and India leading the charge. Factors such as increasing industry access, growing middle-class populations, and expanding Cannabis manufacturing capabilities contribute to this growth.
4. Latin America:
- Brazil and Mexico are key markets in Latin America. Growth in this region is driven by rising industry needs, increasing investments in industry infrastructure, and a growing demand for affordable medications.
5. Middle East and Africa:
- The Cannabis Market in this region is expanding due to rising market spending, increased prevalence of diseases, and improvements in Market infrastructure, although the market is relatively smaller compared to other regions.
Future Outlook
The Cannabis Market is poised for continued growth driven by technological advancements, expanding global market access, and increasing global industry needs. As the industry adapts to evolving challenges and seizes emerging opportunities, it is likely to see ongoing innovation and expansion, contributing significantly to global health and economic development.
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