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
o THC-dominant,
Balanced THC & CBD and CBD-dominant
· Application
o Medical,
Recreational and Others
· Product
Type
o 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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