Cannabis Market

Cannabis Market by Application (Medical and Recreational), Product Type (Flowers and Concentrates), Compound (THC-dominant, CBD-dominant, and Balanced THC & CBD), and Region (North America, South America, Europe, and RoW) - Global Forecast to 2026

Report Code: FB 6762 Feb, 2021, by marketsandmarkets.com

[224 Pages Report] According to MarketsandMarkets, the cannabis market is estimated to be valued at USD 20.5 billion in 2020 and is projected to reach USD 90.4 billion by 2026, recording a CAGR of 28.0%, in terms of value. It is witnessing significant growth due to increasing legalization of cannabis across various regions. Also, the growth of this market can also be attributed to the increasing awareness among consumers regarding health benefits of cannabis and its growing medical application. The North America region is going to dominate the global market due to increasing legalization of cannabis for both medical and recreational purposes all over North America.

Cannabis Market

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Market Dynamics

Drivers: increase in legalization of cannabis and rise in social acceptance of marijuana

Cannabis legalization is often viewed upon with dual perceptions wherein its legalization has been proven to be met with skepticism associated with possible abuse. Legalization of cannabis has allowed people to practice safe substance usage along with realizing its medicinal benefits. As a result of which, many countries are gradually legalizing the usage of cannabis across the globe. While most the countries across the globe have still not legalized the recreational use of cannabis, the approach to the usage and sales has been relaxed over the years. This has led to the growing popularity of usage of cannabis in various regions driving the growth of overall cannabis market.   

Restraints: Complex regulatory structure for the usage of cannabis

One of the major factors restraining the growth of market is complex regulatory structure for the usage of cannabis. Companies offering cannabis and cannabis-infused products are required to comply with different regulatory guidelines, globally. The strict regulatory norms related to the production and sales of cannabis across different countries could be tedious for manufacturers and stakeholders to comply. Also, the regulations pertaining to the usage of cannabis is varied from country to country, it creates further hindrances in the growth of global market. 

Opportunities: Emergence of cannabis legalization in Asia Pacific

As most countries in North America, Europe and South America are legalizing cannabis, there is a huge opportunity for the initialization and legalization of cannabis in the Asia Pacific region. China, being one of the major markets for industrial hemp, is expected to become one of major upcoming markets for industrial cannabis. Many key players operating in the cannabis industry, are waiting for the legislative development in the Asia Pacific region, expecting to generate huge opportunity for cannabis. Several countries in the region could be potential low-cost producers of cannabis with high production capacity.

Challenges: Myths associated with cannabis

Although, thousands of patients in North America and Europe believe that cannabis is an effective medicine for treating various chronic diseases. There is a myth regarding the intoxicating effects of cannabis irrespective of THC content. There is a lack of acceptance of cannabis as a medical therapeutic because of there is an assumption that cannabis is to be consumed only via smoking. Whereas, cannabis can be consumed through pills, vaporization, edibles, dabs, and patches. To overcome these challenges, effective marketing strategies are needed for the right placement of cannabis-based medical products. 

By product type, the concentrates segment is projected to grow with the highest CAGR in the cannabis market during the forecast period

Based on product type, concentrates is the fastest-growing segment in the market. The growth of this segment is majorly attributed to its ease in usage and its versatility in the method of delivery. These concentrates are offered in the form of dabbing, ingestible oils, and tinctures. They also offer cleaner and smoother hits than the flower.  

By compound, THC-dominant segment is projected to grow with the highest CAGR in the cannabis market during the forecast period

Based on compound, THC-dominant segment will be the fastest-growing segment in the market. The growth of this segment can be associated with the medical benefits offered by THC-dominant products. These are considered to be very effective in relieving nausea, appetite loss, and insomnia.

By application, recreational segment is projected to account for the largest share in the cannabis market during the forecast period

By application, the market is segmented into medical and recreational. Recreational segment dominated the market owing to the high demand and consumption of cannabis for recreational purposes. Thus, the legalization of recreational applications has huge potential to translate into a large market.  

Cannabis Market    by Region

North America is projected to account for the largest market share during the forecast period. The global market is dominated by North America region due the increasing legalization of cannabis for medical and recreational applications. Also, the medical application of cannabis is witnessing tremendous growth as consumers are becoming more aware about the medicinal benefits of cannabis.  

The North America cannabis market is also driven by the presence of key companies operating in the market, such as Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), and Medical Marijuana Inc. (US). These players are investing heavily in the development of cannabis industry in the region.

Key Market Players:

Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), MedMen (US), Terra Tech Corp. (US), Aphria Inc. (Canada), VIVO Cannabis Inc. (Canada), The Cronos Group (Canada), Medical Marijuana Inc. (US), STENOCARE (Denmark), Tikun Olam (Israel), Organigram Holdings Inc. (Canada), Cresco Labs (US), Indiva (Canada), Curaleaf Holding Inc. (US), HEXO Corp. (Canada), Ecofibre Limited (Australia), Harvest Health & Recreation (US), Green Thumb Industries (US), Maricann Group Inc. (Canada), and TerrAscend (Canada).

Scope of the report

Report Metric

Details

Market size estimation

2018–2026

Base year considered

2019

Forecast period considered

2020–2026

Units considered

Value (USD) & Volume (Ton)

Segments covered

Product type, applications, compound, and region

Regions covered

North America, Europe, South America and RoW

Companies studied

  • Canopy Growth Corporation (Canada)
  • Aurora Cannabis Inc. (Canada)
  • MedMen (US)
  • Terra Tech Corp. (US)
  • Aphria Inc. (Canada)
  • VIVO Cannabis Inc. (Canada)
  • The Cronos Group (Canada)
  • Medical Marijuana Inc. (US)
  • Stenocare (Denmark)
  • Tikun Olam (Israel)
  • Organigrams Holding Inc. (Canada)
  • Cresco Labs (US)
  • Maricann Group Inc. (Canada)
  • Indiva (Canada)
  • Hexo Corp. (Canada)
  • Ecofibre Limited (Australia)
  • Curaleaf Holdings (US)
  • Harvest Health and Recreation (US)
  • Green Thumb Industries (US)
  • TerrAscend Canada)

Target Audience:

  • Global and regional pharmaceutical manufacturers
  • Cannabis product manufacturers
  • Commercial research and development (R&D) institutions and financial institutions
  • Government and research organizations
  • Cannabis growers
  • Marketing directors
  • Key executives from various key companies and organizations in the cannabis market

This research report categorizes the cannabis market based on product type, application, compound, and region.

By Product Type

  • Flowers
  • Concentrates
  • Other product types (capsules, topicals, edibles, and beverages)

By Application

  • Medical
  • Recreational

By Compound

  • Tetrahydrocannabinol (THC)-dominant
  • Cannabidiol (CBD)-dominant
  • Balanced THC & CBD

By Region

  • North America
  • South America
  • Europe
  • Rest of the World (RoW)
    • Israel
    • Australia

Recent Developments

  • In December 2020, Aphria Inc. and Tilray, Inc. (Canada) entered into a definitive agreement to combine their businesses and create the world’s largest cannabis company. The Combined Company, supported by low-cost cultivation, processing, and manufacturing facilities, would have a complete portfolio of branded Cannabis 2.0 products in Canada.
  • In November 2020, Aphria Inc. announced the completion of the acquisition of SW Brewing Company, LLC (US), one of the largest independent craft brewers. SweetWater offers complementary cannabis lifestyle brands, which would help Aphria to diversify its product portfolio.
  • In November 2020, Canopy Growth Corporation launched a new line of CBD-infused beverages named Quatreau. These are naturally flavored sparkling waters, which are available in both CBD-only and balanced (CBD + THC) offerings. The company introduced this line of products as an alternative to sugary, caffeinated beverages or even alcohol.
  • In September 2020, Medical Marijuana Inc. announced the expansion of its production and warehouse facility, enabling broader product R&D and internal manufacturing. The company would add 1,100 square feet of production area.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 26)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
    1.3 STUDY SCOPE
           FIGURE 1 MARKET SEGMENTATION
    1.4 REGIONS COVERED
           TABLE 1 INCLUSIONS & EXCLUSIONS
    1.5 PERIODIZATION CONSIDERED
    1.6 CURRENCY CONSIDERED
           TABLE 2 USD EXCHANGE RATES CONSIDERED, 2017–2020
    1.7 VOLUME UNIT CONSIDERED
    1.8 STAKEHOLDERS
    1.9 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 32)
    2.1 RESEARCH DATA
           FIGURE 2 RESEARCH DESIGN
           FIGURE 3 KEY DATA FROM PRIMARY SOURCES
           FIGURE 4 KEY PRIMARY INSIGHTS
    2.2 MARKET SIZE ESTIMATION
           2.2.1 APPROACH ONE (BASED ON APPLICATION, BY REGION)
           2.2.2 APPROACH TWO (BASED ON THE GLOBAL MARKET)
    2.3 DATA TRIANGULATION
           FIGURE 5 DATA TRIANGULATION METHODOLOGY
    2.4 ASSUMPTIONS FOR THE STUDY
    2.5 LIMITATIONS OF THE STUDY
    2.6 SCENARIO-BASED MODELING
    2.7 COVID-19 HEALTH ASSESSMENT
           FIGURE 6 COVID-19: THE GLOBAL PROPAGATION
           FIGURE 7 COVID-19 PROPAGATION: SELECT COUNTRIES
    2.8 COVID-19 ECONOMIC ASSESSMENT
           FIGURE 8 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020
           2.8.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT
           FIGURE 9 CRITERIA IMPACTING THE GLOBAL ECONOMY
           FIGURE 10 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY

3 EXECUTIVE SUMMARY (Page No. - 46)
           TABLE 3 MARKET SHARE SNAPSHOT, 2020 VS. 2026 (USD BILLION)
           FIGURE 11 IMPACT OF COVID-19 ON THE CANNABIS MARKET SIZE, BY SCENARIO, 2020 VS. 2021 (USD BILLION)
           FIGURE 12 CANNABIS MARKET SIZE, BY APPLICATION, 2020 VS. 2026 (USD BILLION)
           FIGURE 13 MARKET SIZE, BY PRODUCT TYPE, 2020 VS. 2026 (USD BILLION)
           FIGURE 14 MARKET SIZE, BY COMPOUND, 2020 VS. 2026 (USD BILLION)
           FIGURE 15 MARKET SHARE AND GROWTH RATE (VALUE), BY REGION, 2019

4 PREMIUM INSIGHTS (Page No. - 52)
    4.1 ATTRACTIVE OPPORTUNITIES IN THE MARKET
           FIGURE 16 GROWING MEDICINAL APPLICATIONS AND INCREASING LEGALIZATION OF CANNABIS CREATES OPPORTUNITIES IN THE GLOBAL MARKET
    4.2 CANNABIS MARKET: MAJOR REGIONAL SUBMARKETS
           FIGURE 17 NORTH AMERICA WAS THE LARGEST MARKET GLOBALLY FOR CANNABIS IN 2019
    4.3 EUROPE: CANNABIS MARKET, BY KEY PRODUCT TYPE & COUNTRY
           FIGURE 18 GERMANY TO ACCOUNT FOR THE LARGEST SHARE IN THE EUROPEAN MARKET IN 2020
    4.4 CANNABIS MARKET, BY APPLICATION
           FIGURE 19 THE RECREATIONAL SEGMENT PROJECTED TO DOMINATE THE CANNABIS MARKET DURING THE FORECAST PERIOD
    4.5 CANNABIS MARKET, BY COMPOUND
           FIGURE 20 TETRAHYDROCANNABINOL (THC)-DOMINANT COMPOUND PROJECTED TO DOMINATE THE CANNABIS MARKET DURING THE FORECAST PERIOD
    4.6 CANNABIS MARKET, BY PRODUCT TYPE & REGION
           FIGURE 21 NORTH AMERICA TO DOMINATE THE MARKET FOR CANNABIS DURING THE FORECAST PERIOD
    4.7 CANNABIS MARKET COVID-19 IMPACT, BY SCENARIO
           FIGURE 22 COVID-19 IMPACT ON THE CANNABIS MARKET: COMPARISON OF PRE- AND POST-COVID-19 SCENARIOS

5 MARKET OVERVIEW (Page No. - 58)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 23 MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Growth in the medical applications of cannabis
                    5.2.1.2 Increase in legalization of cannabis and rise in social acceptance of marijuana
           TABLE 4 NORTH AMERICA: NUMBER OF CANNABIS USERS, BY KEY COUNTRY, 2019 (MILLION PEOPLE)
           TABLE 5 EUROPE: NUMBER OF CANNABIS USERS, BY KEY COUNTRY, 2019 (MILLION PEOPLE)
                    5.2.1.3 Increase in R&D and technological innovation
           5.2.2 RESTRAINTS
                    5.2.2.1 Complex regulatory structure for the usage of cannabis
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Product development via research and novel product delivery solutions
                    5.2.3.2 Emergence of cannabis legalization in Asia Pacific
           5.2.4 CHALLENGES
                    5.2.4.1 Intensive energy consumption and maintaining product consistency for the cultivation of cannabis
                    5.2.4.2 Myths associated with cannabis
                    5.2.4.3 Declining prices as products get commoditized
    5.3 COVID-19 IMPACT ON THE CANNABIS MARKET
           TABLE 6 GLOBAL AVERAGE PRICE OF CANNABIS, BY PRODUCT TYPE, 2018 VS 2019 (USD/KG)
    5.4 PATENT ANALYSIS
           TABLE 7 SOME OF THE PATENTS PERTAINING TO CANNABIS, 2019–2020
    5.5 VALUE CHAIN
           FIGURE 24 CANNABIS MARKET: VALUE CHAIN
    5.6 MARKET MAP FOR CANNABIS
           FIGURE 25 MARKET ECOSYSTEM MAP
    5.7 KEY MARKETS FOR IMPORT/EXPORT
           5.7.1 TETRAHYDROCANNABINOLS
           TABLE 8 TOP 10 IMPORTERS AND EXPORTERS OF TETRAHYDROCANNABINOLS, 2017 (KG)
           TABLE 9 TOP 10 IMPORTERS AND EXPORTERS OF TETRAHYDROCANNABINOLS, 2018 (KG)
           TABLE 10 TOP 10 IMPORTERS AND EXPORTERS OF TETRAHYDROCANNABINOLS, 2019 (KG)
    5.8 PORTER’S FIVE FORCES ANALYSIS
           TABLE 11 CANNABIS MARKET: PORTER’S FIVE FORCES ANALYSIS
    5.9 YC-YCC SHIFT
           FIGURE 26 YC & YCC SHIFT FOR THE CANNABIS MARKET

6 CANNABIS MARKET, BY APPLICATION (Page No. - 75)
    6.1 INTRODUCTION
           FIGURE 27 MARKET SHARE (VALUE), BY APPLICATION, 2020 VS 2026
           TABLE 12 MARKET SIZE, BY APPLICATION, 2016–2017 (USD MILLION)
           TABLE 13 MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           6.1.1 COVID-19 IMPACT ON THE CANNABIS MARKET, BY APPLICATION
                    6.1.1.1 Optimistic Scenario
           TABLE 14 OPTIMISTIC SCENARIO: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2021 (USD MILLION)
                    6.1.1.2 Realistic Scenario
           TABLE 15 REALISTIC SCENARIO:MARKET SIZE, BY APPLICATION, 2018–2021 (USD MILLION)
                    6.1.1.3 Pessimistic Scenario
           TABLE 16 PESSIMISTIC SCENARIO: MARKET SIZE, BY APPLICATION, 2018–2021 (USD MILLION)
    6.2 MEDICAL
           6.2.1 INCREASE IN CANNABIS USE TREATMENT OF VARIOUS AILMENTS DRIVES THE DEMAND FOR MEDICAL CANNABIS
                    6.2.1.1 Pain Management
                    6.2.1.2 Neurological Health Management
                    6.2.1.3 Mental Health Management
                    6.2.1.4 Other Medical Applications
           TABLE 17 MEDICAL CANNABIS MARKET SIZE, BY REGION, 2016–2017 (USD MILLION)
           TABLE 18 MEDICAL CANNABIS MARKET SIZE, BY REGION, 2018–2026 (USD MILLION)
    6.3 RECREATIONAL
           6.3.1 WIDER LEGALIZATION STATUS OF RECREATIONAL CANNABIS TO BOOST MARKET GROWTH
           TABLE 19 RECREATIONAL CANNABIS MARKET SIZE, BY REGION, 2016–2017 (USD MILLION)
           TABLE 20 RECREATIONAL CANNABIS MARKET SIZE, BY REGION, 2018–2026 (USD MILLION)

7 CANNABIS MARKET, BY PRODUCT TYPE (Page No. - 81)
    7.1 INTRODUCTION
           FIGURE 28 MARKET SHARE (VALUE), BY PRODUCT TYPE, 2020 VS 2026
           TABLE 21 MARKET SIZE, BY PRODUCT TYPE, 2016–2017 (USD MILLION)
           TABLE 22 MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           TABLE 23 MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (TON)
           7.1.1 COVID-19 IMPACT ON THE CANNABIS MARKET, BY PRODUCT TYPE
                    7.1.1.1 Optimistic Scenario
           TABLE 24 OPTIMISTIC SCENARIO: CANNABIS MARKET SIZE, BY PRODUCT TYPE, 2018–2021 (USD MILLION)
                    7.1.1.2 Realistic Scenario
           TABLE 25 REALISTIC SCENARIO: MARKET SIZE, BY PRODUCT TYPE, 2018–2021 (USD MILLION)
                    7.1.1.3 Pessimistic Scenario
           TABLE 26 PESSIMISTIC SCENARIO: MARKET SIZE, BY PRODUCT TYPE, 2018–2021 (USD MILLION)
    7.2 FLOWERS
           7.2.1 WIDER AVAILABILITY AND VERSATILITY OF FLOWER PRODUCTS DRIVE THE MARKET FOR THESE PRODUCTS
           TABLE 27 CANNABIS FLOWERS MARKET SIZE, BY REGION, 2016–2017 (USD MILLION)
           TABLE 28 CANNABIS FLOWERS MARKET SIZE, BY REGION, 2018–2026 (USD MILLION)
    7.3 CONCENTRATES
           7.3.1 VARIOUS DELIVERY METHODS HAVE MADE THE MARKET FOR CANNABIS CONCENTRATES EXTREMELY CONSUMER-FRIENDLY
           TABLE 29 CANNABIS CONCENTRATES MARKET SIZE, BY REGION, 2016–2027 (USD MILLION)
           TABLE 30 CANNABIS CONCENTRATES MARKET SIZE, BY REGION, 2018–2026 (USD MILLION)
    7.4 OTHER PRODUCT TYPES
           7.4.1 LARGE NUMBER OF FOOD & BEVERAGE MANUFACTURING COMPANIES VENTURE INTO CANNABIS-INFUSED EDIBLES
           TABLE 31 OTHER CANNABIS PRODUCT TYPES MARKET SIZE, BY REGION, 2016–2017 (USD MILLION)
           TABLE 32 OTHER CANNABIS PRODUCT TYPES MARKET SIZE, BY REGION, 2018–2026 (USD MILLION)

8 CANNABIS MARKET, BY COMPOUND (Page No. - 88)
    8.1 INTRODUCTION
           FIGURE 29 MARKET SHARE (VALUE), BY COMPOUND, 2020 VS 2026
           TABLE 33 MARKET SIZE, BY COMPOUND, 2016–2017 (USD MILLION)
           TABLE 34 MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           8.1.1 COVID-19 IMPACT ON THE CANNABIS MARKET, BY COMPOUND
                    8.1.1.1 Optimistic Scenario
           TABLE 35 OPTIMISTIC SCENARIO: CANNABIS MARKET SIZE, BY COMPOUND, 2018–2021 (USD MILLION)
                    8.1.1.2 Realistic Scenario
           TABLE 36 REALISTIC SCENARIO: MARKET SIZE, BY COMPOUND, 2018–2021 (USD MILLION)
                    8.1.1.3 Pessimistic Scenario
           TABLE 37 PESSIMISTIC SCENARIO: MARKET SIZE, BY COMPOUND, 2018–2021 (USD MILLION)
    8.2 TETRAHYDROCANNABINOL (THC)-DOMINANT
           8.2.1 INCREASING LEGALIZATION OF RECREATIONAL CANNABIS COULD HELP PROPEL THE MARKET FOR THC-DOMINANT CANNABIS
           TABLE 38 THC-DOMINANT CANNABIS MARKET SIZE, BY REGION, 2016–2017 (USD MILLION)
           TABLE 39 THC-DOMINANT CANNABIS MARKET SIZE, BY REGION, 2018–2026 (USD MILLION)
    8.3 CANNABIDIOL (CBD)-DOMINANT
           8.3.1 USAGE OF CANNABIDIOL FOR MEDICINAL APPLICATIONS DRIVES THE MARKET FOR CBD-DOMINANT CANNABIS PRODUCTS
           TABLE 40 CBD-DOMINANT CANNABIS MARKET SIZE, BY REGION, 2016–2017 (USD MILLION)
           TABLE 41 CBD-DOMINANT CANNABIS MARKET SIZE, BY REGION, 2018–2026 (USD MILLION)
    8.4 BALANCED THC & CBD
           8.4.1 THE MARKET FOR BALANCED THC & CBD STRAINS WITNESSES GROWTH AS CBD DIMINISHES THE PSYCHOACTIVE PROPERTIES OF THC
           TABLE 42 BALANCED THC & CBD CANNABIS MARKET SIZE, BY REGION, 2016–2017 (USD MILLION)
           TABLE 43 BALANCED THC & CBD CANNABIS MARKET SIZE, BY REGION, 2018–2026 (USD MILLION)

9 CANNABIS MARKET, BY REGION (Page No. - 95)
    9.1 INTRODUCTION
           TABLE 44 AVERAGE PRICE OF CANNABIS, BY REGION, 2018 & 2019 (USD/KG)
           FIGURE 30 REGIONAL SNAPSHOT: NEW HOTSPOTS TO EMERGE IN EUROPE, 2020–2026
    9.2 GLOBAL REGULATORY OVERVIEW
           FIGURE 31 GLOBAL CANNABIS REGULATORY OVERVIEW INDICATING LEGALITY OF MEDICAL AND RECREATIONAL CANNABIS
           FIGURE 32 NEW REVENUE POCKET FOR CANNABIS MARKET
           TABLE 45 MARKET SIZE, BY REGION, 2016–2017 (USD MILLION)
           TABLE 46 MARKET SIZE, BY REGION, 2018–2026 (USD MILLION)
           TABLE 47 MARKET SIZE, BY REGION, 2018–2026 (TON)
           9.2.1 COVID-19 IMPACT ON THE CANNABIS MARKET, BY REGION
                    9.2.1.1 Optimistic Scenario
           TABLE 48 OPTIMISTIC SCENARIO: CANNABIS MARKET SIZE, BY REGION, 2018–2021 (USD MILLION)
                    9.2.1.2 Realistic Scenario
           TABLE 49 REALISTIC SCENARIO: MARKET SIZE, BY REGION, 2018–2021 (USD MILLION)
                    9.2.1.3 Pessimistic Scenario
           TABLE 50 PESSIMISTIC SCENARIO: MARKET SIZE, BY REGION, 2018–2021 (USD MILLION)
    9.3 NORTH AMERICA
           FIGURE 33 NORTH AMERICA: MARKET SNAPSHOT
           9.3.1 NORTH AMERICA: REGULATORY OVERVIEW, BY COUNTRY
                    9.3.1.1 US
           FIGURE 34 US CANNABIS REGULATORY OVERVIEW
                               9.3.1.1.1 Nevada
                               9.3.1.1.2 Colorado
                               9.3.1.1.3 Maine
                               9.3.1.1.4 California
                               9.3.1.1.5 Massachusetts
                               9.3.1.1.6 Alaska
                               9.3.1.1.7 Oregon
                               9.3.1.1.8 Washington
                               9.3.1.1.9 Washington DC
                               9.3.1.1.10 Vermont
                    9.3.1.2 Canada
           TABLE 51 NORTH AMERICA: CANNABIS MARKET SIZE, BY COUNTRY, 2016–2017 (USD MILLION)
           TABLE 52 NORTH AMERICA: MARKET SIZE, BY COUNTRY, 2018–2026 (USD MILLION)
           TABLE 53 NORTH AMERICA: MARKET SIZE, BY APPLICATION, 2016–2017 (USD MILLION)
           TABLE 54 NORTH AMERICA: MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 55 NORTH AMERICA: MARKET SIZE, BY COMPOUND, 2016–2017 (USD MILLION)
           TABLE 56 NORTH AMERICA:  MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 57 NORTH AMERICA:  MARKET SIZE, BY PRODUCT TYPE, 2016–2017 (USD MILLION)
           TABLE 58 NORTH AMERICA:  MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           9.3.2 US
                    9.3.2.1 Increase in the legalization of both medical and recreational cannabis in several states to drive the market in the US
           TABLE 59 US: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 60 US: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 61 US: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           9.3.3 CANADA
                    9.3.3.1 Legalization of recreational cannabis in 2018 to fuel the market growth
           TABLE 62 CANADA: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 63 CANADA: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 64 CANADA: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           9.3.4 MEXICO
                    9.3.4.1 Legalization of medical cannabis leads to the growth of the Mexican cannabis market
           TABLE 65 MEXICO: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 66 MEXICO: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 67 MEXICO: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
    9.4 EUROPE
           9.4.1 EUROPE: REGULATORY OVERVIEW, BY COUNTRY
                    9.4.1.1 Germany
                    9.4.1.2 Italy
                    9.4.1.3 Denmark
                    9.4.1.4 Netherlands
                    9.4.1.5 France
           FIGURE 35 EUROPE: CANNABIS MARKET SNAPSHOT
           TABLE 68 EUROPE: MARKET SIZE, BY COUNTRY, 2018–2026 (USD MILLION)
           TABLE 69 EUROPE: MARKET SIZE, BY APPLICATION, 2016–2017 (USD MILLION)
           TABLE 70 EUROPE: MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 71 EUROPE: MARKET SIZE, BY PRODUCT TYPE, 2016–2017 (USD MILLION)
           TABLE 72 EUROPE: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           TABLE 73 EUROPE: MARKET SIZE, BY COMPOUND, 2016–2017 (USD MILLION)
           TABLE 74 EUROPE: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           9.4.2 GERMANY
                    9.4.2.1 Complete health insurance coverage for the use of medical cannabis is driving the German market
           TABLE 75 GERMANY: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 76 GERMANY: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           TABLE 77 GERMANY: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           9.4.3 ITALY
                    9.4.3.1 Increase in demand for cannabis and the issuance of import licenses to drive the Italian cannabis market
           TABLE 78 ITALY: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 79 ITALY: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           TABLE 80 ITALY: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           9.4.4 DENMARK
                    9.4.4.1 The huge demand for medical cannabis is expected to drive the Danish medical cannabis market
           TABLE 81 DENMARK: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 82 DENMARK: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           TABLE 83 DENMARK: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           9.4.5 NETHERLANDS
                    9.4.5.1 Strong infrastructure and rise in export of medical cannabis to other countries is driving the market in the Netherlands
           TABLE 84 NETHERLANDS: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 85 NETHERLANDS: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           TABLE 86 THE NETHERLANDS: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           9.4.6 FRANCE
                    9.4.6.1 Liberalization of policies related to the cannabis market will drive the French cannabis market
           TABLE 87 FRANCE: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 88 FRANCE: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           TABLE 89 FRANCE: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           9.4.7 REST OF EUROPE
           TABLE 90 REST OF EUROPE: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 91 REST OF EUROPE: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           TABLE 92 REST OF EUROPE:  MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
    9.5 SOUTH AMERICA
           9.5.1 SOUTH AMERICA: REGULATORY OVERVIEW, BY COUNTRY
                    9.5.1.1 Chile
                    9.5.1.2 Colombia
                    9.5.1.3 Uruguay
           TABLE 93 SOUTH AMERICA: CANNABIS MARKET SIZE, BY COUNTRY, 2016–2017 (USD MILLION)
           TABLE 94 SOUTH AMERICA:  MARKET SIZE, BY COUNTRY, 2018–2026 (USD MILLION)
           TABLE 95 SOUTH AMERICA: MARKET SIZE, BY APPLICATION, 2016–2017 (USD MILLION)
           TABLE 96 SOUTH AMERICA:  MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 97 SOUTH AMERICA:  MARKET SIZE, BY COMPOUND, 2016–2017 (USD MILLION)
           TABLE 98 SOUTH AMERICA: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 99 SOUTH AMERICA: MARKET SIZE, BY PRODUCT TYPE, 2016–2017 (USD MILLION)
           TABLE 100 SOUTH AMERICA:  MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           9.5.2 CHILE
                    9.5.2.1 Rise in awareness among consumers about the benefits offered by medical cannabis is driving the market in Chile
           TABLE 101 CHILE: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 102 CHILE:  MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 103 CHILE: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           9.5.3 COLOMBIA
                    9.5.3.1 Increased cannabis license distribution to companies will drive the Colombian cannabis market
           TABLE 104 COLOMBIA: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 105 COLOMBIA: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 106 COLOMBIA: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           9.5.4 URUGUAY
                    9.5.4.1 The fully legalized cannabis industry with eased regulations is driving the market in Uruguay
           TABLE 107 URUGUAY: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 108 URUGUAY: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 109 URUGUAY: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           9.5.5 REST OF SOUTH AMERICA
                    9.5.5.1 Legalization of medical cannabis is the major driving factor for Rest of South America
           TABLE 110 REST OF SOUTH AMERICA: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 111 REST OF SOUTH AMERICA: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 112 REST OF SOUTH AMERICA: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
    9.6 ROW
           9.6.1 ROW: REGULATORY OVERVIEW, BY COUNTRY
                    9.6.1.1 Israel
                    9.6.1.2 Australia
           TABLE 113 ROW: CANNABIS MARKET SIZE, BY COUNTRY, 2018–2026 (USD MILLION)
           TABLE 114 ROW: MARKET SIZE, BY APPLICATION, 2016–2017 (USD MILLION)
           TABLE 115 ROW: MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 116 ROW: MARKET SIZE, BY COMPOUND, 2016–2017 (USD MILLION)
           TABLE 117 ROW: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 118 ROW: MARKET SIZE, BY PRODUCT TYPE, 2016–2017 (USD MILLION)
           TABLE 119 ROW: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           9.6.2 ISRAEL
                    9.6.2.1 Technical innovations coupled with liberal government policies to drive the market in Israel
           TABLE 120 ISRAEL: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 121 ISRAEL: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 122 ISRAEL: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)
           9.6.3 AUSTRALIA
                    9.6.3.1 Improvement in access to medical cannabis is projected to drive the growth
           TABLE 123 AUSTRALIA: CANNABIS MARKET SIZE, BY APPLICATION, 2018–2026 (USD MILLION)
           TABLE 124 AUSTRALIA: MARKET SIZE, BY COMPOUND, 2018–2026 (USD MILLION)
           TABLE 125 AUSTRALIA: MARKET SIZE, BY PRODUCT TYPE, 2018–2026 (USD MILLION)

10 COMPETITIVE LANDSCAPE (Page No. - 138)
     10.1 OVERVIEW
     10.2 MARKET EVALUATION FRAMEWORK
           FIGURE 36 MARKET EVALUATION FRAMEWORK, 2018–2020
     10.3 MARKET SHARE ANALYSIS, 2019
           FIGURE 37 MARKET SHARE ANALYSIS OF MAJOR PLAYERS IN THE CANNABIS MARKET, 2019
     10.4 COMPANY EVALUATION QUADRANT (KEY PLAYERS)
             10.4.1 STARS
             10.4.2 EMERGING LEADERS
             10.4.3 PERVASIVE PLAYERS
             10.4.4 EMERGING COMPANIES
           FIGURE 38 CANNABIS MARKET: COMPANY EVALUATION QUADRANT, 2019 (OVERALL MARKET)
             10.4.5 PRODUCT FOOTPRINTS
           TABLE 126 CANNABIS MARKET: COMPANY PRODUCT TYPE FOOTPRINT
           TABLE 127 CANNABIS MARKET: COMPANY COMPOUND FOOTPRINT
           TABLE 128 CANNABIS MARKET: COMPANY REGIONAL FOOTPRINT
     10.5 COMPANY EVALUATION QUADRANT (OTHER PLAYERS)
             10.5.1 PROGRESSIVE COMPANIES
             10.5.2 STARTING BLOCKS
             10.5.3 RESPONSIVE COMPANIES
             10.5.4 DYNAMIC COMPANIES
           FIGURE 39 CANNABIS MARKET: COMPANY EVALUATION QUADRANT FOR OTHER PLAYERS, 2019
     10.6 COVID-19-SPECIFIC COMPANY RESPONSE
     10.7 COMPETITIVE SCENARIO
             10.7.1 EXPANSIONS & INVESTMENTS
           TABLE 129 EXPANSIONS, 2020
             10.7.2 NEW PRODUCT LAUNCHES
           TABLE 130 NEW PRODUCT LAUNCHES, 2020
             10.7.3 AGREEMENTS, COLLABORATIONS, JOINT VENTURES, AND PARTNERSHIPS
           TABLE 131 AGREEMENTS AND PARTNERSHIPS, 2020
             10.7.4 MERGERS & ACQUISITIONS
           TABLE 132 MERGERS & ACQUISITIONS, 2020

11 COMPANY PROFILES (Page No. - 149)
(Business overview, Products offered, Recent Developments, SWOT analysis, MNM view)* 
     11.1 KEY PLAYERS
             11.1.1 CANOPY GROWTH CORPORATION
           FIGURE 40 CANOPY GROWTH CORPORATION: COMPANY SNAPSHOT
           FIGURE 41 CANOPY GROWTH CORPORATION: SWOT ANALYSIS
             11.1.2 AURORA CANNABIS INC.
           FIGURE 42 AURORA CANNABIS INC.: COMPANY SNAPSHOT
           FIGURE 43 AURORA CANNABIS INC.: SWOT ANALYSIS
             11.1.3 MEDMEN
           FIGURE 44 MEDMEN: COMPANY SNAPSHOT
           FIGURE 45 MEDMEN: SWOT ANALYSIS
             11.1.4 TERRA TECH CORP.
           FIGURE 46 TERRA TECH CORP.: COMPANY SNAPSHOT
           FIGURE 47 TERRA TECH CORP.: SWOT ANALYSIS
             11.1.5 APHRIA INC.
           FIGURE 48 APHRIA INC.: COMPANY SNAPSHOT
           FIGURE 49 APHRIA INC.: SWOT ANALYSIS
             11.1.6 VIVO CANNABIS INC.
           FIGURE 50 VIVO CANNABIS INC.: COMPANY SNAPSHOT
             11.1.7 THE CRONOS GROUP
           FIGURE 51 THE CRONOS GROUP: COMPANY SNAPSHOT
             11.1.8 MEDICAL MARIJUANA INC.
           FIGURE 52 MEDICAL MARIJUANA INC.: COMPANY SNAPSHOT
             11.1.9 STENOCARE
             11.1.10 TIKUN OLAM
     11.2 OTHER PLAYERS
             11.2.1 ORGANIGRAMS HOLDING INC.
           FIGURE 53 ORGANIGRAMS HOLDING INC.: COMPANY SNAPSHOT
             11.2.2 CRESCO LABS
           FIGURE 54 CRESCO LABS: COMPANY SNAPSHOT
             11.2.3 INDIVA LIMITED
           FIGURE 55 INDIVA LIMITED: COMPANY SNAPSHOT
             11.2.4 CURALEAH HOLDINGS INC.
           FIGURE 56 CURALEAF HOLDINGS INC.: COMPANY SNAPSHOT
             11.2.5 HEXO CORP.
           FIGURE 57 HEXO CORP.: COMPANY SNAPSHOT
             11.2.6 ECOFIBRE LIMITED
           FIGURE 58 ECOFIBRE LIMITED: COMPANY SNAPSHOT
             11.2.7 HARVEST HEALTH AND RECREATION
           FIGURE 59 HARVEST HEALTH AND RECREATION: COMPANY SNAPSHOT
             11.2.8 GREEN THUMB INDUSTRIES
           FIGURE 60 GREEN THUMB INDUSTRIES: COMPANY SNAPSHOT
             11.2.9 MARICANN GROUP INC.
             11.2.10 TERRASCEND
*Details on Business overview, Products offered, Recent Developments, SWOT analysis, MNM view might not be captured in case of unlisted companies. 

12 APPENDIX (Page No. - 216)
     12.1 DISCUSSION GUIDE
     12.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     12.3 AVAILABLE CUSTOMIZATIONS
     12.4 RELATED REPORTS
     12.5 AUTHOR DETAILS

The study involved four major activities in estimating the cannabis market size. Exhaustive secondary research was conducted to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

Secondary Research

In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet, were referred to, to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold & silver standard websites, regulatory bodies, trade directories, and databases.

Primary Research

The market comprises several stakeholders, such as raw material suppliers, processors, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of the market is characterized by the presence of global and regional pharmaceutical manufacturers, cannabis product manufacturers, commercial research and development institutions and financial institutions, and government & research organizations. The supply side is characterized by the presence of cannabis growers, cannabis product manufacturers, marketing directors, and Key executives from various key companies and organizations operating in the market. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.

Given below is the breakdown of the primary respondents.

Cannabis Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both the top-down and bottom-up approaches were used to estimate and validate the total size of the market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size include the following:

  • The key players were identified through extensive primary and secondary research.
  • The value chain and market size of the market, in terms of value and volume, were determined through primary and secondary research.
  • All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
  • All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
  • The research included the study of reports, reviews, newsletters of top market players, along with extensive interviews for opinions from key leaders, such as CEOs, directors, and marketing executives.

Data Triangulation

After arriving at the overall market size from the estimation process described above, the total market was split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all segments, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides. In addition, the market size was validated using both top-down and bottom-up approaches. It was then verified through primary interviews. Hence, three approaches were adopted—top-down approach, bottom-up approach, and the one involving expert interviews. Only when the values arrived at from the three points matches, the data is assumed to be correct.

Report Objectives

  • To describe and forecast the cannabis market, in terms of product type, application, compound, and region
  • To describe and forecast the cannabis market, in terms of value, by region–North America, Europe, South America, and the Rest of the World—along with their respective countries
  • To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
  • To strategically analyze micro-markets with respect to individual growth trends, prospects, and contributions to the overall market
  • To study the complete value chain of the cannabis market
  • To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the cannabis market
  • To strategically profile the key players and comprehensively analyze their market positions, in terms of ranking and core competencies, along with details on the competitive landscape of market leaders
  • To analyze strategic approaches, such as expansions & investments, product launches & approvals, mergers & acquisitions, and agreements, in the cannabis market

Available Customizations

Based on the given market data, MarketsandMarkets offers customizations in the reports according to client-specific requirements. The available customization options are as follows:

Geographic Analysis

  • Further breakdown of the Rest of European cannabis market, by key country
  • Further breakdown of the Rest of South American cannabis market, by key country

Product Analysis

  • Product Matrix; which gives a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analysis and profiling of additional market players (up to five)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Cannabis Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Cannabis Market

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Report Code
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Published ON
Feb, 2021
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