About Marijuana
Marijuana, a psychoactive drug, has medicinal as well as recreational applications. Though, this drug is illegal in most part of the world but widely consumed by millennial. Growing popularity of marijuana is also attributed by its rising medicinal application. The evolution of medical marijuana or medical cannabis from an illegal drug to a mainstream legalized drug in certain parts of the globe is catalyzing the growth of medical marijuana market. According to a research, medical marijuana is being consumed by more than 12 million people all over the globe for various medical purposes such as depression, cancer, pain management and others.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 27.6% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Marijuana market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Cara Therapeutics (United States), Cannabis Sativa (United States), CannaGrow Holdings (United States), United Cannabis (United States), Growblox Sciences (United States), GreenGro Technologies (United States), GW Pharmaceuticals (United Kingdom), Lexaria Corp (Canada) and MMJ America (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Canopy Growth (Canada), Aphria (Canada), Aurora Cannabis Inc.(Canada), mCig Inc. (United States) and Medicine Man (United States).
Segmentation Overview
AMA Research has segmented the market of Global Marijuana market by Type (Recreational and Medical), Application (Chronic Pain, Arthritis, Migraine, Cancer and Other) and Region.
On the basis of geography, the market of Marijuana has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Canada region held largest market share in the year 2023. United States, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Grade, the sub-segment i.e. Industrial Grade will boost the Marijuana market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emergence of luxury cannabis products, The harmful effects of smoking unregulated volumes of marijuana has led to the advent of nouveau consumption trends of medical marijuana and Top market players are focusing on increasing their production capacities and expanding their business reach.
Market Growth Drivers:
Increasing Demand for both Medical and Recreational Purposes
Challenges:
Development of Side Effects, Limiting Usability and Difficulty in Procurement of License for Production
Restraints:
Stringent FDA and Other Regulations against Sale of Marijuana
Opportunities:
The Asia-Pacific region is anticipated to emerge as a lucrative investment pocket during the upcoming years, owing to the increasing medical complexities in the region and the extensive research being conducted by various Chinese firms. and Various countries such as Israel, United Kingdom and others are focusing on research and technology development.
Market Leaders and their expansionary development strategies
In March 2023, Canopy Growth introduced six new beverage flavors. Under the Deep Space brand, the company announced Canada's first cannabis-infused beverage with naturally occurring caffeine. The company also launched four flavors under the Tweed brand for springtime.
In January 2024, Village Farms International, Inc., announced the launch of two cannabis brands in the UK, such as Pure Sunfarms and The Original Fraser Valley Weed Co. (Fraser Valley). 4C LABS, a UK-based medical cannabis company, will distribute these brands.
Under the Controlled Substances Act (“CSA”), the policies and regulations of the Federal government and its agencies are that cannabis (marijuana) is a stage 1 narcotic that is addictive and has no medical benefit. Accordingly, range of activities including cultivation and the personal use of cannabis is prohibited and subject to prosecution and criminal penalties.
Analyst View
The legal status of medical marijuana across the globe is the most crucial market determinant that is fuelling and hindering the growth of the global market.
Key Target Audience
Pharmaceuticals Companies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.