Marijuana market size to grow by USD 48,197.88 million between 2022 and 2027; North America to account for 90% of market growth - Technavio

NEW YORK, April 17, 2023 /PRNewswire/ -- The marijuana market size is projected to grow by USD 48,197.88 million between 2022 and 2027, progressing at a CAGR of 24.86% during the forecast period, according to Technavio. North America will account for 90% of the market growth during the forecast period. Governments in the US and Canada have legalized the use of marijuana for medical purposes. Vendors operating in the region are introducing premium cannabis products such as pre-rolled joints, edibles, beverages, and bases to increase profit margins. Such factors are supporting the growth of the marijuana market in North America. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) – Request a report sample

Marijuana Market 2023-2027: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our marijuana market report covers the following areas:

• Marijuana Market Size
• Marijuana Market Trends
• Marijuana Market Analysis

Marijuana Market 2023-2027: Market Dynamics

• Driver – The market is driven by the increasing legalization of marijuana. Governments across countries such as Australia, Canada, Chile, Greece, Israel, Italy, the Netherlands, Peru, and Uruguay are legalizing the use of marijuana for medical purposes. For instance, the increasing demand for medical marijuana in Australia has encouraged government authorities to increase funding for research. In June 2022, Thailand legalized the cultivation of marijuana and its consumption in raw materials for foods and drinks. Such legalization efforts by several countries are driving the growth of the global marijuana market.
• Trend – The growth in the e-commerce industry is the key trend in the market. The increasing adoption of smartphones has made online shopping more convenient. This has encouraged many international e-commerce platforms to expand their operations across the world. The high adoption of online shopping has driven vendors to target the tech-savvy population and tap the growth potential in the new retail format. Taking business online is helping vendors reduce operational costs and overheads compared with physical stores. This trend is expected to have a positive influence on the growth of the market during the forecast period.
• Challenge – Side effects associated with the inappropriate use of medical marijuana will challenge the growth of the market. Marijuana consists of active ingredients known as cannabinoids and cannabidiol (CBD). In addition, medical marijuana contains other chemicals that may vary from plant to plant. This can cause various side effects, such as changes in mood, lack of coordination, increased appetite, and red eyes. Hence, it is important to consult a doctor before using medical marijuana.

Marijuana Market 2023-2027: Segmentation

The global marijuana market is segmented as below:

• Product 
• Medical Marijuana
• Recreational Marijuana
• Type 
• Oil
• Tinctures
• Flower
• Geography 
• North America
• The U.S.
• Canada
• Europe 
• The U.K.
• Germany
• France
• Rest of Europe
• APAC 
• China
• India
• Middle East & Africa
• South Africa
• Rest of the Middle East & Africa
• South America
• Argentina
• Brazil
• Chile

Based on the product, the market will witness significant growth in the medical marijuana segment during the forecast period. The increasing popularity of medical marijuana as an alternative to traditional pain-relieving medications is the key factor driving the growth of the segment. Also, the number of adults with chronic pain in countries such as the US is fueling the growth of the segment.

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Marijuana Market 2023-2027: Vendor Analysis

The report provides a detailed analysis of around 25 vendors operating in the marijuana market, including some of the key vendors. Backed with competitive intelligence and benchmarking, our research report on the marijuana market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

Aurora Cannabis Inc., Bhang Inc., Botanic Lab, Cannabinoid Creations, CBD American Shaman LLC, CV Sciences Inc., Elixinol Wellness Ltd., HEXO Corp., Jazz Pharmaceuticals Plc, Lexaria Bioscience Corp, MM Enterprises USA LLC, Organigram Holdings Inc., Unrivaled Brands Inc., Cannoid LLC, Canopy Growth Corp., Folium Biosciences, Medical Marijuana Inc., Tikun Olam, Tilray Brands Inc., and VIVO Cannabis Inc. are some of the major market participants.

Although the increasing legalization of marijuana will offer immense growth opportunities, side effects associated with the inappropriate use of medical marijuana will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Marijuana Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist marijuana market growth during the next five years
• Estimation of the marijuana market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the marijuana market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of marijuana market vendors

Related Reports:

• The CBD oil market is estimated to grow at a CAGR of 27.63% between 2022 and 2027. The size of the market is forecast to increase by USD 5,361.32 million. The market is segmented by end-user (medical, personal use, pharmaceutical, and wellness), product (marijuana-derived CBD oil and hemp-derived CBD oil), and geography (North America, South America, Europe, APAC, and Middle East and Africa).
• The medical marijuana market size is expected to increase by USD 14.47 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 18.91%. The market is segmented by application (chronic pain, nausea, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa).

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Table of contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global marijuana market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global marijuana market 2017 - 2021 ($ million)

• 4.2 Product Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Medical marijuana - Market size and forecast 2022-2027
• Exhibit 34: Chart on Medical marijuana - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Medical marijuana - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Medical marijuana - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Medical marijuana - Year-over-year growth 2022-2027 (%)

• 6.4 Recreational marijuana - Market size and forecast 2022-2027
• Exhibit 38: Chart on Recreational marijuana - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Recreational marijuana - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Recreational marijuana - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Recreational marijuana - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Product
• Exhibit 42: Market opportunity by Product ($ million)
• Exhibit 43: Data Table on Market opportunity by Product ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 44: Chart on Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Oil and tinctures - Market size and forecast 2022-2027
• Exhibit 48: Chart on Oil and tinctures - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Oil and tinctures - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Oil and tinctures - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Oil and tinctures - Year-over-year growth 2022-2027 (%)

• 7.4 Flower - Market size and forecast 2022-2027
• Exhibit 52: Chart on Flower - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Flower - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Flower - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Flower - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type
• Exhibit 56: Market opportunity by Type ($ million)
• Exhibit 57: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 67: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 75: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Canada - Market size and forecast 2022-2027
• Exhibit 87: Chart on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 91: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Australia - Market size and forecast 2022-2027
• Exhibit 95: Chart on Australia - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Australia - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Australia - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Australia - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027
• Exhibit 99: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Aurora Cannabis Inc.
• Exhibit 111: Aurora Cannabis Inc. - Overview
• Exhibit 112: Aurora Cannabis Inc. - Business segments
• Exhibit 113: Aurora Cannabis Inc. - Key offerings
• Exhibit 114: Aurora Cannabis Inc. - Segment focus

• 12.4 Bhang Inc.
• Exhibit 115: Bhang Inc. - Overview
• Exhibit 116: Bhang Inc. - Product / Service
• Exhibit 117: Bhang Inc. - Key offerings

• 12.5 Cannoid LLC
• Exhibit 118: Cannoid LLC - Overview
• Exhibit 119: Cannoid LLC - Product / Service
• Exhibit 120: Cannoid LLC - Key offerings

• 12.6 Canopy Growth Corp.
• Exhibit 121: Canopy Growth Corp. - Overview
• Exhibit 122: Canopy Growth Corp. - Business segments
• Exhibit 123: Canopy Growth Corp. - Key news
• Exhibit 124: Canopy Growth Corp. - Key offerings
• Exhibit 125: Canopy Growth Corp. - Segment focus

• 12.7 CBD American Shaman LLC
• Exhibit 126: CBD American Shaman LLC - Overview
• Exhibit 127: CBD American Shaman LLC - Product / Service
• Exhibit 128: CBD American Shaman LLC - Key offerings

• 12.8 CV Sciences Inc.
• Exhibit 129: CV Sciences Inc. - Overview
• Exhibit 130: CV Sciences Inc. - Business segments
• Exhibit 131: CV Sciences Inc. - Key offerings
• Exhibit 132: CV Sciences Inc. - Segment focus

• 12.9 Elixinol Wellness Ltd.
• Exhibit 133: Elixinol Wellness Ltd. - Overview
• Exhibit 134: Elixinol Wellness Ltd. - Business segments
• Exhibit 135: Elixinol Wellness Ltd. - Key offerings
• Exhibit 136: Elixinol Wellness Ltd. - Segment focus

• 12.10 Jazz Pharmaceuticals Plc
• Exhibit 137: Jazz Pharmaceuticals Plc - Overview
• Exhibit 138: Jazz Pharmaceuticals Plc - Product / Service
• Exhibit 139: Jazz Pharmaceuticals Plc - Key news
• Exhibit 140: Jazz Pharmaceuticals Plc - Key offerings

• 12.11 Lexaria Bioscience Corp
• Exhibit 141: Lexaria Bioscience Corp - Overview
• Exhibit 142: Lexaria Bioscience Corp - Business segments
• Exhibit 143: Lexaria Bioscience Corp - Key offerings
• Exhibit 144: Lexaria Bioscience Corp - Segment focus

• 12.12 Medical Marijuana Inc.
• Exhibit 145: Medical Marijuana Inc. - Overview
• Exhibit 146: Medical Marijuana Inc. - Product / Service
• Exhibit 147: Medical Marijuana Inc. - Key offerings

• 12.13 MM Enterprises USA LLC
• Exhibit 148: MM Enterprises USA LLC - Overview
• Exhibit 149: MM Enterprises USA LLC - Product / Service
• Exhibit 150: MM Enterprises USA LLC - Key offerings

• 12.14 Organigram Holdings Inc.
• Exhibit 151: Organigram Holdings Inc. - Overview
• Exhibit 152: Organigram Holdings Inc. - Product / Service
• Exhibit 153: Organigram Holdings Inc. - Key offerings

• 12.15 Tikun Olam
• Exhibit 154: Tikun Olam - Overview
• Exhibit 155: Tikun Olam - Product / Service
• Exhibit 156: Tikun Olam - Key offerings

• 12.16 Tilray Brands Inc.
• Exhibit 157: Tilray Brands Inc. - Overview
• Exhibit 158: Tilray Brands Inc. - Business segments
• Exhibit 159: Tilray Brands Inc. - Key offerings
• Exhibit 160: Tilray Brands Inc. - Segment focus

• 12.17 VIVO Cannabis Inc.
• Exhibit 161: VIVO Cannabis Inc. - Overview
• Exhibit 162: VIVO Cannabis Inc. - Business segments
• Exhibit 163: VIVO Cannabis Inc. - Key offerings
• Exhibit 164: VIVO Cannabis Inc. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist
• Exhibit 165: Inclusions checklist
• Exhibit 166: Exclusions checklist

• 13.3 Currency conversion rates for US$
• Exhibit 167: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 168: Research methodology
• Exhibit 169: Validation techniques employed for market sizing
• Exhibit 170: Information sources

• 13.5 List of abbreviations
• Exhibit 171: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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