Marijuana Market Growth 2024-2028: Key Trends, Segments, and Industry Players

The Global Marijuana Market is poised for significant expansion, with an estimated market size of USD 87.80 billion by 2028, growing at a CAGR of 32.14% between 2023 and 2028. This rapid growth is primarily driven by increasing legalization for both medicinal and recreational use, alongside innovations in product offerings and retail channel.

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Market Segmentation

The marijuana market is categorized into distinct segments based on product type, form, and geographical region.

Product Outlook

• Medical Marijuana
• Recreational Marijuana

Type Outlook

• Oil
• Tinctures
• Flower

Regional Market

The marijuana market is experiencing rapid expansion across several key regions.

North America

• United States
• Canada

Europe

• United Kingdom
• Germany
• France
• Rest of Europe

APAC

• China
• India

Middle East & Africa

• South Africa
• Rest of the Middle East & Africa

South America

• Argentina
• Brazil
• Chile

Market Dynamics: Drivers, Trends, and Challenges

Key Market Drivers

• The increasing acceptance and legalization of marijuana globally. Countries like Australia, Canada, Chile, Greece, Israel, Italy, the Netherlands, Peru, and Uruguay have legalized medical marijuana.
• U.S. government initiatives, including the Medical Substance and Cannabidiol Research Expansion Act (December 2022), are fostering research in the sector.
• Thailand's legalization of marijuana cultivation (June 2022) to boost the agricultural and tourism sectors.

Significant Market Trends

• Growth in the e-commerce industry, allowing easy access to cannabis products through online platforms.
• In July 2021, HempStreet expanded its product portfolio by launching 30 new cannabis-based products, including CBD oil and hemp protein powder.
• The increasing demand for cannabis-infused edibles and beverages in both medical and recreational markets.

Major Market Challenges

• Adverse health effects linked to improper use, including altered mood, impaired coordination, and cognitive issues.
• Difficulties in determining proper dosages due to varying cannabinoid compositions.
• Environmental concerns such as high water and energy consumption, soil erosion, and the need for sustainable cultivation methods.

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Key Market Players

The competitive landscape of the marijuana industry includes established companies leveraging strategies such as alliances, mergers, acquisitions, and product launches to expand their market presence.

Leading Companies

• Aurora Cannabis Inc. – Offers CBD 510 Cartridge, Live CBD Mango, and Rex 510 Vape Cartridge.
• 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

Recent Market Developments

November 2024

• Canopy Growth Corporation introduced a new premium marijuana product line, including CBD-infused oils and edibles, targeting the wellness segment in North America and Europe.

October 2024

• Tilray, Inc. partnered with a leading pharmaceutical company to develop medical marijuana-based therapies for pain management.

September 2024

• Aurora Cannabis launched a THC-infused beverage line in the U.S., capitalizing on growing demand for cannabis drinks.

August 2024

• Curaleaf Holdings opened a new cultivation facility in California, increasing production capacity for medical and recreational marijuana.

The marijuana industry is undergoing rapid transformation, fueled by regulatory shifts, product innovations, and consumer demand. As legalization expands and new product categories emerge, the market is set for exponential growth over the coming years.