CANNABIS TECHNOLOGY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Global cannabis technology market is estimated to be valued at USD 4.10 Bn in 2024 and is expected to reach USD 20.01 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 25.4% from 2024 to 2031. Increasing legalization of medical and recreational cannabis across various regions can drive the market growth. Cannabis technology enables cultivation, production and distribution of cannabis through various means. It utilizes optimized growth environments, data analytics and automated processes to enhance yields and ensure product quality and safety. Advancing technology is aiding the standardization and scalability of cannabis production. Various hardware and software solutions involving IoT, AI and robotics are being incorporated to drive efficiencies. With more countries recognizing therapeutic benefits and commercial opportunities of cannabis, there will be increase in investments in cannabis technology space in the near future.

Market Dynamics

Global cannabis technology market can witness robust growth due to factors like rising legalization of medical and recreational marijuana, advancing technologies facilitating standardized cultivation processes, growing awareness about medicinal applications of cannabis and increasing participation of established players from ancillary industries. However, lack of standardized regulations in many regions can pose challenges for technology adoption. Hesitation among enterprises to enter the industry due to its controversial nature may restrain the market expansion. Development of innovative hardware and software solutions tailored for cannabis industry represents a major growth opportunities. Established agriculture tech companies are also exploring potential opportunities in this domain.

Key features of the study

- This report provides in-depth analysis of the global cannabis technology market, and provides market size (USD Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year

- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players

- It profiles key players in the global cannabis technology market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

- Key companies covered as a part of this study include Ardent Life, Inc., Demetrix, Inc., Courier Plus Inc. (Dutchie), Casters Holdings LLC (Fyllo), Green Thumb Industries, Jane Technologies, Inc., Aurora Cannabis Inc., Canopy Growth Corporation, Tilray Brands, Inc., Organigram Holdings, Inc., Curaleaf Holdings, Inc., MedMen Enterprises Inc., Cronos Group Inc., Harvest Health & Recreation Inc., Trulieve Cannabis Corp., Aphria Inc., VIVO Cannabis Inc., Hexo Corp., Terra Tech Corp., and Cannabis Science Inc.

- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

- Global cannabis technology market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global cannabis technology market

Market Segmentation

• By Technology Type Insights (Revenue, USD Bn, 2019 - 2031)
• • Cultivation Technology
  • Extraction Technology
  • Processing Technology
  • Distribution Technology
  • Retail Technology
• By Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
• • Online
  • Offline
• By Component Insights (Revenue, USD Bn, 2019 - 2031)
• • Hardware
  • Software
• By End User Insights (Revenue, USD Bn, 2019 - 2031)
• • Medical
  • Recreational
  • Industrial
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
• • Ardent Life, Inc.
  • Demetrix, Inc.
  • Courier Plus Inc. (Dutchie)
  • Casters Holdings LLC (Fyllo)
  • Green Thumb Industries
  • Jane Technologies, Inc.
  • Aurora Cannabis Inc.
  • Canopy Growth Corporation
  • Tilray Brands, Inc.
  • Organigram Holdings, Inc.
  • Curaleaf Holdings, Inc.
  • MedMen Enterprises Inc.
  • Cronos Group Inc.
  • Harvest Health & Recreation Inc.
  • Trulieve Cannabis Corp.
  • Aphria Inc.
  • VIVO Cannabis Inc.
  • Hexo Corp.
  • Terra Tech Corp.
  • Cannabis Science Inc.