Cannabis Technology Market to Hit $23.46 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 26, 2023 /PRNewswire/ -- The global cannabis technology market size is expected to reach USD 23.46 billion by 2030, expanding at a CAGR of 25.3% from 2023 to 2030, according to a new study by Grand View Research, Inc. The rising trend of cannabis legalization in various regions globally is expected to drive companies to develop cannabis consumption technology to attract new customers. Moreover, the increasing medical applications of cannabis are anticipated to drive cultivators in using modern technology to grow specific strains, thereby helping to grow the market.

Key Industry Insights & Findings from the report:

• Based on component, the software segment is anticipated to grow at the fastest rate of almost 32% during the forecast period, due to significant developments in smart cannabis consumption devices.
• Based on distribution channel, the offline segment recorded the largest market share of around 89% in 2022, as a result of the growing number of cannabis dispensaries.
• Based on application, the consumption segment is expected to expand at a significant CAGR during the projection period, due to the prominent medical uses of cannabis.
• Based on end use, the recreational segment is anticipated to advance at the highest CAGR of around 30% in the coming years, aided by the growing popularity of cannabis for recreational use during the COVID-19 pandemic.
• Based on geography, North America dominated the market with a share of over 56% in 2022, due to the growing implementation of technology in the cannabis industry, coupled with the increasing trend of vaping in the region.

Read 300 page market research report, "Cannabis Technology Market Size, Share & Trends Analysis Report By Application, By Distribution Channel (Online, Offline), By Component (Hardware, Software), By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Cannabis Technology Market Growth & Trends

There is an influx of new technology-focused players entering the market for cannabis tech to develop devices and software for the cultivation, warehousing, and consumption of cannabis. These companies are using modern technologies such as artificial intelligence and genetic engineering to develop high-tech cannabis cultivation and consumption devices. For instance, developments in vertical farming technology have enabled cultivators to maximize growing space and save on energy costs with the help of LED strips and advanced ventilation systems.

North America is anticipated to account for a significant share of the market for cannabis tech over the forecast period owing to the extensive legalization in the region. For instance, 21 states in the U.S. have legalized the recreational use of cannabis. Additionally, the trend of cannabis dispensaries in the region is anticipated to drive regional growth. The significance of these cannabis dispensaries is that they are legal and enable the government to collect taxes on the total sales of cannabis.

Cannabis Technology Market Report Scope

Cannabis Technology Market Segmentation 

Grand View Research has segmented the global cannabis technology market based on application, distribution channel, component, end-use, and region:

Cannabis Tech - Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Cultivation
• Indoor
• Outdoor
• Processing/Manufacturing
• Warehousing
• Consumption
• Vaporizers
• Decarb Machine
• Accessories

Cannabis Technology Market - Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

• Online
• Offline

Cannabis Technology - Component Outlook (Revenue, USD Billion, 2018 - 2030)

• Hardware
• Software

Cannabis Tech Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Medical
• Recreational
• Industrial

Cannabis Tech - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Asia Pacific
• China
• India
• Australia
• South Korea
• Thailand
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• South Africa
• Morocco

List of Key Players in Cannabis Technology Market

• Ardent Life, Inc.
• Demetrix, Inc.
• Courier Plus, Inc. (Dutchie)
• Casters Holdings LLC (Fyllo)
• Green Thumb Industries
• Jane Technologies, Inc.
• LeafLink, Inc.
• Puff Corporation (Puffco)
• SpringBig
• Stealth Monitoring

Check out more related studies published by Grand View Research:

1. U.S. Cannabis Market - The U.S. cannabis market size is expected to reach USD 40.1 billion by 2030 and is expected to expand at a CAGR of 14.2% over the forecast period, according to a new report by Grand View Research, Inc. The increased legalization of cannabis for medical and recreational purposes is driving the market growth.
2. Cannabis Beverages Market - The global cannabis beverages market size is expected to reach USD 2.8 billion by 2025, expanding at a CAGR of 17.8% during the forecast period, according to a new report by Grand View Research, Inc. The market is highly fragmented in nature, owing to the presence of several small and medium scale companies. The majority of the companies are based in Canada, owing to the legalization of marijuana for medical and recreational purposes in the country. The rise in legalization of marijuana in order to eradicate the black market and to boost the tax revenue from legal sales of marijuana products is anticipated to positively influence the growth.
3. Cannabis Cultivation Market - The global cannabis cultivation market size is expected to reach USD 1,844.1 billion, expanding at a CAGR of 21.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing legalization and adoption of cannabis for the treatment of chronic diseases is positively impacting the market growth.
4. Cannabis Extract Market - The global cannabis extract market size is expected to reach USD 15.5 billion by 2030. According to a new report by Grand View Research, Inc, it is expected to expand at a CAGR of 20.0% over the forecast period. The growth is attributed to the rising usage of cannabis for recreational and medical purposes has increased.
5. Cannabis Pharmaceuticals Market - The global cannabis pharmaceuticals market size is expected to reach USD 102.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 62.5% from 2023 to 2030. Rapid growth in applications of cannabis for various indications including pain, inflammation, sleep disorders, anorexia, epilepsy, schizophrenia, and multiple sclerosis is estimated to driving cannabis pharmaceuticals market growth.
6. Legal Cannabis Regulatory Scenario - The global cannabis industry is flourishing owing to the rising number of countries devising a systematic regulatory framework for the cultivation and sale of cannabis. Wide acceptance and rising awareness of Cannabidiol (CBD) in various countries, majorly for medical purposes, is gaining impetus. A shifting trend toward cannabis-based products is anticipated to grow in the coming years.

Browse through Grand View Research's  Next Generation Technologies  Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.