Selbyville, Delaware, July 01, 2021 (GLOBE NEWSWIRE) -- According to credible sources, global cannabis market size was valued at USD 20.6 billion in 2019 and is reckoned to record a compound annual growth rate of 28.5% during 2021-2027 to accumulate USD 118.9 billion by the end of analysis timeframe.
Also, the documentation is prepared utilizing Porter's Five Force Model, Investment Adoption Model as well as the PEST Analysis, while considering the suppositions from industry specialists, consequently giving greater insights about the market space. Apart from this, regional landscape is also examined in this research report, incorporating both quantitative as well as qualitative aspects. Lastly, competitive hierarchy with emphasis on business profiled of different companies is entailed in the report.
Developments in cannabis genetics for enhanced yield, coupled with its increasing legalization across nations owing to medicinal properties are stimulating the growth of global cannabis market.
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As per reliable report, regional cannabis growers were permitted to export medical cannabis and its byproducts globally by the government of Australia in January 2018. Likewise, the United States, along with other countries like Netherlands, Peru, Israel, Italy, Uruguay Poland, Portugal, Chile, Colombia, Germany, Greece, and Canada have licensed cannabis for medicinal use. Moreover, according to Cannabis Europa, after UK and Germany, France was also slated to legalize medical cannabis by the end of 2020.
For the unversed, cannabis is a tall flowering plant with a stiff and upright stem, which has been legalized for medical use in numerous countries.
However, directives to use cannabis is varied from one country to the other, which might restrain the global cannabis market expansion over 2021-2027.
Outlining market segmentations
Based on product type, worldwide cannabis market is divided into concentrates, flowers, and others. Speaking of application scope, the industry is bifurcated into recreational, and medical purposes. In terms of compound, the marketplace consists of cannabidiol (CBD)-dominant, tetrahydrocannabinol (THC)-dominant, and balanced THC & CBD.
Elaborating regional spectrum
Expert analysts claim that North America led the global cannabis market forecast in the recent past and is poised to grow further over 2021-2027, on account of widespread legalization of cannabis for recreational and medical purposes, coupled with cognizance of CBD benefits among the populace across the region.
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Global Cannabis Market share by Product Type (Revenue, USD Billion, 2017-2027)
·Concentrates
- Flowers
- Others
Global Cannabis Market by Application Gamut (Revenue, USD Billion, 2017-2027)
·Recreational
·Medical
Global Cannabis Market by Compound Ambit (Revenue, USD Billion, 2017-2027)
- Cannabidiol (CBD)-dominant
- Tetrahydrocannabinol (THC)-dominant
- Balanced THC & CBD
Global Cannabis Market Regional Landscape (Revenue, USD Billion, 2017-2027)
Europe
·Germany
·France
·Italy
·Spain
·UK
·RoE
North America
·U.S.
·Canada
Asia Pacific
·India
·China
·Australia
·Japan
·South Korea
·RoAPAC
Latin America
·Mexico
·Brazil
ROW
Global Cannabis Market Competitive Dashboard (Revenue, USD Billion, 2017-2027)
·Ecofibre Limited
- Canopy Growth Corporation
- Harvest Health & Recreation Inc
- Aurora Cannabis Inc.
- Terra Tech Corporation
- VIVO Cannabis Inc.
- OrganiGrams Holdings Inc.
- Cronos Group
- Medical Marijuana Inc.
- Maricann Group Inc. (Wayland Group Corp.)
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Cannabis market, by region, 2019-2027 (USD Billion)
1.2.2. Cannabis market, by Product Type, 2019-2027 (USD Billion)
1.2.3. Cannabis market, by Application, 2019-2027 (USD Billion)
1.2.4. Cannabis market, by Compound, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Cannabis market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Cannabis market Dynamics
3.1. Cannabis market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1 Growth in the medical applications of cannabis
3.1.1.2 Increase in legalization of cannabis and rise in social acceptance of marijuana.
3.1.2. Market Challenges
3.1.2.1 Complex regulatory structure for the usage of cannabis
3.1.3. Market Opportunities
3.1.3.1 Product development via research and novel product delivery solutions
Chapter 4. Global Cannabis market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Cannabis market, by Product Type
5.1. Market Snapshot
5.2. Global Cannabis market by Product Type, Performance - Potential Analysis
5.3. Global Cannabis market Estimates & Forecasts by Product Type 2018-2027 (USD Billion)
5.4. Cannabis market, Sub Segment Analysis
5.4.1. Flowers
5.4.2. Concentrates
5.4.3. Other
Chapter 6. Global Cannabis market, by Application
6.1. Market Snapshot
6.2. Global Cannabis market by Application, Performance - Potential Analysis
6.3. Global Cannabis market Estimates & Forecasts by Application 2018-2027 (USD Billion)
6.4. Cannabis market, Sub Segment Analysis
6.4.1. Medical
6.4.2. Recreational
Chapter 7. Global Cannabis market, by Compound
7.1. Market Snapshot
7.2. Global Cannabis market by Compound, Performance - Potential Analysis
7.3. Global Cannabis market Estimates & Forecasts by Compound 2018-2027 (USD Billion)
7.4. Cannabis market, Sub Segment Analysis
7.4.1. Tetrahydrocannabinol (THC)-dominant
7.4.2. Cannabidiol (CBD)-dominant
7.4.3. Balanced THC & CBD
Chapter 8. Global Cannabis market, Regional Analysis
Related Report:
U.S. Cannabis Testing Market Size, Industry Analysis Report, Zonal Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
The U.S. cannabis testing market size is expected to witness lucrative growth over the coming years owing to increasing product usage for medical purposes, rising cannabis legalization across different states, and the subsequent growth in the need to ensure overall consumer safety. With cannabis finally in the legal domain, cannabis testing has emerged as a one the main aspect of the new industry. In fact, increase in legalization of both medical and adult recreational cannabis has led to the need for strong and reliable analytical testing to make sure safety of consumers.
Testing of cannabis enables growers as well as sellers to meet state regulations further providing top-quality, easy to dose products that customers could feel safe for consumption. Cannabis testing needs generally differ by state to state; however, most states need testing as well as labeling for potency and numerous contaminants like pesticides, heavy metals, microbes, and residual solvents.
For instance, in Colorado, all retail cannabis-based products must be tested for residual solvents like BTX, heptane, hexane and butane; microorganisms such as mold, yeast, Salmonella, and E. coli; and potency like CBN, CBDa, CBD, THCa and THC before being placed in dispensary shelves. In addition, pharma companies that market cannabis-based medications generally perform much more hard testing in comparison to other producers of adult recreational cannabis products.
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