Chicago, June 07, 2024 (GLOBE NEWSWIRE) -- Cannabis Market Insights
The global cannabis market size is poised for significant growth, with a projected CAGR of 24.3% from 2022 to 2027, reaching a value of $82.3 billion by 2027. This growth is attributed to factors like increasing legalization, rising medical applications, growing social acceptance, and technological advancements.
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Hypothetical Top Growth Areas
- Cannabis-infused edibles: Edibles offer a discreet and controlled consumption method, attracting new users and driving market expansion.
- CBD-dominant products: The therapeutic benefits of CBD are fueling demand for CBD-infused products like edibles, beverages, and oils.
- Advanced cultivation techniques: Technologies like precision irrigation and optimized lighting can improve efficiency, sustainability, and product consistency.
Futuristic Scope
- Integration with pharmaceuticals: Development of cannabis-based medications for various conditions can revolutionize healthcare.
- Personalized medicine: Tailored cannabis products based on individual needs and genetic makeup could become a reality.
- Technological disruption: Advancements in areas like AI and genetic engineering can further revolutionize cultivation, processing, and product development.
Market Drivers
- Growth in R&D activities: Technological innovations are optimizing cultivation, product development, and delivery methods.
- Rising medical applications: Cannabis is gaining traction for treating various conditions like chronic pain, anxiety, and epilepsy.
- Growing social acceptance: The stigma associated with cannabis is declining, leading to wider consumer acceptance.
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Key Segments and Sub Segments
- Product Type: Flowers, Concentrates, Edibles, Topicals & Tinctures
- Application: Medical, Recreational
- Compound: THC-dominant, CBD-dominant, Balanced THC & CBD
- Region: North America, South America, Europe, Rest of the World (RoW)
Top Players in the Industry
- Canopy Growth Corporation (Canada)
- Aurora Cannabis Inc. (Canada)
- Tilray Inc. (US)
- Trulieve (US)
- HEXO Corp. (Canada)
- Medmen Enterprises Inc. (US)
- Several other established and emerging players
High Growth Opportunities
- Development of low-dose edibles: This caters to new users seeking the medical benefits without psychoactive effects.
- Expansion of cannabis-infused beverages: Offers convenient and socially acceptable consumption options.
- Focus on sustainable cultivation practices: Minimizing water consumption and environmental impact can enhance brand image.
Cannabis Regional Analysis
- North America: Dominant market due to widespread legalization and high recreational demand (especially in the US).
- Europe: Growing market with increasing medical cannabis legalization and research activities.
- South America: Emerging market with potential for future growth, but legalization hurdles remain.
- Rest of the World: Limited market presence, with legalization primarily focused on medical use.
This report is a valuable resource for:
- Cannabis growers and product manufacturers
- Cannabis importers, exporters, and distributors
- Investors and other stakeholders in the cannabis industry
- Government and research organizations
- Regulatory bodies and industry associations
