Pune, India, April 23, 2021 (GLOBE NEWSWIRE) -- Cannabis Market: Key Insights
According to our new research study on “Cannabis Market to 2027 – Global Analysis and Forecast – by Product Type, Application, and Compound,” the Cannabis Market Size was valued at US$ 14,383.8 million in 2019 and is projected to reach US$ 147,457.4 million by 2027; it is expected to grow at a CAGR of 29.1% during 2020–2027. The stringent regulatory framework for cannabis hinders the growth of the market.
Cannabis Market: Competition Landscape and Key Developments
Aphria, Inc.; Aurora Cannabis; Cannabis Science, Inc.; Canopy Growth Corporation; Medical Marijuana; Inc.; VIVO Cannabis Inc.; Tikun Olam Ltd; Terra Tech Corp.; Tilray; and Cronos Group are among the key companies operating in the global cannabis market. The leading market players are focusing on the expansion and diversification of their market presence and acquisition of new customer base, thereby tapping prevailing business opportunities.
In August 2019, VIVO Cannabis Inc. announced that its wholly-owned subsidiary, ABcann Medicinals Inc., has been granted a Standard Cultivation license from Health Canada for its Kimmetts facility in Napanee, Ontario.
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In August 2019, Medical Marijuana, Inc.—which launched the world’s first-ever cannabis-derived nutraceuticals products, brands and supply chain—announced that its subsidiary Dixie Botanicals released new watermelon-flavored cannabidiol (CBD) gummies in response to a growing market demand for edible CBD products.
In 2019, North America accounted as the fastest growing region in the global cannabis market. Also, the market in this region is projected to grow at the highest rate during the forecast period. The growth of the cannabis market in the region is attributed to the key driving factors such as the presence of leading market players, government support to promote and conduct research studies to explore the medical benefits of cannabis, launch of new and innovative cannabis products and agreements, and strategic partnerships made by the companies in the countries such as the US, Canada, and others with various players across the world.
The US is anticipated to be the main driving force of the growth of use of medical cannabis in coming years. Thirty states of the US have legalized the use of cannabis. These states comprise 60% of total population of the US and have approved the use of medical marijuana. Currently, there are more than 8,000 cannabis businesses with active licenses in the country. It is the only country with such number of market players. All these factors are driving the growth of the cannabis market in the entire North America.
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Europe is another region that has shown a decent growth rate for cannabis market. There has been an increase in the legalization of cannabis in European countries. For instance, in November 2018, the government of the UK legalized the medicinal cannabis. Further, the rising use of cannabis in pesticides and growing number of cannabis testing laboratories across Europe propel the demand for cannabis in the region.
The demand for cannabis is growing across Asia Pacific as it is used in medical practices to heal patients suffering from various disease, such as chronic neuropathic pain and any spinal injury. The use of cannabis also helps to deal with anorexia in HIV AIDS, which is a major challenge in this region. In December 2018, Thailand become the first country in Southeast Asia to legalize cannabis. There has been a significant rise in the investments in cannabis testing labs and recent changes in law, which have led to the acceptance of marijuana and cannabis. Thus, due to the growing legalization of cannabis, the cannabis market is expected to grow at rapid pace during the forecast period.
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Cannabis Market: Segmental Overview
In terms of product type, the cannabis market is segmented into flower, concentrates, and others. In 2019, the flowers segment held the largest market share of 58.9% . However, the concentrates segment is expected to register the highest CAGR of 30.4% in the coming years. The flowers hold a major share in the market as the highest levels of cannabinoids are found in the leaves and flowers of mature cannabis plant, which makes them a popular choice for harvesting. The cannabinoids affect the nervous system including brain and nerves. Cannabis contains specific chemicals that work by binding to action sites in the brain as well as the nerves. On the basis of application, the cannabis market is bifurcated into medical and recreational. In 2019, the medical segment held a larger share of the market. However, the market for the recreational segment is anticipated to witness a faster growth during the forecast period.
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