Chicago, Nov. 18, 2022 (GLOBE NEWSWIRE) -- The cannabis market size is estimated to be valued at USD 27.7 billion in 2022 and it is expected to grow at a CAGR of 24.3% to reach USD 82.3 billion by 2027. The transition from being solely for medicinal purposes to being a wellness product is the reason for its rapid rise in recent years. Legalization in many regions has increased demand and business opportunities for the cannabis industry. The stigma associated with cannabis products is also fading, as well as the demand for innovative recreational products, amongst many other factors driving this industry.
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The concentrate category segment by product type is projected to achieve the highest CAGR growth in the Cannabis market.
Concentrates offer a wide variety of delivery methods, such as smoking, vaping, dabbing, and ingestion. Due to its multiple applications, consumers often buy concentrated product types over others.
The THC-dominant segment dominated the cannabis market with the highest CAGR growth rate in the Cannabis market over the forecast period.
The THC strain of cannabis is known for its psychoactive qualities, which manage the head-high feeling associated with the consumption of cannabis. As THC provides this effect, they are used for both medical and recreational applications, which increases its demand among manufacturers and consumers.
The recreational segment dominated the cannabis market with the highest CAGR growth rate in the Cannabis market over the forecast period.
With increased stress, anxiety, and sleep issues, adults are looking for beverages, pills, and meals that help with mood management, which resulted in the fastest growing segment in the Cannabis market over the forecast period.
North America is projected to achieve the highest market share in the Cannabis market.
The market in this region is driven by the increasing legalization of cannabis for both medical and recreational purposes all over North America and the increasing awareness among consumers about the health benefits of cannabis. The market is further driven by the presence of major cannabis giants in North America, such as Canopy Growth Corporation, Aurora Cannabis Inc., and Medical Marijuana Inc. They are continuously investing and collaborating to develop new products to fulfill consumers' demand. For instance, in May 2022, Canopy Growth Corporation launched a line-up of new offerings across its premium brand portfolio – Deep Space, 7ACRES, Doja, and Ace Valley.
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Key Market Players
The key players in this market include Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), VIVO Cannabis Inc. (Canada), Tilray (US), Unrivaled Brand Inc. (US), HEXO Corp. (Canada), Medical Marijuana Inc. (US), The Cronos Group (Canada), Medmen (US), Cresco Labs (US), Curaleaf Holdings Inc. (US), Organigram Holdings Inc. (Canada), Stenocare (Denmark), Green Thumb Industries (US), TerrAscend (Canada), and Indiva (Canada). These players focus on expanding their production facilities by entering into partnerships and agreements and launching new products to grow their businesses and market shares. New product launches as a result of extensive R&D initiatives, geographical expansion to tap the potential of emerging economies, and strategic acquisitions to gain a foothold over the large extent of the supply chain are the key strategies adopted by companies in the cannabis market.
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