Pune, India, 23. Apr. 20. 2021 (GLOBE NEWSWIRE) — The cannabis market: Key pointsAccording to our new study Cannabis Market to 2027. – Global Analysis and Forecast – By product type, application, and formulation, the market size of Cannabis was valued at USD 14,383.8 million in 2019 and is expected to reach USD 147,457.4 million by 2027, growing at a CAGR of 29.1% during the period 2020-2027. The rigid regulation of cannabis is hindering the growth of the market.
Cannabis market: Competitive 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 Kronos Group are some of the key companies operating in the global cannabis market. The key market participants are focusing on expanding and diversifying their market presence and acquiring a new customer base, while also exploiting existing business opportunities.
In August 2019, VIVO Cannabis Inc. announced that its wholly owned subsidiary ABcann Medicinals Inc. has been granted a standard cultivation license by Health Canada for its facility in Kimmets, Canada. Napanee, Ontario.
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In August 2019, Medical Marijuana, Inc. the world’s leading cannabis nutraceutical, brand and supply chain announced that its subsidiary Dixie Botanicals has launched new watermelon (CBD) flavored cannulas in response to growing market demand for CBD edibles.
North America was the fastest growing region in the global cannabis market in 2019. The market in this region is also expected to grow at the fastest rate during the forecast period. The growth of the cannabis market in the region is driven by key factors such as the presence of major market players, government support in promoting and conducting research on the medicinal benefits of cannabis, the introduction of new innovative cannabis products and agreements, and strategic partnerships of companies in countries such as the U.S., Canada, and others with various players around the world.
The United States is expected to be the main driver of growth in medicinal cannabis use in the coming years. Thirty US states have legalized the use of cannabis. These states represent 60% of the total US population and have approved the use of medical marijuana. There are currently more than 8,000 cannabis businesses with valid licenses in the country. It is the only country with so many players in the market. All these factors are driving the growth of the cannabis market in North America.
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Europe is another region that has shown a decent growth rate in the cannabis market. Legalization of cannabis is on the rise in European countries. For example, the UK government legalized medicinal cannabis in November 2018. In addition, the increasing use of cannabis in pesticides and the growing number of laboratories testing cannabis in Europe are stimulating demand for cannabis in the region.
The demand for cannabis is increasing throughout the Asia-Pacific region, as it is used in medical practice to treat patients suffering from various diseases, such as… B. Chronic neuropathic pain and spinal cord injury. Cannabis use also helps to address HIV/AIDS-related anorexia, which is a serious problem in the region. In December 2018, Thailand became the first country in Southeast Asia to legalize cannabis. Investment in cannabis laboratories has increased significantly and recent legislative changes have led to the acceptance of marijuana and cannabis. With the increasing legalization of cannabis, the cannabis market is expected to grow rapidly during the forecast period.
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Cannabis market: Segment Overview
By product type, the cannabis market is divided into three categories: flower, concentrate, and other. The flower segment held the largest market share of 58.9% in 2019. However, the concentrate segment is expected to have the highest CAGR of 30.4% in the coming years. Flowers represent a significant portion of the market because the leaves and flowers of the mature cannabis plant have the highest cannabinoid content, making them a popular choice for harvesting. Cannabinoids act on the nervous system, including the brain and nerves. Cannabis contains specific chemicals that work by binding to places in the brain and nerves. Based on the use of cannabis, the cannabis market is divided into a medical market and a recreational market. The medical segment accounted for a large market share in 2019. However, the leisure segment market is expected to grow at a faster rate during the forecast period.
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