The global cannabis market has been estimated to reach a value of USD 19.89 billion in 2021 and it is projected to grow at a CAGR of 27.0% during the forecast period. The market growth can be attributed can be attributed to the rising awareness among customers concerning the health advantages of cannabis and its increasing medical application.
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The legalization of cannabis has permitted people to practice safe utilization along with registering its medicinal advantages. Most of the nations across the world have still not legalized the recreational usage of cannabis around the world. While most of the nations around the world have still not legalized the recreational usage of cannabis, the approach to utilization and sales has been reduced over the years. This has led to the increasing popularity of the utilization of cannabis in different regions increasing the development of the overall cannabis market.
The growth factors identified in the market are the proven medicinal effects of cannabis, legalization of cannabis, developments in intellectual property rights of cannabis, and active research and development and modification of the plant. For example, in January 2018, the Australian government permitted cannabis manufacturers in the region to export medical cannabis and its products to the worldwide market.
Some Noted Developments Considered in the Report:
- December 2020- Aphria Inc. and Tilray, Inc. (Canada) entered into a definitive arrangement to merge their businesses and generate the world’s largest cannabis company. The combined company, assisted by reduced-cost cultivation, transforming, and manufacturing facilities, would have a complete portfolio of branded cannabis 2.0 products in Canada.
- November 2020- Aphria Inc. declared the completion of the acquisition of SW Brewing Company, LLC (U.S.), one of the highest independent craft brewers. Sweetwater provides complimentary cannabis lifestyle brands, which could assist Aphria to transform its product portfolio.
COVID-19 Impact on Global Cannabis Market
The QMI team has closely monitored the impact of COVID-19 on the global cannabis market, and it is observed that the demand for the global cannabis market has increased during the pandemic time. It is estimated to continue to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered business activities.
As the threat and concern of coronavirus continue in communities, the cannabis industry emerges to be growing. The government all around the world are taking initiatives to legalize cannabis because of its numerous medicinal advantages like treatment of chronic diseases is an important factor increasing the development of the cannabis market.
Global Cannabis Market, by Product type
Based on product type, the market is segmented into flowers, concentrates, and others (capsules, edibles, and beverages). The concentrates segment is expected to dominate the market. The segment growth can be attributed to its ease of use and its versatility in the process of delivery. The concentrates are available in the form of ingestible oils, dabbing, and tinctures. The flowers segment holds a major market share as the largest numbers of cannabinoids are identified in the leaves and flowers of the mature cannabis plant, which makes them a popular option for harvesting.
Global Cannabis Market, by Application
Based on application, the market is segmented into medical and recreational. The recreational segment dominated the market during the forecast period due to the increasing demand and utilization of cannabis for recreational purposes. Therefore, the legalization of recreational applications has a high possibility to drive the segment growth.
Cannabis can be utilized in several forms for recreational purposes. It’s often smoked as a shredded green and brown mix of flowers, seeds, and leaves. It can be utilized as a cigarette, blunt, and pipe, or bong. A blunt is a cigar that is filled with marijuana. It can also be blended in food or brewed as tea.
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Global Cannabis Market, by Compound
Based on the compound, the market is segmented into tetrahydrocannabinol (THC)–dominant, cannabidiol (CBD)-dominant, and balanced TH, and CBD. The THC-dominant segment is expected to be the fastest-growing during the forecast period. The segment growth can be attributed to medical advantages of THC-dominant products like relieving nausea, insomnia, and appetite loss.
Global Cannabis Market, by Region
Based on region, the global cannabis market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is projected to record the highest market share during the forecast period. The medical application of cannabis is observing remarkable development as customers are becoming more conscious about the medicinal advantages of cannabis.
The North America cannabis market is also increased by the existence of major players operating in the market, like Aurora Cannabis Inc, Medical Marijuana Inc., and Canopy Growth Corporation. These competitors are spending heavily on the growth of the cannabis industry in the zone.
According to the U.S. Government Accountability Officer, conditions and symptoms that can be treated by cannabis include Alzheimer’s diseases, HIV-AIDS, anorexia, arthritis, nausea, pain, Crohn’s disease, migraines, and multiple sclerosis. Continuous research and standardization of products for medicinal purposes are anticipated to raise the popularity and demand for cannabis in the future.
Major Findings of the Global Cannabis Market Report Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global cannabis market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of the major key market players operating in the global cannabis market include Canopy Growth Corporation, Aurora Cannabis Inc., Medman Enterprises, Terra Tech Corp (TRTC), Aphria Inc., VIVO Cannabis, Inc., Stenocare, Tikun Olam, Cresco Labs, Inc., Indiva, Green Thumb Industries, Curaleaf Holdings, Inc., TerrAscend, Ecofiber Limited, Harvest Health and Recreation, Inc.
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with drivers, restraints, opportunities, and challenges that are prevailing in the global cannabis market.
- Impact of COVID-19 on the global genetic toxicology testing market
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Global Cannabis Market, by Product Type (Flowers, Concentrates, Others), Application (Medical, Recreational), Compound (Tetrahydrocannabinol-Dominant, Cannabidiol-Dominant, Balanced THC and CBD, and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) – Industry Trends and Forecast to 2030.” in-depth analysis along with the table of contents (ToC).
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