ReportCrux Market Research has published a new report titled “Cannabis Market by Product (Concentrates, Flower and Others); by Compound (Cannabidiol (CBD)-dominant, Tetrahydrocannabinol (THC)-dominant and Balanced CBD & THC); by Application (Medical and Recreational) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
Cannabis Market Size
Cannabis Market is estimated to grow from USD 14.29 Billion in 2019 to USD 128.36 Billion by 2027, at a CAGR of 31.7% during 2020-2027
Market Overview
Cannabis is a drug derived from the Cannabis Sativa, Cannabis Indica, and hybrid strains. It is commercially available in different form like hash oil, hashish and marijuana. Species of cannabis are used to produce hemp fiber which is used in the production of clothing, textile and paper.
It is used for medicinal purpose since many years and is associated for treating various conditions like vomiting and nausea. Growing use in medicinal applications, increasing legalization of medical cannabis and its rising awareness are some of the factors that are propelling the demand of cannabis.
Key Players Analysis:
Major players in Cannabis market are Medical Marijuana, Inc. (US), Terra Tech Corp. (US), Cannabis Science Inc. (US), MedMen (US), Canopy Growth Corporation (Canada), Tilray Inc. (Canada), Aphria Inc. (Canada), Aurora Cannabis Inc. (Canada), Maricann Group Inc. (Canada), Cronos Group Inc. (Canada), VIVO Cannabis Inc. (Canada), STENOCARE (Denmark) and Tikun Olam (Israel) among others. These industry leaders are aggressively adopting diverse strategies to grow their market share
Segmentation Analysis
The global market for the Cannabis is segmented into product, compound, application and region. Based on product, the market is segmented into Concentrates, Flower and Others. Among all the product types, flower segment dominated the market by 58%, and the concentrates segment is anticipated to grow at the maximum CAGR of about 32% during the forecast period. Flowers are easily available and can be obtained in a huge quantity.By Product:
Apart from this, vaping or smoking the cannabis flower has a quicker effect and is most preferred for giving a faster relief to the medical and recreational consumers. While in its usage for pharmaceutical grade drugs, the flower buds are processed through the extraction of active cannabinoids. Also, various products like salves, tinctures, elixirs, creams and poultices can be made from the flowering tops which are used for treating the internal and external aliments.
By Compound:
Based on compound type, the market is categorized into Cannabidiol (CBD)-dominant, Tetrahydrocannabinol (THC)-dominant and Balanced CBD & THC. The Tetrahydrocannabinol (THC)-dominant segment dominated the market. It is also expected to grow at the fastest CAGR of more than 31% and accounted for a share of near about 56% and was valued at near about USD 8.0 Billion.
The dominance of this segment is majorly accredited due to that psychoactive substance in it, which is responsible for getting the high. THC also has various medicinal benefits which are helpful in relieving insomnia, appetite loss, nausea and similar symptoms.
By Application:
Based on application, the market is divided into Medical and Recreational. Further, the medical segment is sub-segmented into Neurological Health Management, Pain Management, Mental Health Management and Others. Due to the rising demand of cannabis for the medicinal purpose like pain management, mental health management and neurological health, this segment is expected to dominate the market. Also, the increasing legalization of cannabis for recreational purpose is expected to boost this segment in the near future.
By Region:
North America accounted for more than 80% of the global cannabis market
Amongst all the regions, North America accounted for the largest share of the market in 2019. The growth in this market is primarily driven due to the U.S. and Canada. Due to the increasing legalization for medicinal and recreational purpose and liberalism of government regulations, there is a growing awareness amongst the consumers regarding its health benefits.
North America accounted for more than 80% of the global cannabis market. Other promising markets for the rising sale of cannabis include countries like Germany, Australia, Poland, Israel and Uruguay. Israel’s vast knowledge in the agri-space was useful in developing various new technologies and thus has helped in the higher production of new strains.
As U.S. remains closed legally for any export of cannabis, Colombia and Uruguay the Latin American countries are working for becoming the upcoming suppliers of cannabis in the near future, thus creating huge opportunities as global exporters. Also, other countries like Thailand and UK are creating a legal structure for cannabis due to which their revenue is expected to rise prominently.
Some other countries like New Zealand and South Africa are still into the legalization of medical marijuana phase and are expected to develop as viable markets in the upcoming years.
Segments of Market
By Product
Flower
Concentrates
Capsules
Others
Flower: 58%
By Compound
Cannabidiol(CBD)-dominant
Tetrahydrocannabinol(THC)-dominant
Balanced CBD & THC
Tetrahydrocannabinol (THC) : 56%
By Application
Medical
Pain Management
Mental Health Management
Neurological Health Management
Others
Recreational
Market Dynamics:
Cannabis has various medicinal benefits, as a result of which many countries are eventually legalizing the usage of cannabis. In 2013 after the U.S., Uruguay became the first country to legalize usage of marijuana. Similarly, in 2018 Canadian government also announced the legalization of marijuana. Now as of November 2018, 9 states in U.S.
still require doctor’s certificate for smoking of marijuana for medicinal purpose, and 33 states have made it legal to do so. Also, using cannabis for recreational purpose is legalized now in 10 of the states in the U.S.
While most of the countries around the globe have not yet legalized using cannabis for either medical or recreational purpose, they are gradually relaxing the approach of its usage and its sales over the coming years. As more countries are shifting from complete legalization to now partially legalizing it, the cannabis market will experience a positive growth in the upcoming years.
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