Cannabis Market- COVID-19 Impact, Global Analysis and Forecasts by Product Type (Flower, Concentrates, Others); Application (Medical, Recreational); Compound (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC and CBD) and Geography.
The cannabis market is expected to reach US$ 147,457.4 million by 2027 from US$ 14,383.8 million in 2019; it is estimated to grow at a CAGR of 29.1% from 2020 to 2027.
According to our new market research study of “Cannabis Market to 2027 – Global Analysis and Forecast by Product Type, Compound and Application,” the market is expected to reach US$ 147,457.4 million by 2027 from US$ 14,383.8 million in 2019; it is estimated to grow at a CAGR of 29.1% from 2020 to 2027. The report highlights trends prevailing in the global cannabis market along with drivers and hindrances pertaining to the market growth.
Based on compound, the global cannabis market is segmented into tetrahydrocannabinol-dominant (THC-dominant), cannabidiol-dominant (CBD-dominant), and balanced THC and CBD. In 2019, the THC-dominant segment held the largest share of the market. However, the market for the CBD-dominant cannabis is anticipated to witness fastest CAGR during 2020–2027. THC has many additional medical benefits. According to a mice study published in 2016, it can assist in improving memory when taken in small doses.
The growth of the global cannabis market is as attributed to the legalization of medical cannabis; growing medicinal applications of cannabis; and increasing awareness about medical cannabis through conferences, symposia, and workshops. Additionally, the growing demand of cannabis during the ongoing COVID-19 pandemic is likely to have a positive impact on the market in the coming years.
The US is anticipated to be the major contributor to the rise in the use of medical cannabis. 30 states of the US, which comprise 60% of total US population, have legalized the use of cannabis. Currently, more than 8000 active licenses have been issues to cannabis businesses in the country, and it is the only countries with such a large number of market players. Europe has also witnessed a decent rate of growth of the cannabis market. There has been an increase in the process of legalization of cannabis in European countries. In November 2018, the Government of UK legalized medicinal cannabis. The use of cannabis in pesticides is a key factor propelling the demand for cannabis in Europe. Moreover, the growing number of cannabis testing laboratories has fuelled the demand for the same in this region. Asia Pacific projects a great demand for cannabis testing market. This is attributed to the medical use of cannabis in healing patients suffering from chronic neuropathic pain and any other spinal injury. It also helps to deal with anorexia in HIV AIDS, which is a major challenge in this region. Thailand became the first country in Southeast Asia to legalize cannabis in December 2018.
The global cannabis market is segmented by product type, application, and compound. Based on product type, the market is segmented into flower, concentrates, and others. In 2019, the flowers held the largest market share; however, the concentrates segment is expected to register the highest CAGR of during the forecast period. Based on application, the cannabis market has been segmented into medical and recreational uses. In 2019, the medical segment held a larger share of the market, by application. However, the recreational segment is anticipated to witness a faster CAGR in the cannabis market during 2020–2027. Based on compound, the cannabis market has been segmented into Tetrahydrocannabinol Dominant, Cannabidiol -Dominant, and balanced THC and CBD. In 2019, the THC-dominant segment held the largest share of the market. However, the CBD-dominant segment is anticipated to register the highest CAGR during the forecast period.
Unprocessed marijuana plant or its basic extracts are used to treat symptoms of illness and other medical conditions. The US FDA has not approved marijuana plant as medicine, but its cannabinoid constituent is an FDA-approved medication that is offered in the form of pill. As cannabis helps in treating certain illnesses and symptoms many regions/countries have legalized marijuana for medical use.
Currently, tetrahydrocannabinol and cannabidiol are the two cannabinoids from the marijuana plant that are of medical interest. THC may be effective in reducing pain and inflammation (swelling and redness), as well as in resolving muscle control problems. CBD is used to lower pain, inflammation, control epileptic seizures, and treat mental illness and addictions. Food and Drug Administration has approved a CBD-based liquid medication called Epidiolex for the treatment of two forms of severe childhood epilepsy—Dravet syndrome and Lennox-Gastaut syndrome. A few studies have reported that inhaled (smoked or vaporized) marijuana can be useful in treating neuropathic pain (pain caused by damaged nerves). Cannabis can reduce chronic pain, nausea, and vomiting from cancer chemotherapy. According to the American Cancer Society, recent animal studies have shown that marijuana extracts may help kill certain cancer cells and reduce the size of others. It also mentioned that THC helps improve food intake and prevent weight loss in patients with HIV. Thus, growing application of cannabis in the management of diseases such as HIV and epilepsy is expected to drive the market growth during the forecast period.
Based on product type, the global cannabis market is segmented into flower concentrates and others. In 2019, the flowers segment accounted for largest share of the cannabis market. However, the concentrates segment is expected to witness a higher CAGR during 2020–2027. Also, the increasing awareness of medical cannabis through conferences, symposia, and workshops are likely to propel the demand for these cannabinoids.
Aphria, Inc.,Aurora Cannabis, Cannabis Science, INC,Canopy Growth Corporation,Medical Marijuana, Inc,VIVO Cannabis Inc.,Tikun Olam, Terra Tech Corp., Tilray, and The Cronos Group are among the leading companies operating in the cannabis market.
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Source: The Insight Partners Analysis
The report segments global Cannabis market as follows:
- Pain Management
- Neurological Health Management
- Mental Health Management
- Tetrahydrocannabinol (THC)-Dominant
- Cannabidiol (CBD)-Dominant
- Balanced THC and CBD
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- South & Central America (SCAM)
The List of Companies - Cannabis Market
- Aphria, Inc.
- Aurora Cannabis
- Cannabis Science, INC.
- Canopy Growth Corporation
- Medical Marijuana, Inc.
- VIVO Cannabis Inc.
- Tikun Olam
- Terra Tech Corp.
- The Cronos Group
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