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.
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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.
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.
Cannabis is commercially available in forms such as marijuana, hashish, and Hash oil. A few species of cannabis are used to produce hemp fiber for use in paper, textiles, and clothing. Cannabis has been in use for medical purposes for many years. Recent studies show that cannabis may be useful in treating conditions such as nausea and vomiting, particularly when associated with chemotherapy, glaucoma, epilepsy, and asthma. The growing legalization of medical cannabis; increasing medicinal application of cannabis; and rising awareness regarding medical cannabis through conferences, symposia, and workshops are the major factors propelling the demand for cannabis. However, the stringent regulatory framework for the use of cannabis is market restrains the growth.
In the US, conferences symposia and seminars are being conducted in various states to acquaint citizens and authorities with medical marijuana and legal framework related to it. The World Medical Cannabis Conference and Expo (last held in April 2018) is one of the most popular conferences held in the US, with participants coming from around the world. It is the world’s largest cannabis symposium bringing all business stakeholders together. It involves over 3000 guests and 150 exhibitors. Cannon (August 2019) is first ever symposium that features legal sale of cannabis for business purposes. The expo provides a platform for guests to exchange knowledge with other business experts with over 12000 guests. The U.S Cannabis Conference and Expo (USCC Expo) (August 2019) involves high-profile discussion and presentations to educate entrepreneurs, with an aim to boost the development and evolution of medical cannabis industry.
By Product Type
Neurological Health Management
Mental Health Management
Balanced THC and CBD
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The Insight Partners
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.