Global Cannabis Market Insights
The global cannabis market is estimated to witness a high CAGR during the forecast period (2019-2026). Growing use of cannabis in medicinal applications and rising advancements in genetic development are some of the major factors driving the cannabis market. Rise in the investments made in the healthcare sector is expected to propel the market growth during the forecast period. Growing innovations and modifications in the medical sector is driving the market during the forecast period. However, stringent norms by the government, and environmental regulations are likely to hamper the market growth during the forecast period.
Cannabis Market: By Product Type
On the basis of product type, the global cannabis market is segmented into flower, and concentrates among others. The concentrates segment is expected to grow at highest CAGR during the forecast period. Significant rise in consumer acceptance, higher availability, and favorable demand of cannabis is expected to boost the market growth. Vapes within the concentrate emerge as the dominant segment. The cannabis flower contains approximately 15% to 30% THC, approximately 0.1% to 1% CBD, and marginal amounts of other cannabinoids.
Cannabis Market: By Application
On the basis of application, the market is segmented into medical, and recreational. The recreational segment is expected to grow at the highest CAGR during the forecast period. Despite the extremely low presence of recreational cannabis, its consumption and demand remains nearly equivalent to that of medicinal cannabis. It has resulted in the increased demand for cannabis in the global market. Furthermore, cannabis is legalized in many countries including USA, Canada, and Uruguay among others. Cannabis is a tall plant with a rigid upright stem that is used as a medicine and is legalized for medicinal purpose. Growing diseases including HIV-AIDS, glaucoma, cancer, pain, and nausea among others can be treated by cannabis for medicinal purposes. However, the medical industry is estimated to account for the largest market share, in terms of value during the forecast period.
Cannabis Market: By Compound
On the basis of compound, the market is segmented into THC-dominant, CBD-dominant, and balanced THC & CBD. The THC dominant is estimated to account for the largest market share, in terms of value. Growing THC helps to reduce inflammation, pain, and muscle control among others. High THC content is best known for its mind-altering euphoria, and has significant medical effects and is believed to be effective in alleviating vomiting, loss of appetite, and insomnia. Growing benefits of CBD in treating various type of illness including chronic pain, anxiety, and cancer are among the major factors driving the cannabis market. The CBD-dominant segment is estimated to grow at the highest CAGR between 2019 and 2026.
Cannabis Market: By Region
On the basis of region, the market for Cannabis is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America. North America is expected to witness considerable growth in the cannabis market during the forecast period. Growing medical activities in the region is propelling the market growth. The U.S. is expected to be the largest cannabis producers for medicinal purposes in North America. The Asia-Pacific region is expected to grow at a high CAGR during the forecast period. Australia is expected to hold the second largest market share due to increased government spending on laboratories and research and development projects.
Cannabis Market: End Use Landscape
The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section briefs you about company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase. The key end-users of the markets are Aspire, Suorin, and PAX among others.
Cannabis Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the Cannabis market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Cannabis Market Share & Competitor Analysis
Some of the key players operating in the Cannabis market are Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc. , Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., and MedMen among others.