Cannabis Market Growth Analys up to 2028 – The Insight Partners.
Posted by niket gore on July 27th, 2022
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. The report highlights trends prevailing in the global cannabis market, and drivers and hindrances pertaining to the market growth.
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
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Cannabis belongs to the cannabaceae family. Cannabis is also known with other names such as grass, pot, hash, weed, reefer, dope, herb, mull, buddha, ganja, joint, stick, buckets, cones, skunk, hydro, yarndi, smoke and hooch. Cannabis has long been used as vegetables and as juice, medicinal purposes and as a recreational drug. Cannabis is basically a drug that is obtained from Indian hemp plants named cannabis indica and cannabis sativa. There are different forms of cannabis available such as marijuana, hashish and Hash oil. Some species of cannabis are used to produce hemp fiber for use in paper, textiles and clothing. Cannabis is used for medical purposes for many years. Recent studies show that cannabis may be useful to help conditions such as nausea and vomiting, particularly when associated with chemotherapy, glaucoma, epilepsy and asthma.
The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as product launches, and expansion. Whereas, the inorganic strategies such as partnership, and collaborations, were widely seen in the Cannabis market. Majority of the market leaders are involved in organic activities such as expansion and product launch in order to improve their performance and consolidate market position.
Lucrative Regional Cannabis Market
Increasing Awareness About Medical Cannabis Through Conferences, Symposia, and Workshops
There has been a significant change in the medical applications of cannabis in this decade. The governments of various states in the US have attempted to spread the awareness regarding use of cannabis in the medical industry. As a part of these efforts, various government institutions have initiated the process of legalizing the use of medical cannabis by imposing legal frameworks in practice. These rapid changes have enabled medical experts and professionals to organize events to spread the word about the medical applications of this plant. 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. CannaCon (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.
Thus, such rising number of conferences, expos, and other awareness programs are driving the growth of the cannabis market.
Product Type Insights
Based on product type, the Cannabis market is segmented into flower concentrates and others. In 2019, the flowers held the largest market share; however, the concentrates segment is expected to witness the highest CAGR during the forecast period. Moreover, the cannabis flowers are resinous whose buds can be processed into pharmaceutical-grade drugs through the extraction of active cannabinoids. Various products such as elixirs, tinctures, salves, poultices, and creams can be made from the flowering tops for external and internal ailments. The flowers hold a major share in the cannabis market as largest quantities of cannabinoids are found in the leaves and flowers of cannabis.
Cannabis Market, by Product Type – 2019 and 2027
Based on application, the cannabis market is segmented into medical and recreational uses. In 2019, the medical segment held a larger share of the market. However, the market for recreational applications is anticipated to witness a faster CAGR during 2020–2027.
Based on compound, the cannabis market is 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 in the cannabis market during the forecast period.
Type launch and expansion are commonly adopted strategies by companies to expand their footprint and product portfolio worldwide by meeting the growing global demand. The market players operating in the cannabis market adopt the strategy of collaboration and partnership to enlarge their global customer bases, which also permits them to maintain brand name in the global market.
By Product Type
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About the Authorniket gore
Joined: July 6th, 2022
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