The cannabis market is expected to reach US$ 147,457.4 million by2027 from US$ 14,383.8 million in 2019; it is estimated to grow at a CAGR of 29.1% from 2020 to 2027.
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.
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The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘Cannabis Market’ provides the analysis on impact on Covid-19 on various business segments and country markets. The reports also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation
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.
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 World Medical Cannabis Conference and Expo (last held in April 2018) is one of the most popular conference 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.
The research provides answers to the following key questions:
- What is the estimated growth rate of the market for the forecast period 2020–2027? What will be the market size during the estimated period?
- What are the key driving forces responsible for shaping the fate of the Cannabis market during the forecast period?
- Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Cannabis market?
- What are the prominent market trends influencing the development of the Cannabis market across different regions?
- What are the major threats and challenges likely to act as a barrier in the growth of the Cannabis market?
- What are the major opportunities the market leaders can rely on to gain success and profitability?
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