Cannabis Market Growth Trends
The cannabis market size is anticipated to reach USD 34.3 billion by 2027, growing at a CAGR of 17.7% over the forecast period as per the new research report published by Confianza Market Research & Consultancy. cannabis is also known as Marijuana, cannabis is made up of 120 components which are known as cannabinoids. Cannabis can be obtained from leaves, stems, dried flowering tops of the cannabis hemp plant. cannabis has been legalized for its medical usage and it is used as a drug. Cannabis is mainly known for his medical usage, as it is useful to reduce various symptoms such as chronic pain as well as nausea and vomiting, mostly when associated with chemotherapy, glaucoma, epilepsy, and asthma. However, that doesn’t mean all hemp-derived cannabidiol products are legal.
Since Cannabis has medicinal qualities, but it can’t be legally used in foods or dietary supplements, products marketed with therapeutic claims. Extensive growth in various industries like pharmaceuticals, personal care, and cosmetics, and nutraceuticals along with its medical applications is favoring the demand for cannabidiol hence the market will grow in the forecast period. Smoking cannabis flower shows a rapid effect, so it is considered as a fast-acting relief by its medical consumers. Hence the cannabis flower is the dominant segment as compared to the other cannabis sources. Buds are the readily available source of cannabis and there is no processing needed and they are reasonable for low-income people and because of this the cannabis industry substantially grows in near future.
Mental disorders, such as anxiety disorder, depressions, and Alzheimer’s diseases are increasing in people day by day. Cannabis is well known for his medical application and it is also useful to cure medical disorders, hence the cannabis market witnesses growth in the forecast period. Increasing awareness of cannabis in consumers due to its medical usage can boost the cannabis market.
North America was the dominant player in the historical year as the cannabis market in this region is primarily driven by the Canada and US. Few of the market players such as Aurora Cannabis Inc., Canopy Growth Corporation, Medical Marijuana Inc. are continuously investing in the R&D of the cannabis market to come up with new products to fulfill the demand of consumers. However, the legalization of cannabis is varying region to region. In addition to this, the regulatory norms on production as well as the sale of cannabis can vary in a different state of the same country and this can be monotonous for the manufacturer and stakeholders.
View detailed analysis & sample report here: Global Cannabis Market Size, Share & Trends Analysis Report
- Product Type Outlook (Revenue, USD Million, 2016 – 2027)
- Marijuana Type Outlook (Revenue, USD Million, 2016 – 2027)
- Adult Use
- Medical Application Outlook (Revenue, USD Million, 2016 – 2027)
- Mental Disorders
- Chronic Pain
- Regional Outlook (Revenue, USD Million, 2016 – 2027)
- The U.S.
- Czech Republic