December 10, 2019
According to the research report titled ‘Cannabis Market to 2027 - Global Analysis and Forecasts by Product Type (Flower, Concentrates, Others); Application (Medical, Recreational); Compound (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC and CBD) and Geography’ available at MarketStudyReport.com, the global cannabis market was worth US $10,838.1 million in 2018 and is estimated to grow with CAGR of 34.5% during the period of 2019-2027, hence reaching US $153,689.9 million by the year 2027.
For the record, cannabis or marijuana is often used among millennials for recreational purposes and is also known to have medicinal properties. Although the plant itself is not yet FDA approved, the extracts of the plant called cannabinoids are FDA approved medications which are consumed in form of capsules. Extracts from cannabis, called cannabinoids, facilitate in reducing pain and inflammation, and treating addictions and mental illnesses.
Rising number of countries legalizing the use of cannabis for medical purposes, in consort with growing awareness regarding the health benefits of product are major factors driving the growth of cannabis market. Factors such as favorable federal reforms for conducting research & development activities in medical field is further aiding the market expansion. Surging need of cannabis for medical applications for the treatment of diseases like epilepsy, HIV and others is augmenting the demand for cannabis across the globe.
Based on product type, cannabis market is categorized into concentrates, flowers, and others, whereas in terms of application spectrum, the market is classified into recreational and medical. According to the report, although the medical cannabis application segment held the largest share in 2018, the recreational application segment is expected to witness substantial growth in the forthcoming years. On the basis of compound type, the market is divided into Cannabidiol (CBD)-Dominant, Tetrahydrocannabinol (THC)-dominant, and Balanced THC & CBD.
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Considering the geographical outlook, the global cannabis market is fragmented into regions namely, North America, South America, Middle East & Africa, Europe, and Asia-Pacific.
The key players in the global cannabis market are Aurora Cannabis, Aphria Inc., Canopy Growth Corp., Cannabis Science Inc., VIVO Cannabis Inc., Medical Marijuana Inc., Terra Tech Corp., Tikun Olam, The Cronos Group, and Tilray.
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