DUBLIN--(BUSINESS WIRE)--The "Global Cannabis Market by Product Type (Flowers, Concentrates, Edibles, Topicals & Tinctures), Compound (THC-Dominant, CBD-Dominant, Balanced THC & CBD), Application (Medical, Recreational), and Region (North America, South America, Europe, RoW) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global cannabis market is estimated to be valued at USD 27.7 billion in 2022 and is projected to reach USD 82.3 billion by 2027, recording a CAGR of 24.3% in terms of value.
The market is driven by the rise in the use of cannabis for recreational and medical use. Moreover, there has been an increased legalization of cannabis in the US in states like Virginia in 2021 and Rhode Island in 2022 and in other countries like in Malta in 2021, and Thailand in 2018.
The cannabis industry is growing rapidly and witnessing a double-digit growth rate globally. There are several major companies operating in the cannabis segment that dominate their respective markets. Thus, companies are competing to gain a significant market share.
By application, the recreational segment is projected to grow at the highest CAGR during the forecast period
Recreational cannabis demand is increasing continuously driven by Gen Z consumers. A small but encouraging portion of cannabis products are being sold to women due to a shift in public opinion, and this percentage is predicted to increase over time. Moreover, legalization has have led to a trend toward cannabis-related tourism, with locations producing novel holiday items to entice clients and increasing travel bookings to cannabis-legal destinations.
By compound, the THC-dominant segment is estimated to account for the largest share
THC strain is used for both medical and recreational applications, which increases its demand among manufacturers as well as consumers. Growing Together Research Inc., an Indiana-based biotechnology business, has created a new technique for genetically regulating the expression of Delta-9-THC in cannabis, including the capacity to boost cannabinoid levels in marijuana varieties grown for recreational or medical purposes. Moreover, other forms of THC, such as delta-8-THC, are gaining popularity in addition to the conventional version.
The European region is projected to grow at the highest CAGR during the forecast period
The market in Europe is majorly driven by the awareness of medical benefits of cannabis in the region coupled with the healthcare system present in several European countries that covers the health expenditure of most patients in these regions.
As the legalization of cannabis in European countries is at a nascent stage, this creates a considerable opportunity for companies to establish themselves in the region. Since the beginning of 2019, the European cannabis market has witnessed multiple mergers and acquisitions involving companies focused on medical cannabis. Like in the starting of 2021 medical cannabis firm GW Pharmaceutical was acquired by Jazz Pharmaceutical for USD 6.15 Billion.
Market Dynamics
Drivers
Rising Cannabis Demand for Medicinal Applications
Legalization of Cannabis and Rise in Social Acceptance
Growth in R&D Activities and Technological Advancements to be Precursors for Cannabis Business
Rising Global Cannabis Sales Helping Online Retailers Expand
Restraints
Complex Regulatory Structure for Use of Cannabis
Problems Associated with High Dose of Cannabis Consumption
Stigmatization of Cannabis Market
Profit Margins of Manufacturers Shrinks as Cannabis Prices Fall
Opportunities
Emergence of Cannabis Legalization in Asia-Pacific
Edibles, Led by Gummies and Chocolates, to Present Additional Growth Opportunities for Cannabis Business
Inorganic Growth Strategies Adopted by US Cannabis Companies
Challenges
Intensive Water Consumption and Inability to Maintain Consistency During Cannabis Cultivation
Cannabis-Producing Businesses Face Financing Difficulties in US
Advertising and Marketing Restrictions in US
Supply Chain Challenges Associated with Cannabis in US
Companies Mentioned
Aurora Cannabis Inc.
Cannabliss Organic LLC
Canopy Growth Corporation
Connected Cannabis Co.
Cresco Labs
Curaleaf
Ecofibre Limited
Green Thumb Industries
Henry's Original
HEXO Corp.
Indiva
Justice Cannabis Co.
Maricann Group Inc.
Medical Marijuana, Inc.
Medmen
Organigram Holdings Inc.
Satipharm
Stenocare
TerrAscend
The Cronos Group
Tikun Olam-Cannbit Pharmaceuticals Ltd.
Tilray
Trulieve
Unrivaled Brand Inc.
Verano
Village Farms International Inc.
VIVO Cannabis Inc.
For more information about this report visit https://www.researchandmarkets.com/r/oc9tbx
http://dlvr.it/SZyZWD
No comments:
Post a Comment