The Global Cannabis Market is projected to reach USD 48.29 billion in 2027. The market is being predominantly driven by the growing usage of cannabis for many medicinal and recreational usage and increasing legalization in many countries with proliferating portfolio of end-use products. Rising proven studies suggests supporting the medicinal properties to treat many medical conditions including chronic pain, glaucoma, and poor appetite, nausea, migraines, seizures, and anxiety, among many others have been helping grow its usage amongst the end-users.
To increase their market penetration, a number of top competitors have made substantial strides in the industry. One such opponent, Aurora Cannabis, acquired MedReleaf in May 2018. The agreement brings together two of the largest marijuana companies in Canada, each with a distinct strategic plan. The organisation will unite to build a strong platform for global fast growth. The teams from Aurora and MedReleaf view the acquisition as a crucially important successful deal for the marijuana industry; as a result of this agreement, low production costs and industry-leading yields can be anticipated. Aurora’s programmed greenhouses are anticipated to provide industry-leading efficiency and low production costs, delivering sustainably robust margins.
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The coronavirus outbreak has led to drastic changes in the current Cannabis market business landscape, limiting the growth opportunities for various manufacturers and buyers for the next few years. Besides making speculations about the market’s post-COVID-19 scenario, the report discusses its existing situation. The report eventually offers conclusive data related to the Cannabis market growth assessed on both regional and global levels.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Some Key Highlights from the Report
Based on Compound, THC dominates the industry share attributed to the fact that these compound contains the psychoactive substance in marijuana products and is responsible for the head high feeling. Even though high THC content is better known for its mind-altering euphoria, it has significant medical benefits and is considered useful in relieving nausea, appetite loss, and insomnia.
Geographically, North America, especially the United States and Canada, dominates the market. The recent legalization of marijuana taken place in the North America segment for medical purposes has been a significant driver of marijuana market growth. Other major sections include Europe (Germany, Italy, France, the Netherlands, and Spain), Asia Pacific, Latin America, and the Middle East and Africa.
Improving lungs capacity, fighting cancer, helping in weight reduction, treating as an antidepressant, and alleviating anxiety, among others are some of the benefits that can be incubated from cannabis, and have been crucial supporting factors for the market growth.
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Major Companies in the Market Include:
Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., and MedMen, among others.
For the purpose of this report, Emergen Research has segmented into the global Cannabis Market on the basis of Product Type, Compound, Application, and region:
Product Type Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Flower
- Concentrates
- Others
Compound Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Tetrahydrocannabinol
- Cannabidiol (CBD)
- Balanced THC & CBD
Application Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
- Medical
- Pain Management
- Neurological Health Management
- Mental Health Management
- Others
- Recreational
- Others
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Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Rest of MEA
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