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Cannabis Market Revenue to Cross USD 147,457.4 million by 2027: The Insight Partners

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.

The report highlights trends prevailing in the global cannabis market along with drivers and hindrances pertaining to the market growth.

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 cannabisis market restrains the growth.

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Market Insights

Increasing Awareness About Medical Cannabis Through Conferences, Symposia, and Workshops

There has been a significant change in the medical applications of cannabis in this decade. The governments of various states in the US have attempted to spread the awareness regarding use of cannabis in the medical industry. As a part of these efforts, various government institutionshave initiated the process of legalizing the use of medical cannabis by imposing legal frameworksin practice. These rapid changes have enabled medical experts and professionals to organize events to spread theword about the medical applications of this plant.In the US, conferences symposia and seminars are being conducted in various states to acquaint citizens and authorities with medical marijuana and legal framework related to it. The World Medical Cannabis Conference and Expo (last held in April 2018) is one of the most popular conferencesheld 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 presentationsto educate entrepreneurs, with an aim to boost the development and evolution of medical cannabis industry.

Thus, such rising number of conferences, expos, and other awareness programs are driving the growth of the cannabis market.

Product Type Insights

Based on product type, the Cannabis market is segmented into flower concentrates and others. In 2019, the flowers held the largest market share;however, the concentrates segment is expected to witness the highest CAGR during the forecast period. Moreover, the cannabis flowers are resinous whose buds can be processed into pharmaceutical-grade drugs through the extraction of active cannabinoids. Various products such as elixirs, tinctures, salves, poultices, and creams can be made from the flowering tops for external and internal ailments.The flowers hold a major share in the cannabis market as largest quantities of cannabinoids are found in the leaves and flowers of cannabis.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Cannabis Market: Competitive Landscape and Key Developments

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.

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About US

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defence, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Food and Beverages, Consumers and Goods, Chemicals and Materials.

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Contact Person: Sameer Joshi

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