Cannabis Market to Set Phenomenal Growth in Key Regions by 2027 | Aurora Cannabis, Cannabis Science, VIVO Cannabis Inc.

The key factors such as legalization of medical cannabis, increasing awareness of medical cannabis through conferences, symposia, and workshops, and growing medicinal application of cannabis boosting the market over the years. The North America region is the fastest growing market among the all regions and is expected to grow with CAGR of 35.3%. This market is expected to reach to US$ 67,915.6 in 2027 from US$ 4,518.7 Mn in 2018. The growth in North America is characterized by increase in the approval of cannabis medicinal products. Moreover, increasing number of companies offering medicinal cannabis, growing medicinal applications of cannabis and increasing key factors contributing to the growth of cannabis market.

The cannabis market is expected to reach US$ 153,689.9 Mn in 2027 from US$ 10,838.1 in 2018. The market is estimated to grow with a CAGR of 34.5% from 2019-2027.

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An exclusive Cannabis Market research report has been fabricated through the in depth analysis of the market dynamics across five regions including North America, Europe, South America, Asia-Pacific, Middle East and Africa. The segmentation of the market by components, end users, and region was done based on the thorough market analysis and validation through extensive primary inputs from industry experts (key opinion leaders of companies, and stakeholders) and secondary research (global/regional associations, trade journals, technical white papers, company’s website, annual report SEC filing, and paid databases). Further, the market has been estimated by utilizing various research methodologies and internal statistical model.

The research dives deep into the global share, size, and trends, as well as growth rate of the Cannabis Market to project its progress during the forecast period, i.e., 2020–2027. Most importantly, the report further identifies the past, present, and future trends that are expected to influence High Throughput Screening the development rate of the Cannabis Market. The research segments the market on the basis of product type, application, and region.

Here we have listed the top Cannabis Market companies in the world

• Aphria, Inc.
• Aurora Cannabis
• Cannabis Science, Inc.
• Canopy Growth Corporation
• Medical Marijuana, Inc.
• VIVO Cannabis Inc.
• Tikun Olam Ltd
• Terra Tech Corp.
• Tilray
• Cronos Group

Market Insights

Legalization of medical cannabis

The United States is anticipated to be the main driving force of growth of use of medical cannabis. 30 states of the United States of America have legalized the use of cannabis. These 30 states comprises of 60% of total population and have approved use of medical marijuana. This has become the driving force for the growth of cannabis testing marked in the entire North America region. Currently more than 8000 active licenses for cannabis businesses in USA. It is the only country with such number of market players. Europe is another region which has shown a decent growth rate for cannabis testing market. There has been an increase in the process of legalization of cannabis in European countries. In November 2018, Government of UK announced that medicinal cannabis is legal. The main force for growth in demand of cannabis is because of the use of cannabis in pesticides in Europe. Growing number of cannabis testing laboratories have fuelled the demand for cannabis in the Europe region. There has been significant rise in investments in cannabis testing labs and recent law changes which have led to acceptance of marijuana and cannabis. Thus, due to growing legalization of cannabis, the cannabis testing market is expected to grow at rapid pace.

Elucidating the top pointers from the Cannabis Market report:

GLOBAL CANNABIS MARKET – MARKET SEGMENTATION

Global Cannabis Market – By Product Type

• Flowers
• Concentrates
• Others

Global Cannabis Market – By Application

• Medical
  • Pain Management
  • Neurological Health Management
  • Mental Health Management
  • Others
• Recreational

Global Cannabis Market – By Compound

• Tetrahydrocannabinol (THC)-Dominant
• Cannabidiol (CBD)-Dominant
• Balanced THC and CBD

Growing Acceptance of Cannabis Products

The medicinal and recreational cannabis industries are growing at rapid pace, and is expected to witness tremendous growth by 2025. Growing acceptance of cannabis is driving the industry and is accelerating growth in drug development and medicine as well as regulatory guidance. The cannabis industry is witnessing rapid growth owing to higher sales. The cannabis consumer demographic is growing ever more diverse.

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Posted by Rajat Sahni on Friday July 10 2020, 12:59 AM EST. All trademarks acknowledged. Filed under Healthcare. Comments and Trackbacks closed. Follow responses: RSS 2.0