Report : Cannabis Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Product Type (Flower, Concentrates, Others); Application (Medical, Recreational); Compound (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC and CBD) and Geography
Tetrahydrocannabinol-Dominant Segmentto Register Highest CAGR in Cannabis Market during Forecast Period
According to ournew market research study of “CannabisMarket to 2027 – Global Analysis and Forecast by Product Type, Compound and Application,” the market is expected to reach US$ 147,457.4 million by 2027 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.
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.
The growth of the global cannabis market is as attributed to the legalization of medical cannabis;growing medicinal applications of cannabis;andincreasing awareness about medical cannabis through conferences, symposia, and workshops. Additionally, the growing demand of cannabis during the ongoing COVID-19 pandemic is likely to have a positive impact on the market in the coming years.
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.
The report segments global Cannabis market as follows:
By Product Type