Publication Month: Jul 2020 |
Report Code: TIPRE00003973
| No. of Pages:
| Category: Pharmaceuticals
| Status: Published
No. of Pages 215
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.
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.
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.
Based on application, the cannabis market is segmented into medical and recreational uses. In 2019, the medical segment held a larger share of the market. However, the market for recreational applications is anticipated to witness a faster CAGR during 2020–2027.
Based oncompound, the cannabis market is segmented intotetrahydrocannabinol-dominant, cannabidiol-dominant, and balanced THC and CBD. In 2019, the THC-dominant segment held the largest share of the market. However, the CBD-dominant segment is anticipated to register the highest CAGR in the cannabis market during the forecast period.
|Market Size Value in||US$ 14,383.8 Million in 2019|
|Market Size Value by||US$ 147,457.4 Million by 2027|
|Growth rate||CAGR of 29.1% from 2020-2027|
|No. of Pages||215|
|No. of Tables||95|
|No. of Charts & Figures||69|
|Historical data available||Yes|
|Segments covered||Product Type ; Application ; Compound -Dominant and Geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Type launch and expansion are commonly adopted strategies by companies to expand their footprint and product portfolio worldwide by meeting the growing global demand. The market players operating in thecannabis marketadopt the strategy ofcollaborationand partnership to enlarge their global customer bases, which also permits them to maintain brand name in the global market.