According to Precision Business Insights (PBI) latest report the global cannabis market is expected to be worth USD 29,415.2 million in 2022, growing at a 16.3% CAGR from 2022 to 2028.
According to Precision Business Insights (PBI) latest report the global cannabis market is expected to be worth USD 23,641.8 million in 2022, growing at a 16.3% CAGR from 2022 to 2028. Cannabis product sales are growing at a double-digit growth rate over the years owing to an increase in new customers, and the legalization of cannabis in the new states is primarily responsible to drive the growth of the market. COVID-19 has impacted various industries across the globe however, it has very minimal impact on the cannabis market. The global cannabis market is predicted to increase considerably over the forecast period, owing to the growing acceptance of cannabidiol (CBD) based products to cure diseases. Strict regulatory guidelines associated with the sales and production of cannabis across various nations can be tedious for producers and stakeholders to comply with.
The Cannabidiol Segment are Dominate the Cannabis Market:
Based on the compound type the market is segmented into Tetrahydrocannabinol (THC), Cannabidiol (CBD), and Balanced THC & CBD. During the projected period, Cannabidiol (CBD) is expected to account for a larger revenue share in the global cannabis market market and is projected to grow at a significant CAGR over 2022 and 2028. CBD is not intoxicating or psychotropic like its relative THC. CBD oil proponents believe that it may be used to treat chronic pain, inflammation, migraines, epilepsy, autoimmune illnesses, depression, and anxiety, among other ailments. Considering these benefits cannabidiol market is anticipated to grow in the forecasting period.
North America Leads Cannabis Market:
North America held the largest revenue share in the global cannabis market and the market is expected to burgeon at a significant CAGR over the forecast years owing to an increase in the number of cannabis consumers in the United States driving the growth of the market. For instance, in 2015 medical cannabis products consumers are 1.55 million and in 2020, the consumers'™ number was 3.7 million. In the United States, recreational cannabis consumers stand at 40.4 million (2019) and 40.9 million (2020). Europe held the significant revenue share in the global cannabis market and the market is expected to burgeon at a prominent growth rate over the forecast years owing to the growing use of medical cannabis and progressive legalization in the European countries
Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Cannabis market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In 2018, the FDA approved EPIDIOLEX (Cannabidiol) for the treatment of seizures in two rare and severe forms of epilepsy, Lennox-Gastaut syndrome and Dravet syndrome in patients aged one year and above. In 2020, FDA approved EPIDIOLEX for new indication to treat the seizures associated with tuberous sclerosis complex (TSC) in patients one year of age and older.
The cannabis market is segmented based on Product Type, Application Type, Compound Type, and geography. Based on the Product Type, the market is segmented into the following:
Based on the Application, the market is segmented into the following:
Based on the Compound Type, the market is segmented into the following:
Based on Geography, the market is segmented into the following:
Key players profiles in the cannabis market report are Canopy Growth Corporation, Aurora Cannabis, Aphria, Inc, Tilray, and ABcann Medicinals, Inc, The Cronos Group, and Maricann Group, Inc, Organigram Holding, Inc, Lexaria Corp, GW Pharmaceuticals, United Cannabis Corporation.
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