The global 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.
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.
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Top Companies: 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
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.
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. The average cannabis consumer is now middle-aged, with more women and seniors consuming weed in its various forms. This means that the market is growing and demand within the market is shifting to alternative products. Also different cannabis products are gaining importance and are achieving a substantial market share. Vapes are one of the hottest cannabis products in 2019.
GLOBAL CANNABIS MARKET – MARKET SEGMENTATION
Global Cannabis Market – By Product Type
Global Cannabis Market – By Application
Neurological Health Management
Mental Health Management
Global Cannabis Market – By Compound
- Tetrahydrocannabinol (THC)-Dominant
- Cannabidiol (CBD)-Dominant
- Balanced THC and CBD
Global Cannabis Market – By Region
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- South America (SAM)