INSIGHT: COVID-19 Is Impacting The Cannabis Industry in Food and Beverage
Coronavirus (COVID-19) outbreak across 110 or more countries has shown impact on every industry. Similarly, it has affected every person as well as every business worldwide with in some small or terribly large way.
In present time scenario, the worldwide cases are more than 8.4 million due to which the economy of the countries has started declining. All the industrial sectors of this country are facing challenges starting from raw material collection to procurement of the end product. One of the industries which have got an impact due to the outbreak is cannabis industry. The revenue generations by the companies or the banks in start of year 2020 were plummeted as the consumers’ demand has decreased and the major reason was lockdown.
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Global Cannabis Market
Global Cannabis Market By Product Type (Buds, Oil, Tinctures, Others), Usage (Medical, Recreational), Crop Variety (Cannabis Indica, Cannabis Sativa, Others), Distribution Channel (Physical, Digital, Others) and Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
Cannabis is a type of drug that is obtained from plants such as cannabis indica and cannabis sativa. The active chemical present in the plant is tetrahydrocannabinol (THC). Cannabis plant has several medical as well as recreational usages. In medical, cannabis is reported to treat nausea, vomiting, chronic pains, asthma and many more diseases. The plant also has psychoactive and physiological effects when taken into the body.
Global cannabis market is projected to register a healthy CAGR of 34.7% in the forecast period of 2019 to 2026.
Global Cannabis Seeds MarketÂ
Global Cannabis Seeds Market, By Type (Whole Cannabis Seeds, Shelled Cannabis Seeds, Cannabis Seeds Oil, Cannabis Seeds Protein), Application (Personal Care Products, Pharmaceuticals), Source (Organic, Conventional), Distribution Channel (Direct Sales, Online, Modern Trade Format, Convenience Stores, Departmental Stores, Retails and Others), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa) Industry Trends and Forecast to 2027
Global Medical Cannabis Market
Global Medical Cannabis Market,By Species (Cannabis Indica, Sativa, Hybrid), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC), Others), Application (Pharmaceutical Industry, Research and Development Centers, Others), Route of Administration (Oral Solutions and Capsules, Smoking, Vaporizers, Topicals, Others), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa), Market Trends and Forecast to 2027
Global Medical Cannabis Market Scope and Market Size
Medical cannabis market is segmented of the basis of species, derivatives, application and route of administration. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
Based on species, the medical cannabis market is segmented into cannabis indica, sativa and hybrid.
Derivatives segment of the medical cannabis market is segmented into cannabidiol (CBD), tetrahydrocannabinol (THC), and others.
The application segment of the medical cannabis market is divided into pharmaceutical industry, research and development centers and others.
Based on route of administration, the medical cannabis market is bifurcated into oral solutions and capsules, smoking, vaporizers, topicals and others.
Conclusion
COVID-19 pandemic has taken a toll on the global population and economy. A collaborative effort on governments, public health departments, and hospital fraternity to fight the coronavirus has led to economic slowdowns, global lockdowns, and extreme public safety measures. The public health measures include creating awareness about home quarantine measuring, maintaining food and healthcare supply, especially to the poor are being strictly followed by governments across the world.
Despite the pandemic situation, the market for cannabis has shown drastic growth due to its medicinal properties and consumer preferences towards cannabis-based products. The demand for cannabis-based food and beverage along with the smoking products is rising in the countries where legalization of cannabis is already done. Due to the medicinal properties of cannabis, the governments of many countries are focusing on legalizing the cannabis-based products; this is expected to drive the market for cannabis globally. Increasing the inclination of the younger population towards cannabis in various forms is also a major factor affecting the market for cannabis-based products.