Cannabis Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type ; Application ; Compound and Geography

Cannabis Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type ; Application ; Compound and Geography

  • July 2020 •
  • 215 pages •
  • Report ID: 5950841 •
  • Format: PDF
The global cannabis markets expected to reach US$ 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 US is anticipated to be the major contributor to the rise in the use of medical cannabis. 30 states of the US, which comprise 60% of total US population, have legalized the use of cannabis. Currently, more than 8000 active licenses have been issues to cannabis businesses in the country, and it is the only countries with such a large number of market players. Europe has also witnessed a decent rate of growth of the cannabis market. There has been an increase in the process of legalization of cannabis in European countries. In November 2018, the Government of UK legalized medicinal cannabis. The use of cannabis in pesticides is a key factor propelling the demand for cannabis in Europe. Moreover, the growing number of cannabis testing laboratories has fuelled the demand for the same in this region. Asia Pacific projects a great demand for cannabis testing market. This is attributed to the medical use of cannabis in healing patients suffering from chronic neuropathic pain and any other spinal injury. It also helps to deal with anorexia in HIV AIDS, which is a major challenge in this region. Thailand became the first country in Southeast Asia to legalize cannabis in December 2018.

The global cannabis market is segmented by product type, application, and compound.Based on product type, the market is segmented into flower, concentrates, and others.

In 2019, the flowers held the largest market share; however, the concentrates segment is expected to register the highest CAGR of during the forecast period.Based on application, the cannabis market has been segmented into medical and recreational uses.

In 2019, the medical segment held a larger share of the market, by application.However, the recreational segment is anticipated to witness a faster CAGR in the cannabis market during 2020-2027.

Based on compound, the cannabis market has been segmented into Tetrahydrocannabinol 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 during the forecast period.

The National Institute of Health (NIH), National Center for Biotechnology Information (NCBI), Ministry of Health and Prevention (MoHAP), World Health Organization (WHO), National Research Foundation, European Observatory on Cannabis Cultivation, European Medical Association, and Centers for Disease Control and Prevention (CDC) are among the essential secondary sources associated with the report.

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