ReportCrux Market Research has published a new report titled “Cannabis Market by Product (Concentrates, Flower and Others); by Compound (Cannabidiol (CBD)-dominant, Tetrahydrocannabinol (THC)-dominant and Balanced CBD & THC); by Application (Medical and Recreational) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027″.
North America Cannabis Market Size:
North America Cannabis Market is estimated to grow from USD 11.52 Billion in 2019 to USD 99.21 Billion by 2027, at a CAGR of 30.9% during 2020-2027.
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Cannabis is a drug derived from the Cannabis Sativa, Cannabis Indica, and hybrid strains. It is commercially available in different form like hash oil, hashish and marijuana. Species of cannabis are used to produce hemp fiber which is used in the production of clothing, textile and paper.
It is used for medicinal purpose since many years and is associated for treating various conditions like vomiting and nausea. Growing use in medicinal applications, increasing legalization of medical cannabis and its rising awareness are some of the factors that are propelling the demand of cannabis.
“Final Report will cover a detailed analysis regarding the impact of COVID-19 on this industry.”
The global market for the Cannabis is segmented into product, compound, application and region.
Flower segment dominated the market by 58%
Based on product, the market is segmented into Concentrates, Flower and Others. Among all the product types, flower segment dominated the market by 58%, and the concentrates segment is anticipated to grow at the maximum CAGR of about 32% during the forecast period. Flowers are easily available and can be obtained in a huge quantity.
Apart from this, vaping or smoking the cannabis flower has a quicker effect and is most preferred for giving a faster relief to the medical and recreational consumers.
While in its usage for pharmaceutical grade drugs, the flower buds are processed through the extraction of active cannabinoids. Also, various products like salves, tinctures, elixirs, creams and poultices can be made from the flowering tops which are used for treating the internal and external aliments.
Based on application, the market is divided into Medical and Recreational. Further, the medical segment is sub-segmented into Neurological Health Management, Pain Management, Mental Health Management and Others.
Due to the rising demand of cannabis for the medicinal purpose like pain management, mental health management and neurological health, this segment is expected to dominate the market. Also, the increasing legalization of cannabis for recreational purpose is expected to boost this segment in the near future.
Tetrahydrocannabinol (THC)-dominant segment expected to grow at the fastest CAGR of more than 31% and accounted for a share of near about 56% and was valued at near about USD 8.0 Billion.
Based on compound type, the market is categorized into Cannabidiol (CBD)-dominant, Tetrahydrocannabinol (THC)-dominant and Balanced CBD & THC. The Tetrahydrocannabinol (THC)-dominant segment dominated the market. It is also expected to grow at the fastest CAGR of more than 31% and accounted for a share of near about 56% and was valued at near about USD 8.0 Billion.
The dominance of this segment is majorly accredited due to that psychoactive substance in it, which is responsible for getting the high. THC also has various medicinal benefits which are helpful in relieving insomnia, appetite loss, nausea and similar symptoms.
Here are the 13 best Cannabis Market companies analysis
- Aurora Cannabis Inc.
- Canopy Growth Corporation
- Medmen, Aphria Inc.
- Terra Tech Corp.
- Chronos Group Inc.
- Vivo Cannabis Inc.
- Medical Marijuana, Inc.
- Tikun Olam
- Cannabis Science Inc.
- Organigrams Holding Inc.
- Maricann Group Inc.
- Tilray Inc. among others.
North America accounted for more than 80% of the global cannabis market
Amongst all the regions, North America accounted for the largest share of the market in 2019. The growth in this market is primarily driven due to the U.S. and Canada. Due to the increasing legalization for medicinal and recreational purpose and liberalism of government regulations, there is a growing awareness amongst the consumers regarding its health benefits.
North America accounted for more than 80% of the global cannabis market. Other promising markets for the rising sale of cannabis include countries like Germany, Australia, Poland, Israel and Uruguay. Israel’s vast knowledge in the agri-space was useful in developing various new technologies and thus has helped in the higher production of new strains.
As U.S. remains closed legally for any export of cannabis, Colombia and Uruguay the Latin American countries are working for becoming the upcoming suppliers of cannabis in the near future, thus creating huge opportunities as global exporters. Also, other countries like Thailand and UK are creating a legal structure for cannabis due to which their revenue is expected to rise prominently.
Some other countries like New Zealand and South Africa are still into the legalization of medical marijuana phase and are expected to develop as viable markets in the upcoming years.
Cannabis Market Segmentation
By Product Type
By Compound Type
- Tetrahydrocannabinol (THC)
- Cannabidiol (CBD)
- Balanced THC & CBD
-Mental Health Management
-Neurological Health Management
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Table of Contents
1.1. Market Introduction
2. Research Methodology
2.1. Research Methodology
2.2. Research Models
2.3. Data Sources
3. Executive Summary and Snapshot
4. Price and Cost Trend Analysis
4.1. Price Trend Analysis
5. Market Growth Attractiveness Analysis
6. COVID-19 Impact Analysis on Industry
6.1. Restrictions due to COVID-19
6.2. Demand-side Constraints
6.3. Supply-side Constraints
7. Post COVID-19 Industry Dynamics
8. Post COVID-19 Industry Recovery Path Analysis
9. Industrial Chain, Sourcing Strategy and Downstream Buyers
9.1. Upstream Raw Materials Sourcing
9.2. Industrial Chain Analysis
9.3. Downstream Buyers
10. Market Dynamics and Industry Analysis
10.1. North America Cannabis Market: Introduction
10.2. Market Drivers
10.2.1. Increasing Legalization of Cannabis
10.2.2. Growing Medicinal Application of Cannabis
10.2.3. Increasing Usage of Cannabis for Recreational Purposes
10.3. Market Restraint
10.3.1. Strict and complex regulatory policies for use of cannabis
10.4. Market Opportunity
10.4.1. Product Development Via Research and Novel Product Delivery Solutions
10.5. Porter’s Five Forces Analysis
11. Trending Insights on Current Market Scenario
11.1. Current Market Trends
11.2. SWOT Analysis
11.3. PESTEL Analysis
11.4. Technology Trend Analysis
12. Competitive Share Analysis
12.1. Company Share Analysis
12.2. Strategic Developments
12.3. Supplier Benchmarking
13. North America Cannabis Market: Product Segment Analysis
14. North America Cannabis Market: Compound Segment Analysis
15. North America Cannabis Market: Application Segment Analysis
16. North America Country Level Analysis
16.1. North America Regional Overview
16.2. Country Level Analysis
16.2.3. Rest of North America
16.3. U.S. Market Size and Forecast Analysis
16.3.1. By Product
16.3.2. By Compound
16.3.3. By Application
16.4. Canada Market Size and Forecast Analysis
16.4.1. By Product
16.4.2. By Compound
16.4.3. By Application
16.5. Rest of North America Market Size and Forecast Analysis
16.5.1. By Product
16.5.2. By Compound
16.5.3. By Application
17. Company Profiles
18. Report Conclusion
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