Global Cannabis Market, By Type (Flower, Concentrates, Others (capsules, topicals, edibles, and beverages), By Application (Medical, Recreational), By Compound (THC-dominant, CBD-dominant, Balanced THC and CBD), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global cannabis market was valued US$ 18.1 Bn at the end of 2020 and expected to reach at a value of US$ 127.3 Bn by 2028 with a significant CAGR of 27.6%.
The plant Cannabis indica, Cannabis sativa, and of marginal importance, Cannabis ruderalis is most often referred to by the name Cannabis. The Cannabis sativa plant produces cannabis which can be utilized in three different forms: cannabis resin, the squeezed exudates of the plant, known as ‘charas’ or ‘hashish’; herbal cannabis, the flowering tops and dried leaves, also known as ‘weed’, ‘cannabis’, or ‘ganja’, among others; and lastly, cannabis oil, a blend caused by extraction or distillation of active constituents of the plant.
Herbal cannabis is the most widely used cannabis product in the majority of the world, although cannabis resin mainly serves its utility in Europe and cannabis oil is lesser known and used all across the world.
Noticeably, Cannabis is produced in almost all the countries around the globe and on top of that, it has been utilized as a medicinal plant for millions of years. Over the last decade, there have been numerous significant changes in the medical applications of cannabis, which has propelled its demand in the global markets rapidly.
Cannabis is considered to be beneficial in improving lung capacity, losing body weight, treating glaucoma, preventing and regulating diabetes as well as seizures, battling against diseases like anxiety and depression, and above all it has the potential to combat cancer. Owing to which, the global cannabis market is projected to rise substantially in the years to come.
In addition to that, the governments and regulatory authorities across the diverse states of the United States are also playing a major role in circulating information and awareness among the population regarding the benefits and use of cannabis in the medical industry which is further expected to boost the demand of cannabis worldwide.
However, there are strict regulations and rigid structure for the usage of cannabis in various regions across the world which is likely to impede the growth of the global cannabis market in the forthcoming future.
By the same token, the consumption and free trading of cannabis and cannabis related products is not legally allowed across various regions, globally, which is further expected to restrict the demand of cannabis products in the near future.
MMC Study identifies some of the key participating players in the cannabis market globally are Canopy Growth Corporation, Aurora Cannabis Inc. (Canada), Cannabis Science Inc., and Aphria Inc., among others.
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