Cannabis Market is expected to reach US$ 153,689.9 Million by 2027 Says, The Insight Partners

This report studies comprehensively and discusses the prominent features of the Cannabis Market in terms of its structure, landscape, demand factors, challenges and very significantly, the estimated market performance. 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 report highlights the trends prevalent in the global cannabis market and the factors driving the market along with those that act as deterrents to its growth.

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Some of the prominent players operating in the cannabis market are Aphria, Inc., Aurora Cannabis, Cannabis Science, Inc., Canopy Growth Corporation, Medical Marijuana, Inc., VIVO Cannabis Inc., Tikun Olam Ltd, Terra Tech Corp., Tilray, and Cronos Group, among others. The market players are focused on bringing new and innovative products and services through various organic strategies such as product launches and expansions to sustain their position in the market. Recently in August 2019, VIVO Cannabis' wholly-owned subsidiary, ABcann Medicinals Inc., has been granted a Standard Cultivation licence from Health Canada for its Kimmetts facility in Napanee, Ontario.

The global cannabis market, based on the product type was segmented into flower, concentrates and others. In 2018, the flowers held a largest market share of 59.2% of the cannabis market, by product type. However, the concentrates segment is expected to witness the highest CAGR of 36.0% over the coming years. The flowers hold a major share in the cannabis market as highest levels of cannabinoids are found in the leaves and flowers of cannabis. On the other hand, the concentrates of marijuana have higher proportions of terpenes and cannabinoids as compared to naturally occurring cannabis flowers, which accounts for its fastest growth in the global cannabis market.

The report segments the global cannabis market as follows:

Global Cannabis Market - By Product Type
o Flowers
o Concentrates
o Others

Global Cannabis Market - By Application
o Medical
o Pain Management
o Neurological Health Management
o Mental Health Management
o Others
o Recreational

Global Cannabis Market - By Compound
o Tetrahydrocannabinol (THC)-Dominant
o Cannabidiol (CBD)-Dominant
o Balanced THC and CBD

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Legalization of medical cannabis is expected to be responsible for the growth of global cannabis market.

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This release was published on openPR.