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Cannabis Market Demand, Competitive Landscape and Outlook by 2027 Key Players - Aurora Cannabis, Cannabis Science, VIVO Cannabis, Medical Marijuana
Cannabis Market Report 2020
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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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.
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 main force for growth in demand of cannabis is because of the use of cannabis in pesticides in Europe. Growing number of cannabis testing laboratories have fuelled the demand for cannabis in the Europe region. There has been significant rise in investments in cannabis testing labs and recent law changes which have led to acceptance of marijuana and cannabis. Thus, due to growing legalization of cannabis, the cannabis testing market is expected to grow at rapid pace.
MARKET SEGMENTATION ANALYSIS
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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