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Global Cannabis Market 2020-2027 | Know about Emerging Growth with Top Players like The Cronos Group, Tilray, Marley Natural, Aurora Cannabis, Cara Therapeutics, ARUMA LABS HOLDINGS PTY LIMITED

03-09-2020 07:26 AM CET | Health & Medicine

Press release from: Data Bridge Market Research

Global Cannabis Market Analysis

Global Cannabis Market Analysis

Global cannabis market is projected to register a healthy CAGR of 34.7% in the forecast period of 2019 to 2026. Global Cannabis Market By Product Type (Buds, Oil, Tinctures, Others), Usage (Medical, Recreational), Crop Variety (Cannabis Indica, Cannabis Sativa, Others), Distribution Channel (Physical, Digital, Others) and Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) - Industry Trends and Forecast to 2026. Some of the major players operating in this market are O.penVAPE Shop., The Cronos Group, Tilray, Marley Natural, Aurora Cannabis, Cara Therapeutics, ARUMA LABS HOLDINGS PTY LIMITED, Medcan Australia, Sundial Growers Inc., Canopy Growth Corporation, GW Pharmaceuticals plc, The Scotts Company LLC, Aphria Inc., VIVO Cannabis Inc., Cannatrek and others.

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Cannabis is a type of drug that is obtained from plants such as cannabis indica and cannabis sativa. The active chemical present in the plant is tetrahydrocannabinol (THC). Cannabis plant has several medical as well as recreational usages. In medical, cannabis is reported to treat nausea, vomiting, chronic pains, asthma and many more diseases. The plant also has psychoactive and physiological effects when taken into the body.

The main factors boosting the market are:

Legalization of medical and recreational use of cannabis: With the legalization approvals of cannabis for recreational purposes as well as medical uses in various regions of North America, Asia-Pacific and even Europe, manufacturers of cannabis have had a significant surge of demand for their product range. This trend has enhanced the share of these market players and helped them in consolidating their presence for a longer period of time. It has also resulted in development of various product categories involving cannabis or having cannabis infused in their production process

High adaptation of cannabis for recreational purposes: With the approval of cannabis for recreational purposes many of the regions wherein cannabis was illegal have witnessed heavy demands for the product as the consumers of these regions can partake in its consumption without worrying about the legal repercussions. Initially, consumers of cannabis had to acquire cannabis through illegal modes and methods which was significantly risky and the quality of the product was not assured. This method of sale through appropriate sales channel has had a positive impact as consumers can be supplied high quality products which can be utilized in various applicable markets

The market is segmented on the basis of product type as buds, oils, tinctures, others; usage as medical, recreational; crop type as cannabis indica, cannabis sativa, others; distribution channel as physical, digital, others.

Segmentation: Global Cannabis Market

Global cannabis market is segmented into four notable segments which are based on the basis of product type, usage, crop variety and distribution channel.

On the basis of product type, the market is segmented into buds, oil, tinctures and others
In December, Health Canada awarded Aurora Cannabis Inc. with the license that permits sale of cannabis softgel capsules. This license helped the company to increase its international sales and also to generate revenue by launching these capsules to the medical cannabis market in Canada as well as the adult-use market.
On the basis of usage, the market is segmented into medical and recreational
In April 2019, Aphria Inc. launched a new product into the cannabis market namely CBD-based nutraceutical and CBD-based cosmetics line especially for the German market. The product was launched by the CannRelief brand of the company as they are popular in the German market and can help the company increase its market share globally.
On the basis of crop variety, the market is segmented into cannabis indica, cannabis sativa and others
In November 2017, CanniMed Ltd. announced the acquisition of Cannabis Inc. The company created a new global cannabis company with this agreement between a medical brand and recreational brand. The strategic acquisition made by the company will help it to become a key player in the emerging recreational cannabis market.
On the basis of distribution channel, the market is segmented into physical, digital and others
In July 2019, Aruma Labs Holdings Pty Limited will commence the construction of its manufacturing facility for the production of industry-leading equipment and technology. The company is into the business of cultivation and will start the manufacturing of products soon.

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Product Launch

In November 2019, SLANG Worldwide Inc. announced the launch of its new product line, RESERVE; in California market that is an extension of O.penVAPE brand. The company became best-selling cannabis brand in the United States due to the launch of this product.

In February 2018, MedReleaf Corp. launched its product San Rafael '71, the first adult-use recreational brand. This product is designed for the people who are aware of the cannabis products and their effects.
In May 2018, Aurora Cannabis launched new cannabis product line, Aurora Frost. The new product line belongs to the category of dried cannabis that has 35% THC content.

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Cannabis, commonly known amongst consumers as marijuana is extracted from "cannabis" plant types such as "cannabis indica" and "cannabis sativa". It is a drug that is utilized in various medicinal and recreational applications. In recreational uses, it has various psychoactive and psychological effects on the consumer. Whereas, for medicinal purposes it is a known ailment for nausea, pains, asthma, glaucoma and vomiting among various other disorders. This extract is consumed in various forms such as smoking, vaping, food ingredient, liquid extract and various other types.

Some of the recent market developments are as follows:

In September 2019, Plus Products Inc. announced the launch of latest product range of their cannabis-infused gummies by launching three new flavors. The flavors include "cucumber lime", "tangerine" and "concord grape". This product range has been developed to meet the growing demands for gummies from the various retail partners and consumers of the company
In February 2019, Canopy Growth Corporation announced that they had agreed with Martha Stewart for her endorsement for the company's CBD-based products while also advising the company on the development of their product range. This partnership will enable Canopy Growth Corporation to consolidate their share in the market as legalization in the U.S. and Canada region has significantly impacted the demands for cannabis and associated products

"According to Data Bridge Market Research, global cannabis market is expected to be growing at a healthy CAGR of 34.7% during the forecast period of 2019 to 2026"

Some of the major players operating in the market are O.penVAPE Shop., The Cronos Group, Tilray, Marley Natural, Aurora Cannabis, Cara Therapeutics, ARUMA LABS HOLDINGS PTY LIMITED, Medcan Australia, Sundial Growers Inc., Canopy Growth Corporation, INSYS THERAPEUTICS, INC., GW Pharmaceuticals plc, The Scotts Company LLC, Aphria Inc., VIVO Cannabis Inc., Cannatrek and others.

With wide-scale acceptance and legalization of cannabis and associated products from the various regions, intervention of governments and authorities have been enhanced, as they are focusing on provision of better products quality to worldwide consumers. This has resulted in availability of various standards and methods for cultivation of cannabis plants. This trend has presented market players of cannabis to focus on their marketing and product pricing strategies by boasting their cultivation process as per the standards set by different authorities helping them in providing their consumers with better quality of products.

Contact:

Data Bridge Market Research

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UK: +44 208 089 1725

Hong Kong: +852 8192 7475

Email: Corporatesales@databridgemarketresearch.com

About Data Bridge Market Research:

Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavors to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process.

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