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Cannabi*s Products Market Size, Share, Analysis And Forecast 2024-2033
Cannabi*s Products Market Size
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According to The Business Research Company's, The cannabi*s products market size has grown exponentially in recent years. It will grow from $50.96 billion in 2023 to $63.75 billion in 2024 at a compound annual growth rate (CAGR) of 25.1%. The growth in the historic period can be attributed to cannabi*s advocacy and activism, research and scientific discoveries, consumer trends and preferences, early market entrants, policy and legal frameworks.
The cannabi*s products market size is expected to see exponential growth in the next few years. It will grow to $159.93 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%. The growth in the forecast period can be attributed to supply chain dynamics, international market expansion, investment and funding patterns, regulatory developments, market competition and consolidation. Major trends in the forecast period include legislation and legalization, health and wellness, innovation and product diversity, consumer education and awareness, celebrity and brand endorsements.
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Market Drivers and Trends:
The growing medical applications of cannabi*s are a significant driver for the cannabi*s products market. Cannabi*s is a drug that comes from Indian hemp plants such as Cannabi*s sativa and Cannabi*s indica, with TH*C (delta-9 tetrahydrocannabinol) being the main active chemical in it. Cannabi*s has several medical applications in conditions such as nausea and vomiting, glaucoma, epilepsy, and asthma. Hence, many countries have legalized the use of cannabi*s for medical applications despite it being a psychoactive drug. Medical applications of cannabi*s include treating cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, AIDS, Alzheimer's disease, and Parkinson's disease. According to Harvard Health, around 85% of Americans supported legalizing medical marijuana, and at least several million Americans were using it.
Solar cannabi*s cultivation is an emerging trend in the cannabi*s product market. As cannabi*s cultivation requires a large amount of energy for lighting, heating, air-conditioning, and dehumidification systems, cannabi*s product manufacturing companies are investing in solar cannabi*s cultivation. This is mainly a result of the legalization of cannabi*s products in various states of the USA, which is continuously increasing the consumption of energy and leading cannabi*s manufacturers to opt for solar cannabi*s cultivation. For instance, Aurora acquired 71 acres of land in Medicine Hat, Alberta, and installed a high-technology hybrid greenhouse cannabi*s production facility.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Sprott Inc., Medical Marijuana Inc., Jazz Pharmaceuticals plc, Tilray Inc., Canopy Growth Corporation, LivWell Enlightened Health LLC, Organigram Holdings Inc., Aphria Inc., Aurora Cannabi*s Inc., Medicine Man Technologies Inc., Insys Therapeutics Inc., MedMen Enterprises Inc., Stenocare A/S, Cronos Group Inc., The Valens Company Inc., Jushi Holdings Inc., Columbia Care Inc., Cara Therapeutics Inc., VIVO Cannabi*s Inc., Terra Tech Corp., United Cannabi*s Corporation, Tikun Olam Ltd., Noya Inc., The Scotts Miracle-Gro Company, Wayland Group Corp., Cannabi*s Sativa Inc., ABcann Medicinals Inc., CanniMed Therapeutics Inc., Lexaria Bioscience Corp., Cannabi*s Science Inc.
Cannabi*s Products Market 2024 Key Insights:
• The cannabi*s products market size is expected to see exponential growth in the next few years. It will grow to $159.93 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%.
• Medical Applications Of Cannabi*s Drive Cannabi*s Products Market
• Solar-Powered Cannabi*s Cultivation A Sustainable Approach In The Expanding Cannabi*s Market
• North America was the largest region in the cannabi*s products market in 2023
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