February 9, 2023

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Cannabis Market Size to Hit $147 Billion by 2027 with Booming CAGR Value of 29.1%

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The Insight Partners

Global cannabis market growth is driven by the growing legalization of medical cannabis; increasing medicinal application of cannabis; and rising awareness regarding medical cannabis through conferences, symposia, and workshops.

New York, Nov. 16, 2022 (GLOBE NEWSWIRE) — According to The Insight Partners new market research study of “Cannabis Market Size, Share, Growth, Trends and Forecast to 2027 – Global Analysis and Forecast by Product Type, Compound and Application,” the market is expected to reach USD 147.4 billion by 2027 from USD 14.3 billion in 2019; it is estimated to grow at a CAGR of 29.1% from 2020 to 2027. The report highlights trends prevailing in the global cannabis market, and drivers and hindrances pertaining to the market growth.

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Global Cannabis Market Report Scope, Segmentations, Regional & Country Scope:

Report Coverage

Details

Market Size Value in

USD 14.3 billion in 2019

Market Size Value by

USD 147.4 billion by 2027

Growth rate

CAGR of 29.1% from 2020-2027

Forecast Period

2020-2027

Base Year

2020

No. of Pages

215

No. of Tables

95

No. of Charts & Figures

69

Historical data available

Yes

Segments covered

Product Type; Application; Compound -Dominant and Geography

Regional scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Companies Covered

Aphria, Inc.; Aurora Cannabis; Cannabis Science, INC; Canopy Growth Corporation; Medical Marijuana, Inc; VIVO Cannabis Inc.; Tikun Olam;Terra Tech Corp.;Tilray; and The Cronos Group

The US is anticipated to be the major contributor to the rise in the use of medical cannabis. 30 states of the US, which comprise 60% of total US population, have legalized the use of cannabis. Currently, more than 8000 active licenses have been issues to cannabis businesses in the country, and it is the only countries with such a large number of market players. Europe has also witnessed a decent rate of growth of the cannabis market. There has been an increase in the process of legalization of cannabis in European countries. In November 2018, the Government of UK legalized medicinal cannabis. The use of cannabis in pesticides is a key factor propelling the demand for cannabis in Europe. Moreover, the growing number of cannabis testing laboratories has fuelled the demand for the same in this region. Asia Pacific projects a great demand for cannabis testing market. This is attributed to the medical use of cannabis in healing patients suffering from chronic neuropathic pain and any other spinal injury. It also helps to deal with anorexia in HIV AIDS, which is a major challenge in this region. Thailand became the first country in Southeast Asia to legalize cannabis in December 2018.

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Cannabis Market: Competitive Landscape and Key Developments

Aphria, Inc.,Aurora Cannabis, Cannabis Science, INC,Canopy Growth Corporation,Medical Marijuana, Inc,VIVO Cannabis Inc.,Tikun Olam, Terra Tech Corp., Tilray, and The Cronos Group are among the leading companies operating in the cannabis market.

  • In October 2022, Tilray Brands, Inc., a leading global cannabis company, announced that it has successfully relaunched its EU GMP-produced medical cannabis oral solution in Ireland under the country’s Medical Cannabis Access Program (MCAP).

  • In March 2022, Tilray Brands, Inc. announced that its medical cannabis division, Tilray Medical, expanded its medical cannabis offerings and launched the first EU GMP medical cannabis oil products in Malta. Tilray’s EU GMP medical cannabis products are now available in pharmacies across Malta, providing patients with safe and reliable access to high-quality medical cannabis.

  • In June 2021, Canopy Growth, one of the world’s largest cannabis companies, announced that it had completed the acquisition of The Supreme Cannabis Company with 100% of the issued and outstanding common shares of Supreme.

  • In November 2021, VIVO Cannabis Inc. announced the launch of new products under its Lumina health and wellness brand. Lumina Ultralight 0:50 is a high CBD full-spectrum oil.

  • In May 2020, Aurora Cannabis Inc announced that it completed the previously declared acquisition of Reliva, LLC (“Reliva”), a leading seller of hemp-derived CBD products in the US, for ~US$ 40 million of Aurora common shares.

Cannabis Market: Key Insights – Impact of COVID-19 Pandemic

Similar to other markets, the COVID-19 pandemic had an adverse impact on the global cannabis market. The imposition of the lockdown restricted consumers from visiting brick-and-mortar shops. The medical cannabis market growth decelerated for a short period due to factors such as declining product demand from major end users, limited operations in most of industries, disrupted supply chain, and challenges in terms of providing essential/post-sales services. Many cannabis companies began relying heavily on social media and e-commerce platforms to reach consumers during this period. Cannabis retail outlets, producers, manufacturers, distributors, and warehouses were deemed essential services by the Alberta Government on March 30, 2020. As a result, cannabis businesses and services continued to serve Albertans throughout the pandemic. There were increasing prices and decreasing numbers of dealers.

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Cannabis is a generic term used to denote several psychoactive preparations of the plant Cannabis sativa. There has been an increasing demand for local cannabis in the global market, as buyers from various countries seek to acquire the product for medicinal and research purposes.

A steady rise in the legalization and legitimization of medicinal cannabis led to market growth

The government-approved and designated purchasing options are rising with the increasing demand for medical cannabis. The FDA has approved medical cannabis in the form of CBD products for treating epilepsy seizures and nausea caused due to chemotherapy. The FDA has agreed to consider changing the status of cannabis from Schedule I drug to Schedule II drug based on studies being conducted on the medical cannabis’ efficacy and its derivatives for several indications. According to Ballotpedia (a charitable nonprofit organization), as of October 2022, 19 states and Washington, DC legalized the possession and personal use of marijuana for recreational purposes, and 37 states and the District of Columbia legalized marijuana for medical purposes. In June 2022, Thailand legalized the cultivation and possession of marijuana for medical use only. Germany, in October 2022, planned to legalize cannabis. Acquiring and possessing up to 20–30 g of recreational cannabis for personal consumption would also be made legal in the country shortly.

With the increasing number of states legalizing cannabis, it is creating several opportunities for market players. One of the biggest opportunities for manufacturers is to produce low-dosage edible products for consumers who want medical cannabis without psychoactive effects. In addition, low-dose edibles are perfect to attract new consumers to the cannabis market since microdosing allows them to control recreational consumption.

Cannabis Market: Segmental Overview

The global cannabis market is segmented by product type, application, and compound. Based on product type, the market is segmented into flower, concentrates, and others. In 2019, the flowers held the largest market share; however, the concentrates segment is expected to register the highest CAGR of during the forecast period. Based on application, the cannabis market has been segmented into medical and recreational uses. In 2019, the medical segment held a larger share of the market, by application. However, the recreational segment is anticipated to witness a faster CAGR in the cannabis market during 2020–2027. Based on compound, the cannabis market has been segmented into Tetrahydrocannabinol Dominant, Cannabidiol -Dominant, and balanced THC and CBD. In 2019, the THC-dominant segment held the largest share of the market. However, the CBD-dominant segment is anticipated to register the highest CAGR during the forecast period.

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