Global Cannabis Market: Overview
Cannabis business is rapidly gaining momentum in recent years, owing to the legalization of cannabis for medicinal use by various governments across the globe. Reportedly, the cannabis sector comprises legal cannabis cultivators & consumers, regulators, researchers, and independent industrial standards.
Global Cannabis Market: Growth Factors
The growing acceptance of cannabis in myriad medical applications such as cancer, chronic ailment, and mental disorders are anticipated to drive cannabis market trends over the forthcoming years. Legalization of cannabis in various countries such as Uruguay and Canada and escalating demand for the product among the consumers is predicted to accelerate the cannabis market growth over the years ahead. Growing demand for cannabis in countries such as Canada is anticipated to steer the cannabis market growth trends in the years to come.
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Hectic lifestyle and stressful work are likely to induce mental stress, sleep disorders, insomnia, sleep apnea, and anxiety among the population and this, in turn, will drive the growth of cannabis market in the years ahead. Furthermore, the growing need for relief from acute pain will elevate cannabis market earnings in the years ahead.
Global Cannabis Market: Segmentation
The global cannabis market can be divided based on product type, application, and compound. On the basis of product type, the market is segmented into flower and concentrates. Based on the application, the cannabis market is divided into medical and recreational types. Compound wise, the market is sectored into THC-Dominant, Balanced THC & CBD, and CBD-Dominant.
Global Cannabis Market: Regional Analysis
Based on regions, the global cannabis market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North American cannabis market was projected to contribute a major chunk of the market share in 2018. Cannabis market in the region is mainly driven by massive product demand in the countries such as the U.S. and Canada. Growing legalization of cannabis for both medical and recreational purposes in North America and the massive awareness among consumers pertaining to the health benefits of cannabis is predicted to boost the scope of cannabis market in the years ahead.
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The growth of cannabis market is further fueled, owing to the presence of major cannabis giants such as Medical Marijuana Inc., Canopy Growth Corporation, and Aurora Cannabis Incorporation who are constantly investing and collaborating for manufacturing innovative products for the fulfillment of the consumer demand.
With the legalization of Cannabis use in Australia in February last year, it is more likely that Asia Pacific cannabis market growth will gain traction over the years to come. In addition, the country is planning to increase the production of cannabis in the years ahead and increase its product import to the increase in the cannabis output. This, in turn, is projected to embellish the growth graph of Cannabis market in APAC in the coming years.
Global Cannabis Market: Competitive Players
The key players in the global cannabis market include Maricann Group, Inc., Canopy Growth Corporation, Aphria, Inc., ABcann Medicinals, Inc., Aurora Cannabis, Tilray, The Cronos Group, Organigram Holdings, Inc., and Tikun Olam.
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Global Cannabis Market: Regional Segment Analysis
- North America
- The U.S.
- The UK
- The Asia Pacific
- Latin America
- The Middle East and Africa