Cannabis Market Size, Trends & Research Report Forecast Till 2028
According to the current analysis of Reports and Data, the global Cannabis Market was valued at USD 20.45 Billion in 2020 and expected to reach USD 137.83 Billion by the year 2028, at a CAGR of 28.57%. Cannabis is mostly consumed for its relaxing and calming effects. In some U.S states, it’s also suggested to help with a range of medical conditions, including chronic pain, glaucoma, and poor appetite. The primary ingredient of cannabis, which is CBD, a non-psychoactive cannabinoid, and often used to help reduce inflammation and ease the pain. It also helps to cure nausea, migraines, seizures, and anxiety. But even after legalization of these products in Canada, the sales were adversely affected in Canada as the licensing process is time-consuming and tedious in nature, as to acquire a marijuana cultivation permit, the producers are required to produce two full crops, get them tested, receive a sale audit which takes another year of the producer.
Crop Steering for Indoor Cultivation
One constant in the cannabis market is innovation. The objective of commercial cannabis cultivation is to optimize yields through stage-specific plant growth optimization. In achieving this goal crop steering has captured the attention of a large number of growers. This technique has been modified for cannabis production to improve yields by the manipulation of grow conditions and feedings to ‘steer’ plants into vegetative or generative growth. Crop steering allows plants to generate only the amount of leaves and stems necessary for strong blossom development.
Crop steering can be used at any stage of growth to help a grower achieve certain goals. Crop steering systems have exploded in popularity in indoor production facilities during the last few years. To maintain plant balance throughout the cannabis flowering cycle, growers have been experimenting with a combination of vegetative and generative steering.
Crop registration is the process of collecting precise measurements and is likely the most critical component of crop steering. Growers can monitor the effect of their steering activities on the plants and consequent yields through rigorous data collecting.
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Key companies operating in the market and profiled in the report include:
- Canopy Growth Corporation (Canada)
- Aurora Cannabis Inc. (Canada)
- Tikun Olam (Israel)
- Cannabis Science Inc. (US)
- Aphria Inc. (Canada)
- Maricann Group Inc. (Canada)
- Tilray Inc. (Canada)
- VIVO Cannabis Inc. (Canada)
- Medical Marijuana Inc. (US)
- STENOCARE (Denmark)
- Cronos Group Inc. (Canada)
- Terra Tech Corp. (US)
- MedMen (US)
The report has been formulated through extensive primary and secondary research with regards to journals, press releases, business documents, and other vital sources. It provides SWOT analysis, Porter’s Five Forces analysis, investment return analysis, and feasibility analysis. The report further assesses social, economic, and political factors influencing the market growth. It also provides strategic recommendations to key players and novice players to deal with and overcome barriers in the global Cannabis market.
Further key findings from the report suggest:
- By product type, the market has been categorized into Flower, Concentrates, and others (including pharmaceutical and industrial). Among the mentioned segment, concentrates is holding the largest industrial share. The concentrates are useful in increasing the potency of the flower. Cannabis concentrates come in a range of product types, forms, and consistencies. These products may vary in purity or chemical composition (i.e., THC, CBD, terpenes), which generally comes down to how the concentrate is extracted and refined as well as the source material from which the final extract is derived.
- Medical Cannabis dominates market share. Many countries have permitted the usage of cannabis for medicinal purposes such as Australia, Chile, Colombia, Canada, Germany, Greece, Israel, Italy, the Netherlands, Peru, Poland, Portugal, and Uruguay, among others. The states in the United States, where marijuana has been legalized majorly, consist of the adult population aged 50 years and above. Owing to the higher incidence of risk for chronic diseases post 50 years of age, this demographic profile is expected to boost the demand for cannabis in the country.
- According to the US Government Accountability Office, under State Medical Marijuana Laws, symptoms and conditions that can be cured by marijuana include anorexia, HIV-AIDS, Alzheimer’s disease, glaucoma, cancer, arthritis, epilepsy, nausea, pain, cachexia, Crohn’s disease, migraines, multiple sclerosis, spasticity, and wasting syndrome.
- Based on Compound, THC dominates the industry share attributed to the fact that these compound contains the psychoactive substance in marijuana products and is responsible for the head high feeling. Even though high THC content is better known for its mind-altering euphoria, it has significant medical benefits and is considered useful in relieving nausea, appetite loss, and insomnia.
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Segments covered in the report:
The Cannabis market has been segmented on the basis of product types, applications, technology, end-users, and regions. It also offers insights into segments expected to register lucrative revenue growth over the forecast period. The report further studies the key factors influencing the growth of each segment over the forecast period.
Product Type (Revenue, USD Million; 2020–2028)
Compound (Revenue, USD Million; 2020–2028)
- Cannabidiol (CBD)
- Balanced THC & CBD
Application (Revenue, USD Million; 2020–2028)
- Pain Management
- Neurological Health Management
- Mental Health Management
The report provides a comprehensive analysis of the geographical regions of the industry. The key geographical regions studied in the report include North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each of these regions have been analyzed on the basis of market estimations and factors across the major countries of the region for an in-depth and macro-level understanding of the market. It also offers key insights into trends, demands, market size, market share, revenue growth, technological and product developments, and presence of key players in each region.
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Key Points Covered in the Report:
- Comprehensive analysis of opportunities and risks in the Cannabis market
- Recent mergers and acquisitions, collaborations, and technological innovations in the Cannabis market
- Conclusive assessment of the growth rate and dynamics in the Cannabis market
- In-depth study of key market drivers, restraints, macro- and micro-economic factors, threats, opportunities, and limitations
- Analysis of current and emerging market trends in the Cannabis market
- Revenue growth estimations for the period of 2021-2028
- Analysis of top companies and new players operating in the market to offer competitive edge to the readers
- Comprehensive study of the key market dynamics and their latest trends and insights into key segments and sub-segments
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