Cannabis Market to Register Growth of USD 168.58 Billion

TORONTO – A Qualitative Research Study accomplished by Data Bridge Market research’s database, titled “Global Cannabis Market” with 100+ market data Tables, Pie Charts, Graphs & Figures spread through Pages and easy-to-understand detailed analysis. This Cannabis market research report helps the management of a firm in planning by providing accurate and up-to-date information about the demands, customers’ changing tastes, attitudes, preferences, buying intentions, etc. The manufacturer can adjust production according to the conditions of demand evaluated in the report. It lends a hand to establishing a correlative relationship between the product brand and consumers’ needs and preferences. Moreover, manufacturers can secure economies in the distribution of products with the data underlined in this Cannabis market analysis report. Also, the report makes the marketing of goods efficient and economical which help eliminate all type of wastage.

Medicinal cannabis makes up a sizable portion of the cannabis market due to the Many nations have approved the use of cannabis for medicinal purposes, including Australia, Canada, Chile, Colombia, Germany, Greece, Israel, Italy, the Netherlands, Peru, Poland, Portugal, and Uruguay. Data Bridge Market Research analyses that the cannabis market was valued at USD 25.40 billion in 2021 and is further estimated to reach USD 168.58 billion by 2029, and is expected to grow at a CAGR of 9% during the forecast period of 2022 to 2029.

Market Synopsis:

Cannabis is a plant that is used for recreational and medical uses. People utilise the dried leaves, seed oil, and other elements of the cannabis plant. It can be a positive consequence that helps to relieve the symptoms of a variety of diseases, including chronic pain

Some cannabis compounds have a mental effect (they alter the mind), whereas others do not. Depending on how the producer grows and how the plant operates, the strength and balance of the elements varies. Cannabis has a variety of medicinal benefits, including controlling and reducing epileptic seizures, assisting those with PTSD, protecting the brain after a stroke, relieving rheumatoid arthritis, and reducing chemotherapy side effects.

Opportunities for Players:

In addition, the growing number of countries that are progressively legalizing the use of cannabis around the world is further estimated to provide potential opportunities for the growth of the cannabis market in the coming years.

Some of the major players operating in the Cannabis market are:

• The Cronos Group (Canada)
• Tilray (US)
• Marley Natural (US)
• Aurora Cannabis (Canada)
• Cara Therapeutics (US)
• ARUMA LABS HOLDINGS PTY LIMITED (Australia)
• Medcan Australia (Australia)
• Sundial Growers Inc. (Canada)
• Canopy Growth Corporation (Canada)
• The Scotts Company LLC (US)
• Aphria Inc. (Canada)
• VIVO Cannabis Inc. (Canada)
• Cannatrek (Australia)
• SpeedWeed (US)
• GW Pharmaceuticals plc. (UK)
• Harborside Health Center (US)
• Steep Hill, Inc. (US)
• CBD Einstein. (US)
• Weedmaps (US)

Recent Development

• In December 2021, Tilray, Inc. has announced the debut of medical cannabis oral strips in THC and CBD-rich variations by Aphria, its medical subsidiary.

The report provides insights on the following pointers:

• Market Penetration: Comprehensive information on the product portfolios of the top players in the Cannabis market

• Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market

• Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market

• Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies

• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and Developments in the Cannabis Market

Market Dynamics: Cannabis Market

• Medicinal qualities of cannabis

The increased incidence of chronic diseases after 50 years of age, as well as the efficacy of cannabis in treating such problems. January 2018, the Australian government has permitted regional cannabis growers to export medical cannabis and its products to the international market which is further anticipated to propel the growth of the market.

• Enabling policy and regulatory relaxation

The HEROES Act, which included the SAFE Banking Act, was enacted by the House of Representatives and forwarded to the Senate in 2020. This bill allows banks to provide services to marijuana businesses in places where it is legal. However, an increasing number of nations have created legal frameworks for adult non-medicinal usage, such as social, religious, and cultural objectives which will further accelerate the growth of the market.

• Product development, differentiation and accessibility of hemp-infused edibles

The problems of edibles, such as the inconsistent effect of marijuana after intake, have begun to be overcome thanks to advances in scientific advancement and commercial innovation. Topical or sublingual infusion products are newer types of infusion products that are absorbed under the mouth or via the skin which is further contributing to the market growth.

Regional Analysis/Insights: Cannabis Market

The countries covered in the cannabis market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).

North America dominates the cannabis market due to use in several therapies for medical conditions including anorexia, arthritis, chronic pain, epilepsy, post-traumatic stress disorder and cancer. Furthermore, several industry players are focusing on the advancement of cannabis which will further boost the growth of the cannabis market in the region during the forecast period.

Europe is projected to observe significant amount of growth in the cannabis market due to shift in the lifestyle of people. Moreover, the strong demand and supply of cannabis is further anticipated to propel the growth of the cannabis market in the region in the coming years.

(This information is primarily sourced from Data Bridge Market Research.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).