Cannabis Market Expected to Reach USD 52,995.4 Million by 2027 With A CAGR Of 22.2% | Growth Market Reports

PUNE, India, Oct. 28, 2020 /PRNewswire/ -- According to a recent market study published by Growth Market Reports (GMR), titled, "Cannabis Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast", the market was valued at USD 11,683.3 Million in 2019 and is expected to grow at a healthy growth rate of 22.2% by the year 2027. The global cannabis market is anticipated to grow owing to increasing usage of cannabis for several medical applications. Furthermore, rising application of cannabis for recreational purposes in numerous nations where cannabis is legalized is a primary factor expected to drive the growth of the global cannabis market.

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The global cannabis market is fragmented based on product type, compound, application, legality, and region. In terms of product type, the market is segmented into edible oils, tincture, capsules, creams, CBD extracts/paste, dry herb, and others. On the basis of compound, the market is divided into tetrahydrocannabinol (THC)-dominant, cannabidiol (CBD)-dominant, and balanced THC & CBD. Based on application, the market is classified into pain management, neurological health management, mental health management, and recreational. On the basis of legality, the market is bifurcated into legal and illegal. Based on region, the global cannabis market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S. and Canada. The Europe region is further categorized into Germany, France, Italy, U.K., Spain, Russia, and Rest of the Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia (SEA), and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa.

In year 2020, the cannabis market is expected to witness a decrease owing to the COVID 19 pandemic. The outbreak has resulted in a moderate decline in indirect sales of cannabis. However, the illegal cannabis market is anticipated to witness a significant decline in demand and supply. Moreover, the impact of COVID-19 is expected to restrain legalization scenarios in several nations in Europe.

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Key Takeaways from the Study:

• Top ten market players hold approximately one sixth of market share of global cannabis market in year 2019.
• North America accounts for a major share of the market, followed by Europe. The market in North America is projected to expand at significant CAGR during the forecast period.
• Based on product type, the dry herb segment is anticipated to expand at a substantial CAGR during the forecast period due to rising popularity for vaporization as recreational applications.
• On the basis of application, the pain management segment is expected to hold a substantial share in the market during the forecast period. The growth is attributed to the use of cannabis in reduction of pain for patients suffering from glaucoma and other pain-causing ailments. Furthermore, the mental health management segment is anticipated to expand at a significant CAGR owing to rising incidence of several mental disorders.

Read 307 Page Research Report With TOC on "Global Cannabis Market By Product Type (Edible Oils, Tincture, Capsules, Creams, CBD Extracts/Paste, Dry Herb, and Others), By Compound (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, and Balanced THC & CBD), By Application (Pain Management, Neurological Health Management, Mental Health Management, and Recreational), By Legality (Legal and Illegal), and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) Size, Share And Trends" at:

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Key Segments Covered

By Product Type

• Edible Oils
• Tincture
• Capsules
• Creams
• CBD Extracts/Paste
• Dry Herb
• Others

By Compound

• Tetrahydrocannabinol (THC)-Dominant
• THC Market Size, By Product Type
• THC Market Size, By Application
• Cannabidiol (CBD)-Dominant
• CBD Market Size, By Product Type
• CBD Market Size, By Application
• Balanced THC & CBD
• Balanced THC & CBD Market Size, By Product Type
• Balanced THC & CBD Market Size, By Application

By Application

• Pain Management
• Neurological Health Management
• Mental Health Management
• Recreational

By Legality

• Legal
• Illegal

By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• Italy
• U.K.
• Spain
• Russia
• Rest of the Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• South East Asia (SEA)
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa (MEA)
• Saudi Arabia      
• South Africa
• UAE
• Rest of Middle East & Africa

Key Market Players Profiled in the Report

• Acreage Holdings, Inc.
• Aphria Inc.
• Aurora Cannabis Inc.
• Canopy Growth Corporation
• Cresco Labs Inc.
• Cronos Group Inc.
• Curaleaf, Inc.
• Green Thumb Industries Inc.
• GW Pharmaceuticals plc
• Harvest Enterprises, Inc.
• HEXO Corp.
• MedMen Enterprises Inc.
• Organigram Holdings Inc.
• Tilray, Inc.
• Trulieve Cannabis Corp.

Target Audience:

• Supply-side: Cannabis manufacturers (pharmaceutical companies), raw material suppliers, primary respondents, and distributors.
• Demand Side: Hospital, clinics, homecare, pharmacies, drug stores, group purchasing organizations, medical payers etc.
• Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
• Associations and Industry Bodies: Food and Drug Administration (FDA), Cannabis Regulatory Authority (CRA), Tobacco Products Agency (TPA), Bureau of Cannabis Control, Manufactured Cannabis Safety Branch (MCSB), CalCannabis Cultivation Licensing, Brazilian Narcotics Act, Ministry of Health Ordinance, PRC Anti-Drug Law, German Narcotics Act ("Betäubungsmittelgesetz", "BtMG"), German Medicines Act ("Arzneimittelgesetz", "AMG"), Volume V of the Social Insurance Code ("Fünftes Buch Sozialgesetzbuch", "SGB V"), German Federal Institute for Drugs and Medical Devices, Ministry of Public Health, and Others

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