HYDERABAD, India, Dec. 24, 2019 /PRNewswire/ — According to a market research report by Mordor Intelligence, the Global Cannabis Market is anticipated to register a CAGR of 14.1% during the forecast period studied. Some of the major factors driving the growth of this market are the medicinal properties of cannabis, and increasing advances in genetic development and intellectual property of cannabis.
Key Market Trends:
- Increasing Legalization of Cannabis is Driving the Market. Medicinal cannabis accounts for the majority share of the cannabis market. Many countries have legalized the usage of cannabis for medicinal purposes such as Australia, Canada, Chile, Colombia, Germany, Greece, Israel, Italy, the Netherlands, Peru, Poland, Portugal, and Uruguay among others.
- The provinces in the United States, where cannabis has been legalized majorly, comprises the adult population, aged 50 years and above. Owing to the higher risk of 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 treated by cannabis include Alzheimer’s disease, anorexia, HIV-AIDS, glaucoma, cancer, arthritis, epilepsy, nausea, pain, cachexia, Crohn’s disease, migraines, multiple sclerosis, spasticity, and wasting syndrome.
- Continuous research and standardization of products for medicinal purposes are expected to increase the popularity, as well as demand for cannabis in the future.
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North America Dominates the Market:
- The North America cannabis industry is set to become the major producer of cannabis after the legalization of cannabis in Canada.
- In October 2018, Canada legalized the use of marijuana for recreational purposes nationwide. In the United States, ten states have legalized cannabis for recreational use and on other hands, 33 states and the District of Columbia have legalized cannabis for medical purposes. Among these states, California, Washington, and Colorado are the top-selling cannabis products.
- The production levels of cannabis in North America have increased rapidly over the past few years owing to the expansion of the production capacities by the major players.
Know more about the Global Cannabis Market
Mordor Intelligence has segmented the Cannabis Market on the basis of Product Type, Application, Compound Type, and Geography:
- Product Type
- Other Product Types
- Compound Type
- Tetrahydrocannabinol (THC)
- Cannabidiol (CBD)
- Balanced THC & CBD
- North America
- United States
- Rest of America
- Rest of Asia-Pacific
- Czech republic
- Rest of Europe
- South America
- Rest of South America
- Middle East & Africa
Browse in-depth TOC of the Cannabis Market Report
In the cannabis market, companies are very active and are constantly involved in acquiring shares and developing new products to attract a larger portion of consumers toward their products. Companies in the United States and Canada are focusing more on acquiring licenses for the production and trade of cannabis-based products. They are also involved in the development of food products containing cannabis, which is the preferred mode of consumption by the consumers. Some of the key players include, Canopy Growth Corp., Scotts Miracle-Gro Co., GW Pharmaceuticals PLC, and Aurora Cannabis Inc., among others.
Know more about the Cannabis Market | Growth, Trends, and Forecast
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Mordor Intelligence provides market intelligence and advisory services that empowers enterprises to shape their strategic decisions. With a strong team of in-house experts and a host of industry tie-ups, Mordor offers syndicated and custom market intelligence services that have helped more than 700 clients gain an edge over their competition. Mordor’s expertise lies in niche analysis with a quick turnaround time, making it the preferred choice for startups as well as Fortune 500 organizations.
SOURCE Mordor Intelligence