|Study Period:||2016- 2026|
|Fastest Growing Market:||North America|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
· The cannabis market was estimated at USD 22.9 billion in 2020. The market is projected to witness a CAGR of 18.1% during the forecast period (2021-2026).
· Like every other market, COVID-19 had an adverse impact on the cannabis market as well. The imposition of lockdown limited consumers from visiting brick-and-mortar shops. However, many cannabis companies began relying heavily on social media and e-commerce platforms to market to consumers during the year. Cannabis retail outlets, producers, manufacturers, distributors, and warehouses were deemed essential services by the Alberta Government on March 30, 2020. As a result, cannabis businesses and services continued to serve Albertans throughout the COVID-19 pandemic.
· The drivers identified in the market are the proven medicinal properties of cannabis, legalization of cannabis, active research genetic development and modification of the plant, and advancements in intellectual property rights of cannabis. For instance, in January 2018, the Australian government allowed cannabis producers in the region to export medical cannabis and its products to the global market.
North America dominates the market. The cannabis industry has grown and matured significantly in the United States as it is used extensively in the region for medicinal purposes. As a psychoactive drug, cannabis continues to find extensive favor among both recreational and medicinal users in the United States
Scope of the Report
Cannabis is a tall plant with a stiff upright stem, which is used as a drug and is being legalized for its medical usage. The report contains an analysis of the various parameters of the cannabis market. The study includes the major types of cannabis popular in the market and their market shares. The report presents wide-range analysis of the market share, size, and trends in the cannabis market. The market operates at B2C level, and market sizing has been done at the consumer level.
|Other Product Types|
|Balanced THC & CBD|
|Middle East and Africa|
Key Market Trends
Increasing Legalization of Cannabis is Driving the Market
· Medicinal cannabis accounts for a significant share of the cannabis market. Many countries, such as Australia, Canada, Chile, Colombia, Germany, Greece, Israel, Italy, the Netherlands, Peru, Poland, Portugal, and Uruguay, have legalized the usage of cannabis for medicinal purposes. In the United States provinces, where cannabis has been legalized, consumers are mostly aged 50 years and above. Owing to the higher risk of chronic diseases post 50 years of age and the effectiveness of cannabis on such conditions, this demographic profile is expected to boost the demand for cannabis in the country.
According to Cannabis Europa, in Europe, France may catch up with Germany and the United Kingdom in legalizing medical cannabis by the end of 2020. Norway is exploring decriminalization of cannabis use and has some innovative harm-reduction policies in place. Furthermore, several civil society movements for reforms are emerging across Scandinavia, as well as Sweden.
· 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 and demand for cannabis in the future.
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North America Dominates the Market
Following the legalization of cannabis in Canada, the North American cannabis market is set to become the major producer of cannabis. In October 2018, Canada legalized the use of marijuana for recreational purposes nationwide.
In December 2018, the US government approved the farm bill, making cannabis containing less than 0.3% THC legal in the country. Similarly, some of its derivative compounds have been approved by the Food and Drug Administration for medicinal use. Marinol, Syndros, Cesamet, and Epidolex are cannabinoid drugs that received approval from the FDA. Furthermore, in the United States, ten states have legalized cannabis for recreational use, while 33 states and the District of Columbia have legalized cannabis for medical purposes. Among these states, California, Washington, and Colorado are the leading cannabis sellers. The production levels of cannabis in North America have increased rapidly over the past few years due to the expansion of the major players' production capacities.
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The global cannabis market is an extremely fragmented market with both local and regional players occupying significant market shares. In the cannabis market, companies are very active and are involved continuously in acquiring shares and developing new products to attract more consumers toward their products. For instance, in January 2019, Canopy Growth expanded its beverage portfolio with the launch of the first CBD-Infused beverage line Quatreau.
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 developing food products containing cannabis, as a lot of consumers prefer edibles.
The existing players have increased their investments to develop the novel and advanced product portfolio. In April 2019, Aphira launched the company’s first CBD-based nutraceutical, the first product in its CBD-based cosmetics line for the German market. The venturing of companies to new segments with innovative cannabis products is anticipated to enhance the shares of the respective companies.
Furthermore, Tilray entered into an agreement with Sandoz AG for global pharmaceutical sales and distribution partnership. By partnering with Sandoz AG, the former will be able to scale the distribution of its products further and faster.
Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions and Market Definition
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.4 Other Product Types
5.3 Compound Type
5.3.1 Tetrahydrocannabinol (THC)
5.3.2 Cannabidiol (CBD)
5.3.3 Balanced THC & CBD
5.4.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 Czech Republic
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
5.4.4 South America
126.96.36.199 Rest of South America
5.4.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Adopted Competitor Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.2 Canopy Growth Corp.
6.3.3 GW Pharmaceuticals PLC
6.3.4 Aurora Cannabis Inc.
6.3.5 Aphria Inc.
6.3.6 MedReLeaf Corp.
6.3.7 CV sciences Inc.
6.3.8 Delta 9 Cannabis
6.3.9 Cannimed Therapeutics Inc.
6.3.10 Vivo Cannabis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Cannabis Market market is studied from 2016 - 2026.
What is the growth rate of Cannabis Market?
The Cannabis Market is growing at a CAGR of 18.1% over the next 5 years.
Which region has highest growth rate in Cannabis Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Cannabis Market?
North America holds highest share in 2020.
Who are the key players in Cannabis Market?
Canopy Growth Corp., GW Pharmaceuticals PLC, Aurora Cannabis Inc., Aphria Inc., Tilray are the major companies operating in Cannabis Market.