Even though cannabis was once considered illegal in many countries, it is now legal to use in several economies, including cannabis as medical and recreational cannabis to treat various medical conditions. It has reportedly been used to treat patients with Parkinson's, Alzheimer's disease, Parkinson's-related and chemotherapy-related nausea, and other neurological diseases. According to some studies, cannabis derivatives are now being accepted by the FDA and other organizations for treating diseases where they have shown promise. Cannabis is largely accepted for recreational food and beverage products as well.
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.
" Legalizing cannabis for non-medical purposes can boost market growth"
With the legalization of cannabis, people can now use drugs without risk and take advantage of their therapeutic effects. As a result, many countries are gradually legalizing the use of cannabis. In contrast, it is still illegal in the vast majority of countries. As the laws governing its use and sale have become more relaxed, cannabis use for recreational purposes has become increasingly popular worldwide. This has helped the recreational cannabis industry as a whole to grow. Through the substantial demand for cannabis use for recreational purposes, this market segment is already outpacing all others. The market for cannabis used for recreational purposes could grow significantly if it were made legal.
What restraints the growth of the Global Cannabis Market?
" Consumption of high-dose of cannabis can negatively impact the market"
The short-term side effects of overdosing include anxiety or panic attacks, whereas the long-term side effects include heart arrhythmia and mental health issues. Another possibility is cannabis poisoning, a transient negative effect of consuming too much cannabis at once. Considering the fact that edibles take a while to take effect, there is a higher chance that a high dose will be accidentally consumed.
Segmentation: Global Cannabis Market
The Global Cannabis Market is segmented on the basis of product type, usage, crop variety, and distribution channel.
- On the basis of product type, the cannabis market is segmented into buds, oil, tinctures, and others.
- On the basis of usage, the cannabis market is segmented into medical and recreational.
- On the basis of crop variety, the cannabis market is segmented into cannabis Indica, cannabis sativa, and others.
- On the basis of distribution channels, the cannabis market is segmented into physical, digital, and others.
Regional Insights: North America dominates the Global Cannabis Market
North America will maintain its current trend of market dominance. The United States' increasing legalization of cannabis for both medical and recreational uses is one of the main causes of the region's dominance. As more states have legalized cannabis, supply, and demand, have grown, further strengthening North America's position as the front-runner.
Europe is expected to grow in 2022-2029 due to a shift in the lifestyle of people. Moreover, the strong demand and supply of cannabis are further anticipated to propel the growth of the cannabis market in the region in the coming years.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-cannabis-market
Recent Developments in Global Cannabis Market
- In 2021, Tilray, Inc. announced the debut of medical cannabis oral strips in THC and CBD-rich variations by Aphria, its medical subsidiary.
The Prominent Key Players Operating in the Global Cannabis Market Include:
- AURORA CANNABIS INC (Canada)
- Cannabis Science Inc. (U.S.)
- Medical Marijuana, Inc. (U.S.)
- STENOCARE A/S (Denmark)
- CannabisNL (U.S.)
- Controlled Environments Limited (Canada)
- The Cronos Group (Canada)
- Maricann Inc (Canada)
- Tikun Olam (Israel)
- Canopy Growth Corporation (Canada)
- TerrAscend (Canada)
- VIVO Cannabis Inc.(Canada)
- Harvest Health & Recreation, Inc (U.S.)
- Curaleaf Holdings Inc. (U.S.)
- HEXO Corp. (Canada)
- INDIVA. (Canada)
- Cresco Labs (U.S.)
- Organigrams Holding Inc. (Canada)
- Trulieve (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global cannabis market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Cannabis Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
