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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. 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.
Cannabis Market research report has put forth a bench-marking example for a vibrant market that explores several recommendations and practical growth strategies in relation to the market. The market report covers a wide spectrum of regions and also focuses on key regions that include North America, Europe, Asia Pacific, Middle East, South America, and the Middle East & Africa (MEA). The chapter of the competitive landscape is presented well in the market research report and is analysed based on the tools such as Porter’s five forces analysis. The study throws light upon market attractiveness where all the segments are arranged based on the compound growth rate, size, and general attractiveness.
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Cannabis Market Dynamics
Drivers
Major factors that are expected to boost the growth of the cannabis market in the forecast period are as follows:
- 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.
Opportunities
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.
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Industry Segmentation and Size
The cannabis market is segmented on the basis of product type, usage, crop variety and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Buds
- Oil
- Tinctures
- Others
Usage
- Medical
- Recreational
Crop Variety
- Cannabis Indica
- Cannabis Sativa
- Others
Distribution Channel
- Physical
- Digital
- Others
Market Country Level Analysis
· 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).
Industry Share Analysis
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)
Cannabis Market Report Answers the Following Questions:
- What is the current size of the Cannabis Market?
- What are the key drivers and challenges for the Cannabis Market?
- What are the different types of Cannabis Market?
- What are the leading companies operating in the Cannabis Market?
- What is the future outlook for the Cannabis Market?
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