CHICAGO /PRNewswire/ --
According to the new market research report "Cannabis Market by Product Type (Flower, Concentrates), Compound (THC-Dominant, CBD-Dominant, and Balanced THC & CBD), Application (Medical and Recreational), and Region (North America, South America, Europe, and Row) - Global Forecast to 2023", published by MarketsandMarkets™, the Cannabis Market is expected to grow from USD 10.3 billion in 2018 to USD 39.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.7% during the forecast period. The major factors driving the cannabis market include the growing medicinal application of cannabis and the increasing legalization of cannabis.
The cannabis market, by product type, is estimated to be dominated by the flower segment in 2018. The dominance of this segment is largely attributable to its wider availability and its method of delivery, as smoking or vaping the cannabis flower has a quicker effect and is preferred for fast-acting relief by medical and recreational cannabis consumers. Additionally, in comparison with concentrates, flowers are able to retain a higher degree of flavor and aroma, which could be beneficial for a stronger consumer appeal. Additionally, flowers contain a higher degree of THC compounds, as they are the most unprocessed and raw form of a plant. This makes them extremely appealing for recreational purposes. These factors are expected to help the flower segment maintain a potent market share during the forecast period as well.
The recreational segment, by application, is projected to grow at a faster rate during the forecast period.
The recreational segment is projected to be the faster-growing segment, by application, during the forecast period. The recreational cannabis market is projected to remain mainly concentrated in the US and Canada. Despite its low availability in various countries, the consumption and demand levels remain equivalent to that of medicinal cannabis; due to this, the demand for recreational cannabis is projected to surpass the demand for medical cannabis. For instance, medical cannabis is legalized mainly across 33 states of the US. However, only 10 states in the country have legalized recreational cannabis, and its consumption level is almost equivalent to the consumption level of medical cannabis across the 33 states. Therefore, the legalization of recreational cannabis across other regions could translate into a larger market share for this segment.
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Europe is projected to grow at the highest CAGR during the forecast period.
Europe is projected to be the fastest-growing region in the cannabis market from 2018 to 2023. The market in Europe is majorly driven by the increasing legalization of medical cannabis in the region, coupled with the healthcare system present in several European countries that covers the health expenditure of most patients in these regions. Further, to meet the increasing domestic demand for medical cannabis products, these countries majorly depend on imports from Canada, Israel, and Australia. However, to increase the supply, the governments in these countries are increasingly granting import and cultivation licenses to other players.
Major companies in the cannabis market include Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), Tikun Olam (Israel), Cannabis Science Inc. (US), Aphria Inc. (Canada), Maricann Group Inc. (Canada), Tilray Inc. (Canada), VIVO Cannabis Inc. (Canada), Medical Marijuana, Inc. (US), STENOCARE (Denmark), Cronos Group Inc. (Canada), Terra Tech Corp. (US), and MedMen (US).
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