The global cannabis market is expected to reach US$ 153,689.9 Mn in 2027 from US$ 10,838.1 in 2018.
The market is estimated to grow with a CAGR of 34.5% from 2019-2027.
The key factors such as increasing number of countries decriminalizing the use of cannabis and legalizing the cannabis for medical use, increasing awareness of benefits offered by cannabis through conduction of workshops and symposiums and increasing technological development in the field of medical cannabis is expected to account for the growth of the global cannabis market.
In recent years the whole, unprocessed marijuana plant or its basic extracts are used to treat symptoms of illness and other medical conditions.
As cannabis helps in treating certain illnesses and symptoms many regions/countries have legalized marijuana for medical use. Currently, the two cannabinoids from the marijuana plant that are of medical interest are tetrahydrocannabinol (THC) and cannabidiol (CBD).
THC may also decrease pain, inflammation (swelling and redness), and muscle control problems. CBD is used to reduce pain, inflammation, control epileptic seizures, and to treat mental illness and addictions. The FDA approved a CBD-based liquid medication called Epidiolex for the treatment of two forms of severe childhood epilepsy, Dravet syndrome and Lennox-Gastaut syndrome. A few studies have reported that inhaled (smoked or vaporized) marijuana can be helpful treatment of neuropathic pain (pain caused by damaged nerves). Thus growing medicinal applications of cannabis in diseases like HIV, epilepsy and others is expected to drive cannabis market during the forecast period.
The global cannabis market, based on the application was segmented into medical and recreational uses.
In 2018, the medical segment held the largest share of the market, by application.
However, the recreational segmented is anticipated to witness fastest growth in the cannabis market, based on application.
Some of the major primary and secondary sources included in the report for the Cannabis Market are the World Health Organization, European Observatory on Cannabis Cultivation, Centers for Disease Control and Prevention, Organisation for Economic Co-operation and Development, National Center for Biotechnology Information, Medical Marijuana Regulation and Safety Act, Drug Enforcement Administration, and others.
Source: Research and Markets