123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Food,-Cooking-and-Drink >> View Article

Cannabis Market Worth $39.35 Billion By 2023, At A Cagr Of 30.7%

Profile Picture
By Author: MarketsandMarkets
Total Articles: 115
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Cannabis is a drug derived from the cannabis sativa, cannabis indica, and hybrid strains. Although cannabis is composed of different cannabinoids, the two main cannabinoids considered to be the most active compounds are tetrahydrocannabinol (THC), the psychoactive compound, and cannabidiol (CBD), the non-psychoactive compound. The growth of this market is attributed to the growing number of medicinal applications of cannabis and increasing legalization of cannabis. However, the complex regulatory structure for the use of cannabis is restraining the market growth.
MarketsandMarkets expects the global cannabis market 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.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=201768301

The concentrates segment, by product type, is projected to grow at the highest CAGR during the forecast period. This is majorly due to the varied number of forms in which concentrates are made available for consumption. Some of these forms are shatter, rosin, wax, crumble, oil, dabs, and tinctures. Additionally, concentrates are more potent in nature in comparison with flowers. While buds have a potency range of about 10% to 25%, concentrates have a potency rate of about 50% to 80%, with a few extracts also boasting of a potency rate of about 90%. Concentrates also enjoy a wide variety of delivery methods such as smoking, vaping, dabbing, ingestion, and tinctures. These delivery methods further aid the market growth of concentrates.

Report Objectives:

• Determining and projecting the size of the market with respect to product type, application, compound, and region, over a five-year period ranging from 2018 to 2023
• Identifying attractive opportunities in the market by determining the largest and fastest-growing segments across regions
• Providing detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• Analyzing the micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market
• Identifying and profiling key market players in the cannabis market
• Providing a comparative analysis of the market leaders on the basis of the following:
o Product offerings
o Business strategies
o Strengths and weaknesses
o Key financials
• Understanding the competitive landscape and identifying the major growth strategies adopted by players across the key regions
• Analyzing the supply chain, products, and regulatory frameworks across regions and their impact on the prominent market players
• Providing insights on key innovations and investments in the market

The recreational segment, by application, is projected to grow at a higher CAGR during the forecast period. Uruguay is the only country in South America to have legalized the use of recreational cannabis. The cannabis market is projected to remain 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. As a result, the demand for recreational cannabis is projected to surpass the demand for medical cannabis. For instance, medical cannabis is legalized mainly in 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.

Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=201768301

In terms of geographical coverage, the cannabis market has been segmented into 4 regions, namely, North America, South America, Europe, RoW (Rest of the World). Europe is projected to record the highest growth rate during the forecast period. The market in Europe is still in its introductory stage and has significant potential due to its population, which is even higher than the US and Canada combined. However, most market players such as Aphria, Inc. (Canada) and Terra Tech Corp. (US) have an established and well-networked market for cannabis in the Americas, with the majority of their revenues being generated from the US and Canada, making the North American market the most dominant one.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Total Views: 62Word Count: 854See All articles From Author

Add Comment

Food, Cooking and Drink Articles

1. Know The Points That Attract People To Order Food Online At A Restaurant
Author: Sujata Bhattacharjee

2. Tips To Find Indian Restaurant Near Your Hotel Or Home In Prague
Author: Sujata Bhattacharjee

3. Shrink Plastic Film Market Growth Factors, Ongoing Trends And Key Players 2025
Author: MarketsandMarkets™ INC.

4. Eating Out With Your Family? Order Pizza!
Author: Clyde Forrester

5. Vegetarian Diet Is The Key To Good Health
Author: Plant Fulfilled

6. The Best Beverages That Goes Well With Pizza
Author: Simon Fadous

7. Throwing A Pizza Party? Here Are A Few Tips To Make It Successful
Author: Simon Fadous

8. Mobile Wood-fired Pizza For A Memorable Party!
Author: Laurie Hekeik

9. Red Wine Delivery
Author: Drinkerrs Liquor Store Delivery

10. The Clean Of Wine
Author: Drinkerrs Liquor Store Delivery

11. Top Reasons To Eat More Pasta
Author: Jason Upton

12. How To Prepare Lime And Dill Chimichurri Shrimp ?
Author: Sanjana Ray

13. How To Choose The Right Kebab Factory For Your Restaurant?
Author: Michael Auf

14. 3 Important Maca Powder Benefits For Older Men
Author: Mark Ament

15. A Quick Guide To Choosing The Right Maca Powder
Author: Mark Ament

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: