Dublin, Dec. 03, 2018 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
Growing medicinal application of cannabis is expected to drive the overall growth of the cannabis market
The cannabis market size 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 cannabis market is driven by various factors such as the growing medicinal application of cannabis and the increasing legalization of cannabis. However, a complex regulatory structure for the use of cannabis can hinder the growth of the market.
The concentrates segment is expected to grow at the highest CAGR during the forecast period.
The concentrates segment is the fastest-growing segment in the cannabis market, by product type. This is due to their ease in usage and their versatility in the method of delivery, such as dabbing, ingestible oils, and tinctures. Also, along with ingestion, concentrates can offer cleaner, smoother, and less-odiferous hits than flowers. Concentrates are being increasingly opted for over flowers, as these as more potent in nature. The potency of concentrates could also be modified as per requirement and usage, to evoke a higher consumer likeability.
The THC-dominant segment, by compound, is projected to hold the largest market share during the forecast period.
The THC-dominant segment is projected to hold the largest share and grow at the highest CAGR during the forecast period. The dominance of this segment is majorly attributed to the fact that THC is the psychoactive substance in cannabis products and is responsible for head high feeling. Even though high THC content is better known for its mind-altering euphoria, it has important medical benefits and is considered effective in relieving nausea, appetite loss, and insomnia.
North America is projected to be the dominant market during the forecast period.
The market in this region is primarily driven by the growth in the US and Canadian markets. The market in this region is driven by the increasing legalization of cannabis for both medical and recreational purposes all over North America and the increasing awareness among consumers regarding the health benefits of cannabis.
The market is further fueled by the presence of major cannabis giants such as Canopy Growth Corporation, Aurora Cannabis Inc., and Medical Marijuana Inc., who are continuously investing and collaborating for the development of new products to fulfill the consumer demand.
The cannabis market comprises major providers such as Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), Tikun Olam (Israel), Cannabis Science Inc. (US), Aphria Inc. (Canada), and Maricann Group Inc. (Canada) among others.
The study includes an in-depth competitive analysis of these key players in the cannabis market, along with their company profiles, recent developments, and key market strategies.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Segmentation
1.4 Regions Covered
1.5 Periodization Considered
1.6 Currency Considered
1.7 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Data Triangulation
2.4 Assumptions for the Study
2.5 Limitations of the Study
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Cannabis Market
4.2 Cannabis Market: Major Countries
4.3 Cannabis Market in North America, By Product Type & Country
4.4 Cannabis Market, By Application & Region
4.5 Cannabis Market, By Compound & Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Medicinal Application of Cannabis
5.2.1.2 Increasing Legalization of Cannabis
5.2.2 Restraints
5.2.2.1 Complex Regulatory Structure for the Usage of Cannabis
5.2.3 Opportunities
5.2.3.1 Product Development Via Research and Novel Product Delivery Solutions
5.2.4 Challenges
5.2.4.1 Declining Prices as Product Gets Commoditized
5.3 Value Chain: Cannabis Market
5.4 Global Regulatory Overview
5.5 Regulatory Overview, By Country
5.5.1 Us
5.5.1.1 Nevada
5.5.1.2 Colorado
5.5.1.3 Maine
5.5.1.4 California
5.5.1.5 Massachusetts
5.5.1.6 Alaska
5.5.1.7 Oregon
5.5.1.8 Washington
5.5.1.9 Washington DC
5.5.1.10 Vermont
5.5.2 Canada
5.5.3 Germany
5.5.4 Italy
5.5.5 Denmark
5.5.6 Czech Republic
5.5.7 Chile
5.5.8 Netherlands
5.5.9 Colombia
5.5.10 Uruguay
5.5.11 Australia
5.5.12 Israel
6 Cannabis Market, By Product Type
6.1 Introduction
6.2 Flower
6.2.1 Increasing Usage of Cannabis for Recreational Purposes is Expected to Fuel the Market Growth for These Products
6.3 Concentrates
6.3.1 A Wide Variety of Delivery Methods Have Made the Market for Cannabis Concentrates Extremely Favorable Amongst Consumers
6.4 Others
6.4.1 Large Number of Food & Beverage Manufacturing Companies Venturing Into the Cannabis-Infused Edibles Category Expected to Drive the Market Growth
7 Cannabis Market, By Application
7.1 Introduction
7.2 Medical
7.2.1 Increasing Usage of Cannabis for Pain, Neurological Health, and Mental Health Management is Driving the Market for Medical Cannabis
7.2.1.1 Pain Management
7.2.1.2 Neurological Health Management
7.2.1.3 Mental Health Management
7.2.1.4 Others
7.3 Recreational
7.3.1 Wider Legalization Status of Recreational Cannabis to Significantly Boost Market Growth
8 Cannabis Market, By Compound
8.1 Introduction
8.2 Tetrahydrocannabinol (THC)-Dominant
8.2.1 Increasing Legalization of Recreational Cannabis Could Help Propel the Market for THC-Dominant Cannabis Strains
8.3 Cannabidiol (CBD)-Dominant
8.3.1 Usage of Cannabidiol for Medicinal Applications is Driving the Market for CBD-Dominant Cannabis Products
8.4 Balanced THC & CBD
8.4.1 Balanced THC & CBD Strains Producing Effects, Which Help Diminish the Psychoactive Properties of THC, are Expected to Drive the Market Growth
9 Cannabis Market, By Region
9.1 Introduction
9.2 North America
9.2.1 Us
9.2.1.1 Growing Legalization of Both Medical and Recreational Cannabis in Several States to Drive the Market in the Us
9.2.2 Canada
9.2.2.1 Legalization of Recreational Cannabis to Drive the Market in Canada
9.2.3 Mexico
9.2.3.1 Legalization of Medical Cannabis to Drive the Mexican Market
9.3 South America
9.3.1 Chile
9.3.1.1 Increasing Awareness Among Consumers About the Benefits of Medical Cannabis in the Treatment of Chronic Pain, Seizures, and Nausea is Driving the Market in Chile
9.3.2 Colombia
9.3.2.1 A High Percentage of Population Suffering From Chronic Diseases is Driving the Colombian Cannabis Market
9.3.3 Uruguay
9.3.3.1 The Fully Legalized Cannabis Industry With Eased Regulations is Driving the Market in Uruguay
9.3.4 Rest of South America
9.3.4.1 Legalization of Medical Cannabis is the Major Driver for the Market in the Rest of South America
9.4 Europe
9.4.1 Germany
9.4.1.1 Complete Health Insurance Coverage for the Use of Medical Cannabis is Driving the German Market
9.4.2 Italy
9.4.2.1 Increase in Demand for Cannabis Coupled With the Issuance of Import Licenses to Drive Growth in the Italian Cannabis Market
9.4.3 France
9.4.3.1 The Healthcare System in France is Driving the Market Growth
9.4.4 The Netherlands
9.4.4.1 Strong Supporting Infrastructure of Pharmacies is Driving the Market in the Netherlands
9.4.5 Rest of Europe
9.4.5.1 Legalization of Medical Cannabis is the Major Driver for the Market in the Rest of Europe
9.5 Rest of the World (RoW)
9.5.1 Israel
9.5.1.1 Agricultural & Technical Innovations Coupled With Liberal Government Policies to Drive the Market in Israel
9.5.2 Australia
9.5.2.1 Improved Access to Medical Cannabis is Projected to Drive the Market in Australia
10 Competitive Landscape
10.1 Overview
10.2 Key Market Strategies
10.3 Ranking of Key Players, 2018
10.4 Investment Overview
10.5 Competitive Scenario
11 Company Profiles
11.1 Canopy Growth Corporation
11.2 Aurora Cannabis Inc.
11.3 Medmen
11.4 Terra Tech Corp.
11.5 Aphria Inc.
11.6 Vivo Cannabis Inc.
11.7 Chronos Group Inc.
11.8 Medical Marijuana, Inc.
11.9 Stenocare
11.10 Tikun Olam
11.11 Organigrams Holding Inc.
11.12 Cannabis Science Inc.
11.13 Maricann Group Inc.
11.14 Tilray Inc
11.15 Hexo
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