LONDON, Aug. 30, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company, the cannabis products market is witnessing an unprecedented surge, marking a trajectory of remarkable growth. From a valuation of $35 billion in 2022, the market has soared to $42.15 billion in 2023, registering a staggering Compound Annual Growth Rate (CAGR) of 20.5%. The market size is poised to ascend to $100.63 billion by 2027, continuing its upward trajectory at a CAGR of 24.3%. This cannabis products market rise is driven by a multitude of factors, most notably the burgeoning medical applications of cannabis.
Empowering Health through Cannabis: Medical Applications Steer the Market
Cannabis, sourced from Indian hemp plants like Cannabis sativa and Cannabis indica, holds immense potential in medical applications. The primary active chemical, THC (delta-9 tetrahydrocannabinol), contributes to its therapeutic prowess. Conditions ranging from nausea and vomiting to glaucoma, epilepsy, and asthma find potential relief in cannabis-based treatments. Astonishingly, several countries have embraced its medical potential, legalizing its use for medical purposes despite its psychoactive nature. Its medical applications span across an array of ailments including cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, AIDS, Alzheimer's disease, and Parkinson's disease. The endorsement for medical marijuana is palpable, with around 85% of Americans supporting its legalization and several million already benefitting from it, as per Harvard Health.
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Industry Titans and Market Segmentation: Navigating the Landscape
Leading the charge in the cannabis products market are industry giants such as Canopy Growth Corporation, Aphria Inc., Aurora Cannabis, and many others. The global cannabis products market is neatly segmented into various categories including product type, usage, compound, and route of administration. These segments range from flower and concentrates to medical and recreational usage, THC-dominant and CBD-dominant compounds, and diverse administration methods.
Illuminating the Future: Solar Cannabis Cultivation
An emerging trend within the cannabis products market is solar cannabis cultivation. As cannabis production necessitates substantial energy consumption for lighting, heating, and more, companies are turning to solar cultivation. This shift is bolstered by the gradual legalization of cannabis products across various U.S. states, prompting manufacturers to embrace solar solutions. Notably, Aurora's acquisition of 71 acres of land in Alberta for high-tech hybrid greenhouse cannabis production stands as a testament to this sustainable evolution.
Global Footprint and the Road Ahead
While North America currently leads the pack as the largest region within the cannabis products market, the Middle East is anticipated to be the fastest-growing region in the years to come. The global analysis of the cannabis products market spans continents, including Asia-Pacific, Western and Eastern Europe, South and North America, Africa, and the Middle East.
The explosive growth of the cannabis products market signifies not only its economic significance but also its profound impact on health and well-being. As medical applications and innovations continue to shape the industry, the journey ahead promises an exciting blend of innovation, progress, and expanding opportunities for businesses and consumers alike.
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Cannabis Products Global Market Report 2023 by The Business Research Company provides insights on the cannabis products market size, cannabis products market segments, cannabis products market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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