According to the current analysis of Reports and Data, the global Cannabis Market was valued at USD 20.45 Billion in 2020 and expected to reach USD 137.83 Billion by the year 2028, at a CAGR of 28.57%. Cannabis is mostly consumed for its relaxing and calming effects. In some U.S states, it’s also suggested to help with a range of medical conditions, including chronic pain, glaucoma, and poor appetite. The primary ingredient of cannabis, which is CBD, a non-psychoactive cannabinoid, and often used to help reduce inflammation and ease the pain. It also helps to cure nausea, migraines, seizures, and anxiety. But even after legalization of these products in Canada, the sales were adversely affected in Canada as the licensing process is time-consuming and tedious in nature, as to acquire a marijuana cultivation permit, the producers are required to produce two full crops, get them tested, receive a sale audit which takes another year of the producer.
There has been a lot of advancement happening in the industry by various key market players to increase market penetration, such as, In May 2018, Aurora Cannabis acquired MedReleaf. The agreement brings together two of Canada’s premier marijuana companies with fully-aligned strategic visions. The company will come together and create a powerful platform for accelerated growth on a global scale. Aurora and MedReleaf teams consider the acquisition to be a vital successful deal in the marijuana industry; low production costs and industry-leading yields can be expected out of this agreement as Aurora’s programmed greenhouses are anticipated to provide industry-leading efficiency and low production costs, delivering sustainably robust margins. MedReleaf’s high-yield cultivation is expected to enhance productivity further and reduce costs across the combined entity’s facilities and widespread distribution channels in Canada and internationally will help the two companies have established distribution agreements in Canada. Additionally, the organizations have a rapidly growing international footprint through a chain of in-country sales and distribution capabilities and supply and licensing contracts in five continents, including countries such as Germany, Italy, Brazil, and Australia. Both companies are actively involved in initiatives to develop their international activities further.
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Competitive Landscape:
The research report offers details about leading companies in the global Cannabis market along with global position, financial standing, license agreement, products and services portfolio and revenue contribution of each market player. Key players in the market are focusing on adopting various strategies such as mergers and acquisition, business expansion plans, new product launches, partnerships, collaborations, joint ventures to enhance their product base and gain robust footing in the market.
Market Dynamics:
Increasing consumer inclination towards functional, organic and probiotic-based food drinks is providing impetus to the growth of global food and beverage industry. Various studies have come with health benefits associated with “ethnic” and organic food products. These foods improve cardiovascular health, improves arthritis, digestive issues, and other inflammatory conditions. Consumers are gradually focusing on mindful eating and consuming food for health and wellness. Changing eating and dietary patterns of consumers is prompting brand owners and new entrants to introduce healthy foods options. Several clean-label products have been introduced in the market and consumer curiosity for new products is immense
Growing middle class consumers with rising income in developing countries such as India and China will boost food beverage market growth. Moreover, increasing consumer preference for procuring food and beverage items from online platforms due to variety, cost and time-saving will foster market size through 2028.
Some of the Leading Market Players Are Listed Below:
- 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),
- MedMen (US)
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Market Segmentation:
Cannabis Market Segmentation based on Product Type:
- Flower
- Concentrates
- Others
Cannabis Market Segmentation based on Compound:
- Tetrahydrocannabinol
- Cannabidiol (CBD)
- Balanced THC CBD
Cannabis Market Segmentation based on Application:
- Medical
- Pain Management
- Neurological Health Management
- Mental Health Management
- Others
- Recreational
Cannabis Market Segmentation based on Regions:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Spain, Benelux, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of Latin America)
- Middle East Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East Africa)
Key Features of the global Cannabis Market:
- The report offers detailed estimations at the regional level with manufacturers, consumption, sales and import/export dynamics.
- The report provides accurate details related of the manufacturers/vendors in the market, company overview, pricing analysis, financial standing, product portfolio, and gross profit of leading companies.
- Company profiling with prevalent expansion strategies, revenue generation, and recent developments.
- Optimum strategic initiatives for new players in the market.
- Manufacturing processes, suppliers, cost, rates of production and consumption, transport mode and cost structuring, and value chain analysis.
- The study also includes supply chain trends, including elaborate descriptions of the latest technological development
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