USA, Nov. 16, 2022 (GLOBE NEWSWIRE) — As per the report published by JCMR, the global cannabis market is expected to grow from USD 25,450.5 million in 2021 and to reach USD 150,550.0 million by 2031, growing at a CAGR of 20.5% during the forecast period 2022-2031.
Intensification of R&D efforts and technical innovation leads to drive the growth of market. In many nations throughout the world, cannabis is being grown and consumed at a rapid rate. As a result, technical innovation is being reorganized for the productive creation of cannabis-based products. The development of cannabis is increasingly dependent on technology as more nations look to legalize cannabis for medical purposes. Cannabis farmers historically concentrated mostly on minimally processing the plant. However, owing to technological advancements, growers are now concentrating on producing edibles, capsules, vape oils, and gummies. Additionally, the cannabis industry is being positively revolutionized by technologies like genetic engineering and artificial intelligence. Additionally, they can alter the genetic make-up of the plants to create the strains that sell the best and adapt to the desired CBD level. Numerous startups are investigating how they can use this technology to increase their capacity for cross-country product shipping.
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Cannabis is given to the patients with long-term illnesses like Parkinson’s, Alzheimer’s, cancer, and several neurological problems. The wellness and health benefits of cannabis oil are driving up consumer demand. Inflammation, cancer symptom relief, diabetes protection, anxiety and depression treatment, and cancer symptom relief are all uses for cannabidiol oil. The worldwide cannabis market is anticipated to expand significantly over the projected period as a result of the growing use of cannabidiol (CBD)-based products to cure illnesses. Producers and stakeholders may find it challenging to adhere to the stringent regulations governing the sale and manufacturing of cannabis in different countries. In addition, different countries have different laws and regulations governing the use of cannabis, which creates obstacles in the global market. the existence of significant essential participants, pharmaceutical Better development is required due to the cannabis market’s robust growth on a global scale.
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Due to the increasing need, numerous businesses have developed research and development programmes that thoroughly examine various cannabis genetic improvement techniques. Producing low-dose edible products for consumers who want medical cannabis without psychoactive effects represents one of the biggest opportunities for manufacturers. Additionally, because micro dosing enables controlled recreational consumption, low-dose edibles are the ideal product line to draw new customers into the cannabis market. The short-term side effects of overdosing include anxiety or panic attacks, whereas the long-term side effects include heart arrhythmia and mental health issues. Another possibility is cannabis poisoning, which refers to transient side effects from consuming too much cannabis at once.
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Ø Transdermal patches
Ø Vape oils
Ø Tetrahydrocannabinol (THC)
Ø Cannabidiol (CBD)-dominant
Ø Balanced THC and CBD
Route of Administration
Key players operating in the global consent management market include Canopy Growth Corporation, Tilray, Aurora Cannabis Inc, Medmen, Medical Marijuana Inc, Hexo Corp ,Curaleaf Holdings Inc, Organigram Holdings Inc, Cv Sciences Inc, Folium Biosciences, Other key players.
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Regional Segment of Cannabis Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
- South America (Brazil, Argentina, and Rest of South America)
- The Middle East and Africa (GCC, Israel, South Africa, Rest of MEA)
On the basis of geography, the global cannabis market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region is expected to be largest region in cannabis market.. The customers’ access to a wide variety of cannabis items and the regional cannabis market is being driven by increased R&D activity. The FDA’s approval of cannabis-related medications, treatments, and goods also contributes to the expansion of the cannabis business. Cannabis benefits the older population by providing relief from nausea, chronic pain, and many other conditions, which supports the local cannabis market. As people become more aware of its therapeutic potential in preventing and treating chronic illnesses, the regional market has grown.