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Farmington, March 30, 2023 (GLOBE NEWSWIRE) — The Global Cannabis Market Was Valued At US$ 13.43 Billion In 2022, And Is Projected To Reach US$ 66.35 Billion By 2030, Growing at a CAGR Of 22.1% From 2023 To 2030. In the past few years, the legalization and decriminalization of cannabis in many parts of the world has caused the global cannabis market to grow quickly. There are both medical and recreational cannabis products on the market, and as more countries legalize cannabis, the market is expected to keep growing.
At the moment, North America is the largest legal market for cannabis, followed by Europe. But the Asia-Pacific region is expected to grow the most in the coming years, as countries like Australia, New Zealand, and Thailand move toward legalization.
There are many different kinds of products on the market, such as dried cannabis flower, concentrates, edibles, tinctures, topicals, and more. Medical cannabis is used to treat chronic pain, epilepsy, and cancer-related symptoms, while recreational cannabis is used for its psychoactive effects.
As more countries legalize cannabis and more people get used to using it for both medical and recreational purposes, the global cannabis market is likely to keep growing. But legal and regulatory barriers are still a problem in many parts of the world, and the market is likely to stay volatile as it develops.
Request Sample Copy of Report “Cannabis Market Size, Share & Trends Estimation Report By Source Outlook (Marijuana, Flowers, Oil and Tinctures, Hemp, Hemp CBD, Supplements & Industrial Hemp), Core Network & Backhaul & Transport) By Derivative Outlook (CBD, THC & Others) By End Use Outlook (Medical Use, Cancer & Chronic Pain) By Region, And Segment Forecasts, 2022 – 2030”, published by Contrive Datum Insights.
CBD is a non-psychoactive cannabinoid that is found in cannabis and hemp plants. It is used in a number of ways to treat and improve health. The “high” that comes from using marijuana is caused by THC, which is the main psychoactive part of cannabis. It is used both to treat health problems and for fun.
Others include non-cannabinoids like terpenes and flavonoids, as well as other cannabinoids like cannabigerol (CBG), cannabinol (CBN), and cannabichromene (CBC).
The outlook for derivatives is an important part of the cannabis market, since different derivatives can be used and have different effects. CBD is becoming more popular in the health and wellness market, while THC is used both medically and for fun. Other cannabinoids and compounds are also being studied to see if they could be used as medicines.
End User Insights:
Cannabis has been used as medicine for hundreds of years, and researchers are currently looking into how it might help treat chronic pain, anxiety, epilepsy, and multiple sclerosis, among other conditions. Some countries and states have legalized the use of cannabis for fun, so adults can use cannabis products for their own enjoyment. Cannabis can be used for many things in the industrial world, like building materials, biofuels, and textiles.
The end-use perspective is important because it shows how different people want and need cannabis products. Medical cannabis already has a big market, and that market is likely to keep growing as more research is done. Some places have made it legal for adults to use cannabis for fun, which has given them access to a new market. Industrial uses for cannabis are still in their early stages, but they could lead to new markets and uses for the industry.
The largest legal markets for cannabis are in the United States and Canada. Many states and provinces have made cannabis legal for both medical and recreational use. This has helped the industry grow.
Some of the strictest laws and rules about cannabis are in the Middle East and Africa. But some countries are starting to look into the possible benefits of medical cannabis, so their laws may change in the future.
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Scope of Report:
|Growth Rate||CAGR of 22.1% from 2023 to 2030.|
|Revenue Forecast by 2030||USD 66.35 Billion|
|By Source||Marijuana, Flowers, Oil and Tinctures, Hemp, Hemp CBD, Supplements, Industrial Hemp, Other|
|By Derivative||CBD, THC, Other|
|By End-use||Medical Use, Cancer, Chronic Pain, Other|
|By Depression and Anxiety||Arthritis, Diabetes, Glaucoma, Migraines, Epilepsy, Multiple Sclerosis, AIDS, Amyotrophic Lateral Sclerosis, Alzheimer’s, Post-Traumatic Stress Disorder (PTSD), Parkinson’s, Tourette’s, Recreational Use, Industrial Use, Other|
|By Companies||Canopy Growth Corporation, GW Pharmaceuticals, plc, Aurora Cannabis, Inc., Aphria, Inc., Cronos Group, Tilray, Sundial Growers Inc., Insys Therapeutics, Inc., The Scotts Company LLC, VIVO Cannabis Inc., Cara Therapeutics Inc.|
|Regions and Countries Covered||
|Historical Year||2017 to 2022|
|Forecast Year||2023 to 2030|
Investment: Both private and public investors have put a lot of money into the cannabis industry, which has helped it grow and find new ways to do things.
Innovation: In the past few years, the cannabis industry has changed a lot, with new products and ways to get them to customers. This has helped to open up new markets and bring in new customers.
Stigma: Even though attitudes about cannabis are changing, there is still a lot of shame around using it. This can make it harder for the industry to grow, especially in places where people are more conservative.
Competition: The cannabis business is getting more and more competitive as more and more people join the market. This makes it harder for businesses to stand out and keep making money.
Growing legalization: Legalizing cannabis for both medical and recreational use is becoming more and more popular around the world. This gives companies many ways to get into the market. This growing acceptance of marijuana use could lead to the opening of new businesses, more jobs, and more money coming in from taxes.
Diverse product range: There are many different kinds of cannabis products, such as CBD oil, tinctures, edibles, topicals, and more. This gives businesses a wide range of ways to invest, so they can choose the field that best matches their skills.
Health and wellness applications: With more research into how cannabis can be used as a medicine, companies will be able to make cannabis-based products for the health and wellness industry. This includes things like supplements made from cannabis, which could be a big business in the future.
Regulatory environment: Cannabis’s legal status is complicated and always changing, which makes it hard for businesses to understand the rules. Each country and state has its own set of laws, which can make it hard for businesses to work in more than one place.
Social stigma: Even though cannabis use is becoming more accepted, the industry still has a bad reputation. This can make it hard for businesses to get investments or gain acceptance from the general public.
International trade and export regulations: As the use of cannabis spreads around the world, companies are looking to sell their goods in other countries. But rules about international trade and exporting can be complicated and vary a lot from country to country, making it hard to export goods.
Key Segments Covered:
Top Market Players:
Canopy Growth Corporation, GW Pharmaceuticals, plc, Aurora Cannabis, Inc., Aphria, Inc., Cronos Group, Tilray, Sundial Growers Inc., Insys Therapeutics, Inc., The Scotts Company LLC, VIVO Cannabis Inc., Cara Therapeutics Inc., and others.
- Oil and Tinctures
- Hemp CBD
- Industrial Hemp
- Medical Use
- Chronic Pain
By Depression and Anxiety
- Multiple Sclerosis
- Amyotrophic Lateral Sclerosis
- Post-Traumatic Stress Disorder (PTSD)
- Recreational Use
- Industrial Use
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
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