Cannabis Market is expected to reach US$ 1,99,504.9 million by 2028

Publisher: The Insight Partners

The global cannabis market is expected to US$ 1,99,504.9 million by 2028; it is estimated to grow at a CAGR of 34.5% from 2022 to 2028, according to a new research study conducted by The Insight partners

Product Type Segment to Lead Cannabis Market During 2022–2028

The report highlights the key factors driving the market and prominent players with their developments. The rising consumer awareness about cannabis-related medicinal products accelerates the demand for cannabis. However, the complex regulatory structure of cannabis hinders the growth of the cannabis market.

The European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) report states that doctors have started prescribing cannabis to treat various conditions. These conditions involve anxiety disorders such as post-traumatic stress disorder, depressive disorders, sleep disorders, chronic pain, and inflammatory bowel disease. Implementation of the Human Resources Professionals Association (HRPA) program at the national level is one such example. Each country has its own rules and procedures for allowing cannabis preparations to be provided to patients. In Canada, cannabis is allowed for compassionate or exceptional use programs such as Human Resources Professionals Association (HRPA) 2017. Further, in Canada, cannabis is usually granted for the treatment of a narrow range of medical conditions. For example, the common feature of such an HRPA program is a specialized prescriber owning a specific license to prescribe non-authorized cannabis preparations. Also, such HRPA programs use country-specific regulatory tools allowing patients to gain medical treatment access.

Cannabis Market, by Region, 2022 (%)

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Source: The Insight Partners Analysis

On the other hand, rising research & development activities for medical cannabis acts as a standalone factor driving the overall market growth.  According to the NORML and The NORML Foundation 2022 report, clinical research intended for the therapeutic value of cannabis has proliferated the understanding that medical cannabis can combat disease. For example, scientists are investigating by researching to detect cannabis's capacity to identify moderate autoimmune disorders such as multiple sclerosis, rheumatoid arthritis, and inflammatory bowel disease. Additionally, scientists are researching to identify the role of medical cannabis consumption in treating neurological disorders such as Alzheimer's disease and amyotrophic lateral sclerosis, i.e., Lou Gehrig’s disease). The aforementioned factors are responsible for the significant growth of the overall cannabis market during the forecast period.

The use of cannabis in cosmetic preparation is expected to have lucrative growth opportunities in the near future. According to The International Natural and Organic Cosmetics Association 2022 report, the cannabis plant contains over 80 biologically active chemical compounds (cannabinoids), and the most known are delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD). CBD can be synthetically produced or isolated from the cannabis plant and utilized as a single ingredient. In cosmetics, CBD functions as an antioxidant that facilitates antiaging properties. In the US, the US Food and Drug Administration (FDA) does not prohibit or restrict the consumption of cannabis or cannabis-derived ingredients in cosmetics. Also, a beauty product containing cannabis-derived ingredients can be formulated in creams for treating dermatitis or acne.

The CannaCon 2022 report states that cannabis can replace beeswax in cosmetic preparation, making it a vegan option. In August 2021, LUCKBD announced the official launch of "Good Mojo" CBD hair and skin care products. These high-performing products include USA-grown CBD isolate along with high-quality and effective ingredients. Cannabis-derived ingredients incorporated in cosmetics/beauty products will gain huge significance in the near future, contributing to overall market growth during the forecast period.

Tilray Inc.; Aurora Cannabis; Cannabis Science Inc.; Canopy Growth Corporation; Medical Marijuana, Inc.; Vivo Cannabis Inc.; Tikun Olam; Tilray Brands, Inc.; The Cronos Group; and HEXO Corp. are among the leading companies operating in the cannabis market.

The report segments the cannabis market as follows:

Based on product type, the cannabis market is segmented into flower, concentrates, and others. The flower segment held the largest market share in 2022. Based on application, the cannabis market is bifurcated into medical and recreational. The medical segment held a larger share of the market in 2022. The recreational segment will grow over the forecast period. Based on compound, the global cannabis market is segmented into Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, and balanced THC and CBD. The Tetrahydrocannabinol (THC)-Dominant segment held the largest share of the market in 2022. The Cannabidiol (CBD)-Dominant segment is expected to grow at the fastest CAGR over the forecast period. Based on geography, the market is primarily segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

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