The Business Research Company’s Cannabis Products Global Market Report 2021: COVID-19 Growth And Change To 2030
LONDON, GREATER LONDON, UK, April 22, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
The growing applications of cannabis in the medical field is an important driver for the cannabis products market. Cannabis is a drug that comes from Indian hemp plants such as Cannabis sativa and Cannabis indica, with THC (delta-9 tetrahydrocannabinol) being the main active chemical in it. Cannabis has several medical applications in conditions such as nausea and vomiting, glaucoma, epilepsy, asthma. Hence, many countries have legalized the use of cannabis for medical applications despite it being a psychoactive drug. Medical applications of cannabis include treating cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, AIDS, Alzheimer's disease and Parkinson's disease. According to Harvard Health, around 85% of Americans supported legalizing medical marijuana, and at least several million Americans were using it.
The cannabis products market consists of sales of cannabis products and related services. Cannabis is a psychoactive drug which is obtained from the cannabis plant of the cannabaceae family. Cannabis can be used for the treatment of various diseases such as chronic pain, cancer pain, depression, anxiety disorders, sleep disturbances and neurological disorders.
The cannabis infused products market covered in this report is segmented by product type into flower, concentrates, others. The cannabis products market is also segmented by usage into medical, recreational, by compound into THC-dominant, CBD-dominant, balanced THC & CBD, and by route of administration into oral solutions and capsules, smoking, vaporizers, topicals, others.
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The global cannabis products market size is expected to grow from $16.51 billion in 2020 to $18.37 billion in 2021 at a compound annual growth rate (CAGR) of 11.3%. The cannabis market growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The cannabis products market is expected to reach $46.19 billion in 2025 at a CAGR of 25.9%.
Major players in the cannabis industry are Canopy Growth Corporation, Aphria Inc., Aurora Cannabis, Cara Therapeutics and GW Pharmaceuticals PLC.
Cannabis Products Global Market Report 2021: COVID-19 Growth And Change To 2030 is one of a series of new reports from The Business Research Company that provides cannabis products market overview, forecast cannabis products market size and growth for the whole market, cannabis products market segments, and geographies, cannabis products market trends, cannabis products market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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