Mar 22, 2020 (Daily Market Journal via Comtex) — Market Overview
– The cannabis market was valued at USD 14.5 billion in 2018, and it is projected to reach 89.1 billion by 2024, with a CAGR of 37% during the forecast period.
– The drivers identified in the market are medicinal properties of cannabis, increasing legalization of cannabis, and increasing advances in genetic development and intellectual property of cannabis.
– The restraints identified in the market are illegal product in various countries, higher stress on water and sustainable agriculture, strict regulations against usage of cannabis, and strong competition with conventional treatment and traditional drugs.
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Scope of the Report
Cannabis is a tall plant with a stiff upright stem, which is used as a drug and is being legalized for its medical usage. The report contains an analysis of the various parameters of the cannabis market. The study includes the major types of cannabis popular in the market and their market shares. The report presents wide-range analysis of the market share, size, and trends in the cannabis market. The market operates at B2C level, and market sizing has been done at the consumer level.
Key Market Trends
Increasing Legalization of Cannabis is Driving the Market
Medicinal cannabis accounts for the majority share of the cannabis market, when segmented on the basis of usage. Many countries have legalized the usage of cannabis for medicinal purposes. Many countries, where cannabis has been legalized, have a large adult population aged 50 and above. This increases the demand for medicinal cannabis, as the affinity of getting sick with chronic diseases increases after 50 years. Many countries, like the United States and Chile, have legalized the usage of cannabis for medicinal purposes; but the sale is illegal in these countries, and hence, cannabis is mostly donated between two organizations on a non-profit basis and strictly for usage in medical practices.
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North America Dominates the Market
The cannabis market was valued at USD 14.5 billion in 2018 and it is projected to reach 89.1 billion by 2024, with a CAGR of 37% during the forecast period. The growth rate can be attributed to the fact that various countries are now legalizing the usage of cannabis for medical purposes and various states in the US are legalizing the usage of cannabis for recreational purposes as well. North America accounts for more than 95% of the cannabis market, with the US alone making up more than 90% share of the North American market.
In the cannabis market, companies are very active and are constantly involved in acquiring shares and developing new products to attract a larger portion of consumers toward their products. Companies in the United States and Canada are focusing more on acquiring licenses for the production and trade of cannabis-based products. They are also involved in the development of food products containing cannabis, which is the preferred mode of consumption by the consumers.
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Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.4 Market Restraints
4.5 Industry Attractiveness – Porter’s Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.2 Crop Variety
5.2.1 Cannabis Indica
5.2.2 Cannabis Sativa
5.2.3 Other Crop Varieties
5.3.1 North America
220.127.116.11 Rest of North America
18.104.22.168 Czech Republic
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Competitor Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Scotts Miracle-Gro Co.
6.3.2 Canopy Growth Corp.
6.3.3 GW Pharmaceuticals PLC
6.3.4 Aurora Cannabis Inc.
6.3.5 Aphria Inc.
6.3.6 MedReLeaf Corp.
6.3.7 Sprott Inc.
6.3.8 Insys Therapeutics Inc.
6.3.9 CanniMed Therapeutics Inc.
6.3.10 Cara Therapeutics Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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