Comprehensive Cannabis Products Market Analysis 2024: Size, Share, And Key Trends
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What Growth Rate Can Be Expected in the Cannabis Products Market from 2024 Through 2033?
The size of the cannabis products market has seen significant expansion in the past few years. The projections indicate a rise from $50.96 billion in 2023 to $63.75 billion in 2024, indicating a compound annual growth rate (CAGR) of 25.1%. Factors contributing to this surge during the historical period include advocacy and activism for cannabis, scientific research and discoveries, evolving consumer trends and choices, pioneering market players, and policy and legal structures.
In the upcoming years, we anticipate a significant increase in the size of the cannabis products market. It is predicted to expand to $159.93 billion by 2028, accelerating at a compound annual growth rate (CAGR) of 25.9%. This growth over the prediction period is likely to be driven by factors like adjustments in the supply chain, expansion of the international market, investment trends, regulatory changes, the competitive landscape, and market consolidations. The prominent trends expected during this forecast period involve the enactment of laws and legalisation, focus on health and wellness, innovation and diversification of products, enhancement of consumer education and awareness, as well as celebrity and brand endorsements.
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What Dynamics Are Shaping the Growth of the cannabis products Market?
The heightened use of cannabis for medical needs is greatly influencing the expansion of the cannabis products industry. It is primarily derived from Indian hemp plants, specifically Cannabis sativa and Cannabis indica, with THC (delta-9 tetrahydrocannabinol) identified as the fundamental active ingredient. The medicinal benefits of cannabis include alleviating nausea and vomiting, treating glaucoma, managing epilepsy and asthma. Even though it is a psychoactive drug, many nations have authorized its use for medicinal purposes. Medical aspects of cannabis also encompass treatment of diseases like cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, AIDS, Alzheimer’s and Parkinson’s disease. As per Harvard Health, apparently 85% of the American population advocates the legalization of medicinal marijuana, while several million are already its users.
What Are the Essential Segments of the Cannabis Products Market?
1) By Product Type: Flower, Concentrates, Other Product Types
2) By Usage: Medical, Recreational
3) By Compound: THC-Dominant, CBD-Dominant, Balanced THC & CBD
4) By Route Of Administration: Oral Solutions And Capsules, Smoking, Vaporizers, Topicals, Other Route Of Administrations
What Are the Defining Trends in the Evolving Cannabis Products Market?
The rise of solar cannabis cultivation is a developing trend in the market for cannabis products. Given the substantial amount of power needed for elements such as lighting, heating and air-conditioning, and dehumidification systems in cannabis production, firms from the sector are redirecting their investments into solar-enhanced cannabis cultivation. This shift is mainly due to the growing legalization of cannabis products in various American states, which adds to the overall energy demand, persuading cannabis producers to prioritize solar cultivation methods. An instance of this trend can be seen when Aurora purchased 71 acres of land in Medicine Hat, Alberta, and set up an advanced hybrid greenhouse for cannabis production.
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Which Regions Are Emerging as Leaders in the Cannabis Products Market?
North America was the largest region in the cannabis products market in 2023. The Middle East is expected to be the fastest-growing region in the global cannabis products market share during the forecast period. The regions covered in the cannabis products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Cannabis Products Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the cannabis products market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Cannabis Products Market Include
1. Cannabis Products Market Executive Summary
2. Cannabis Products Market Segments
3. Cannabis Products Market Size And Template Market Growth Rate
4. Key Cannabis Products Market Trends
5. Major Cannabis Products Market Drivers
……
25. Key Mergers And Acquisitions In The Cannabis Products Market
26. Top Cannabis Products Companies
27. Cannabis Products Market Opportunities And Strategies
28. Cannabis Products Market, Conclusions And Recommendations
29. Appendix
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