The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s cannabis products market report forecasts the cannabis products market size to grow to $100.63 Billion by 2027, with a CAGR (compound annual growth rate) of more than 24%.

Learn More On The Cannabis Products Market Report 2023 – https://www.thebusinessresearchcompany.com/report/cannabis-products-global-market-report

Cannabis Products Market Size Forecast

The global cannabis products market is expected to grow from $35 billion in 2022 to $42.15 billion in 2023 at a compound annual growth rate (CAGR) of 20.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cannabis products market is expected to grow from $100.63 billion in 2027 at a CAGR of 24.3%.

North America held the largest cannabis products market share, and Middle East was the fastest-growing region in 2022.

Key Cannabis Products Market Driver ­– Growth In Medical Applications Of Cannabis

According to Harvard Health, around 85% of Americans supported legalising medical marijuana, and at least several million Americans were using it.

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Key Cannabis Products Market Trend – Launching Solar Cannabis Cultivation

As cannabis cultivation requires a large amount of energy for lighting, heating, air-conditioning, and dehumidification systems, cannabis product manufacturing companies are investing in solar cannabis cultivation. This is mainly a result of legalising cannabis products in various states of the USA, which is continuously increasing the consumption of energy and leading cannabis manufacturers to opt for solar cannabis cultivation. For instance, Aurora acquired 71 acres of land in Medicine Hat, Alberta, and installed a high-technology hybrid greenhouse cannabis production facility.

Cannabis Products Market Segment

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

Cannabis Products Market Major Players and Strategies

Major players in the cannabis products market are Canopy Growth Corporation, Aphria Inc., Aurora Cannabis, Cara Therapeutics, GW Pharmaceuticals PLC., Maricann Group, Tilray, The Cronos Group, Tikun Olam, and United Cannabis Corporation.

In May 2020, Aurora Cannabis Inc., a Canada-based cannabinoid company, acquired Reliva, LLC., for an undisclosed amount. Through this acquisition, Aurora and Reliva will be able to build a market-leading international cannabinoid platform, and they will be able to offer stable revenue and enhanced profitability. Reliva, LLC., is a US-based company and a pacesetter in delivering high-quality hemp-derived CBD products to consumers.

The Cannabis Products Global Market Report 2023 covers regional data on cannabis products market size, cannabis products market trends and drivers, opportunities, strategies, and cannabis products market competitor analysis. The countries covered in the cannabis products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Cannabis products refer to cannabis that has undergone a process that turns the plant material into a concentrate, such as, but not limited to, concentrated cannabis, or an edible or topical product containing cannabis or concentrated cannabis and other substances. It is frequently used as a recreational drug and has several medical applications, including the treatment of migraines, nausea, and vomiting.

View More Reports Related To The Cannabis Products Market –

Cannabis Cultivation Global Market Report 2022

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