Cannabis Market worth $82.3 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 15, 2022 /PRNewswire/ -- The Cannabis Market size is estimated to be valued at USD 27.7 billion in 2022 and is projected to reach USD 82.3 billion by 2027, recording a CAGR of 24.3% in terms of value from 2022 to 2027, according to a new report by MarketsandMarkets™. 

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The medical segment sees demand for treating anxiety and pain management

Medical segment also significantly contributes towards the total cannabis market. Cannabis is used in treating various medical situations like anxiety, gastrointestinal disorders, seizures, and epilepsy. Increased network of cannabis dispensaries will help increase the reach of the cannabis products to consumers thus, projecting a bright future for the market.

Despite increased knowledge of its medical benefits, existing manufacturing inefficiencies and manufacturers' poor-quality control are hindering output. Many products fail to meet regulatory and content requirements. However, because of enhanced manufacturing procedures and quality standards, the pharmaceutical industry is now poised to supply more consistent products.

The CBD-dominant segment is projected to account for the second-largest share in the cannabis market during the forecast period

High demand and progressive policy reforms will ensure the cannabis industry's growth. As more people around the world experience burnout as a result of work and other stresses, consumers are more inclined to focus on self-care and mental wellness, and CBD fits perfectly into this change. The CBD market has risen as a result of the progressive growth in the availability of CBD products. Furthermore, the industry is predicted to grow positively as a result of CBDs growing presence in edibles, skincare, and increased online distribution channels.

The demand for medical cannabis in South America is driven by the increased legalization of medical cannabis within various countries

The market in the region is driven by the legalization of medical cannabis. The legalization of cannabis originated from Uruguay and Colombia, which was later joined by Argentina, Brazil, Chile, and other South American countries. Although personal cultivation of recreational cannabis for personal consumption is legal in many countries in the region, the commercial sale is limited only to Uruguay. Several countries in South America have decriminalized possession of small amounts for personal use such as Chile, Colombia, Costa, Ecuador, and Peru. The South American cannabis market is also growing tremendously as many local companies are receiving EU-Good Manufacturing (GMP) certification, and countries are approving favorable legislation. This market also benefits from the favorable climate, low-cost labor, and construction costs, as they are very low as compared to North America.

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This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), VIVO Cannabis Inc. (Canada), Tilary Inc. (US), Unrivaled Brand Inc. (US), HEXO Corp. (Canada), Medical Marijuana Inc. (US), The Cronos Group (Canada), Medmen Enterprise Inc. (US), Cresco Labs (US), Curaleaf Holdings Inc. (US), Organigram Holdings Inc. (Canada), Stenocare (Denmark), Trulieve (US), and Indiva (Canada).

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