Cannabis Market Applications 2027 by Emergen Research

The Global CannabisMarket is projected to reach USD 48.29 billion in 2027. The market is being predominantly driven by the growing usage of cannabis for many medicinal and recreational usage and increasing legalization in many countries with proliferating portfolio of end-use products. Rising proven studies suggests supporting the medicinal properties to treat many medical conditions including chronic pain, glaucoma, and poor appetite, nausea, migraines, seizures, and anxiety, among many others have been helping grow its usage amongst the end-users.

The leading players in the market include Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., and MedMen, among others.

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There has been a lot of advancement happening in the industry by various key market players to increase market penetration, such as, In May 2018, Aurora Cannabis acquired MedReleaf. The agreement brings together two of Canada’s premier marijuana companies with fully-aligned strategic visions. The company will come together and create a powerful platform for accelerated growth on a global scale.

Aurora and MedReleaf teams consider the acquisition to be a vital successful deal in the marijuana industry; low production costs and industry-leading yields can be expected out of this agreement as Aurora’s programmed greenhouses are anticipated to provide industry-leading efficiency and low production costs, delivering sustainably robust margins. MedReleaf’s high-yield cultivation is expected to enhance productivity further and reduce costs across the combined entity’s facilities and widespread distribution channels in Canada and internationally will help the two companies have established distribution agreements in Canada.

Additionally, the organizations have a rapidly growing international footprint through a chain of in-country sales and distribution capabilities and supply and licensing contracts in five continents, including countries such as Germany, Italy, Brazil, and Australia. Both companies are actively involved in initiatives to develop their international activities further.

Product Type Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)

1. Flower
2. Concentrates
3. Others

Compound Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)

1. Tetrahydrocannabinol
2. Cannabidiol (CBD)
3. Balanced THC & CBD

Application Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)

1. Medical
2. Pain Management
3. Neurological Health Management
4. Mental Health Management
5. Others
6. Recreational
7. Others

Regional Analysis

North America is projected to command the market expansion over the projected timeline attributable to the soaring implementation of Ground-based Monitoring Systems and Sensing and Imagery Systems to enhance the productivity of the agricultural sector. The augmented adoption of smart and precision farming, coupled with the presence of significant market players, is contributing to the progress of the market in the region. The Asia Pacific region is forseen to be the fastest-growing market due to rising initiatives for water conservation in the region. 

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Key Highlights from the Report

1. In November 2019, Mammoet, who is a global market leader for lifting and transporting heavy objects, entered into a partnership with the SGS group. SGS Group is helping the company with the construction of a large oil refinery in Nigeria.
2. The ground-based monitoring system segment held the largest market share of 55.2% in 2019. Growing adoption of the Ground-based Monitoring Systems among the skilled farmers in the developed economies to increase agricultural productivity and enhance crop quality is expected to drive the growth of the segment.
3. Services are forecasted to grow with the fastest CAGR of 13.8% over the forecast period. Increasing utilization of the Internet of things (IoT) enabled devices for agricultural and non-agricultural purposes, and the growing number of connected agriculture devices is expected to drive the growth of the services segment in the Cannabis market.
4. The agricultural segment accounted for the largest market share in 2019. The rising global population, along with the rising demand for food, is expected to increase the adoption of smart agricultural practices.
5. The Asia Pacific region is expected to be the fastest-growing region over the forecast period. The region is continuously striving to increase agricultural productivity by implementing technologically advanced agricultural practices.