The global cannabis market in the COVID-19 period has been estimated to value USD 25,650.4 million in 2021, and is projected to reach USD 176,005.5 million by 2030 at a CAGR of 23.9%, 2021-2030.
The global cannabis market growth can be attributed to factors, such as increasing awareness among consumers regarding the health benefits of cannabis and its rising medical application.
Patients suffering from chronic diseases, like Parkinson's, Alzheimer's, cancer, and many neurological disorders, are administered cannabis. The demand for cannabis oil is growing due to its wellness and health purpose. Cannabidiol oil is used for treating depression and anxiety, diabetes protection, cancer symptom relief, and inflammation.
Due to the rising adoption of cannabidiol (CBD) based products to treat ailments, the global cannabis market is expected to grow significantly during the forecast period. Strict regulatory guidelines associated with the sales and production of cannabis across various nations can be tedious for producers and stakeholders to comply with.
Also, the rules and regulations concerning the utilization of cannabis vary from country to country, which generates hindrances in the worldwide market. The presence of major key players, pharmaceutical and biotechnology industries worldwide, and their experimental approach drives the cannabis market growth.
Based on route of administration, the market is segmented into oral, topical, inhalation, rectal, sublingual.
The inhalation segment is expected to hold the largest share in the global cannabis market during the forecast period. Inhalation is a route of administration where cannabis products are inhaled through vapors and smoke. The smoke is released by heating cannabis leaves, extracts with psychoactive chemicals.
Different procedures for inhaling cannabis comprise pipe or bong, joint smoking, vaping, and nasal spray. Inhalation is considered to be the fastest and popular method for treating medical conditions and recreation activities. This factor is expected to contribute to segment growth.
Based on the compound, the market is segmented into tetrahydrocannabinol (THC)-dominant, cannabidiol (CBD)-dominant, and balanced THC and CBD.
The cannabidiol (CBD) segment is accounted to have the largest share in global cannabis market during the forecast period. Cannabis is no longer just utilized for its tetrahydrocannabinol (THC) effects of getting high. The combined effects of both cannabinoids (THC and CBD) have their health advantages, but when taken at once.
It works best and the end user can get more advanced results. For instance, CBD (cannabidiol) counteracts some of the anxiety and paranoia that tetrahydrocannabinol can cause. Tetrahydrocannabinol has better sedative and muscle relaxing effects. So, by mixing them, end users can get all the muscle relaxing properties with better cognitive awareness.
Based on the product, the market is segmented into oils, tinctures, suppositories, transdermal patches, isolates, tablets, capsules, vape oils, creams and roll-ons, and others.
The oil segment is accounted to have the largest share in global cannabis treatment market during the forecast period. Oils extracted from cannabis have various benefits and advantages in medical, food & beverage, and personal care industries. CBD oils have various health benefits in treating medical disorders like epilepsy, anxiety, cancer, acne, diabetes, and others. Oils are also used in production of creams and balms that can be absorbed through skin.
Various food products and drinks with cannabis oil are also in demand. Several CBD oils are available, including full-spectrum CBD oil, broad-spectrum CBD oil, and isolate oil. Hemp oil is also widely available in the market for various uses. These factors are expected to drive market growth during the forecast period.
Based on the species, the market is segmented into cannabis indica, cannabis sativa, and hybrid.
The cannabis indica segment is accounted to have the largest share in global cannabis market during the forecast period. Cannabis indica is native to Afghanistan, Pakistan, and Turkey.
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