The global cannabis industry is experiencing unprecedented growth, with an estimated value of USD 27.7 billion in 2022 and a projected surge to USD 82.3 billion by 2027, reflecting a remarkable compound annual growth rate (CAGR) of 24.3%. Within this dynamic landscape, the medical segment stands out, witnessing a surge in demand driven by its applications in anxiety and pain management.
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The medical application of cannabis spans various conditions, including anxiety, gastrointestinal disorders, seizures, and epilepsy. The expansion of cannabis dispensaries worldwide is facilitating broader access to these products, promising a bright future for the market. Despite the recognized medical benefits, challenges such as manufacturing inefficiencies and poor-quality control have hindered output. However, advancements in manufacturing procedures and enhanced quality standards in the pharmaceutical industry are paving the way for more consistent products.
The CBD-dominant segment is anticipated to capture the second-largest share in the cannabis market during the forecast period. High demand and progressive policy reforms are driving the industry’s growth. As global stress levels rise, consumers are increasingly prioritizing self-care and mental wellness, aligning perfectly with the appeal of CBD products. The CBD market is flourishing, with increased availability in edibles, skincare, and expanding online distribution channels contributing to its positive trajectory.
In South America, the demand for medical cannabis is propelled by the increasing legalization across various countries. Uruguay and Colombia initiated the trend, followed by Argentina, Brazil, Chile, and others. While personal cultivation for recreational use is permitted in many countries, commercial sales are restricted, with Uruguay being the exception. South America’s cannabis market benefits from favorable legislation, local companies obtaining EU-Good Manufacturing Practice (GMP) certification, and advantageous factors like a favorable climate and low-cost labor and construction.
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Leading companies play a crucial role in shaping the cannabis market size. Notable entities such as Canopy Growth Corporation, Aurora Cannabis Inc., VIVO Cannabis Inc., and others are influencing the industry’s direction. The report delves into the marketing and development strategies, offering insights into the product portfolios of these influential players.
As the global cannabis market undergoes rapid expansion, the medical segment, CBD dominance, and South America’s rising influence emerge as key trends. Overcoming challenges in manufacturing and quality control, coupled with the strategic moves of industry leaders, will likely determine the market’s trajectory in the years ahead. The future appears promising, driven by a growing focus on wellness and evolving regulatory landscapes.
