In a recent published report, Kenneth Research has updated the market report for Marijuana Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Marijuana Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Medical Marijuana Industry was valued at USD 9.01 Billion in the year 2017. Global Medical marijuana Industry is further estimated to grow at a CAGR of 16.91 % from 2019 to reach USD 32.40 Billion by the year 2025. North America region holds the highest Industry share in 2017 and Europe Industry is considered as the fastest growing Industry in the forecasted period due to growing demand in the healthcare industry and technological advancements. At a country level, U.S & Canada is projected to grow strongly in the coming years.
Major market players in the Medical Marijuana Industry are Canopy Growth Co., GW Pharmaceuticals PLC, Medical Marijuana Inc., United Cannabis Co, Cannabis Sativa Inc., GreenGro Technologies, Aurora Cannabis, United Cannabis Corp, Cara Therapeutics, GBSciences Inc., and brief overview of 10 companies is also provided in the report. Better global reach at an operational level is the main reason the key players are holding substantial Industry share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
SWOT Analysis of Medical Marijuana Industry:
Strength:
The expansion of marijuana legalization in the U.S.
Weakness:
The stigma of marijuana in society
Lack of federal support
Opportunities:
Cannabis as healthcare treatment
Threats:
Legal Issues
The segmentation are done on the basis of Type of marijuana, by chemical component, by application, by end-use and by region. On the basis of Product Type, the Sativa segment is expected to hold the highest Industry share during the forecast period due to growing awareness and high demand. The segmentation done on the basis of Chemical Component the Tetrahydrocannabinol (THC) segment is expected to hold the highest Industry share.
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Medical Marijuana Industry Segmentation
By Application
• Cancer
• Arthritis
• Alzheimer’s
• Pain Management
• Multiple Sclerosis
• Others
By End-User
• Hospitality
• Pharmaceutical Industry
• Research and Development Centers
By Chemical Component
• Tetrahydrocannabinol (THC)
• Cannabidiol (CBD)
• Hybrid (Combination of THC & CBD)
By Product Type
• Sativa
• Indica
• Hybrid
By Region
North America
• USA
• Canada
Europe
• Germany
• U.K.
• France
• Italy
• Rest of Europe
APAC
• China
• India
• Japan
• Rest of Asia-Pacific
RoW
• Latin America
• Middle East & Africa
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