Cannabis is a drug derived from the cannabis sativa, cannabis indica, and hybrid strains. Although cannabis is composed of different cannabinoids, the two main cannabinoids considered to be the most active compounds are tetrahydrocannabinol (THC), the psychoactive compound, and cannabidiol (CBD), the non-psychoactive compound. The growth of this market is attributed to the growing number of medicinal applications of cannabis and increasing legalization of cannabis. However, the complex regulatory structure for the use of cannabis is restraining the market growth. MarketsandMarkets expects the global cannabis market to grow from USD 10.3 billion in 2018 to USD 39.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.7% during the forecast period.
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The concentrates segment, by product type, is projected to grow at the highest CAGR during the forecast period. This is majorly due to the varied number of forms in which concentrates are made available for consumption. Some of these forms are shatter, rosin, wax, crumble, oil, dabs, and tinctures. Additionally, concentrates are more potent in nature in comparison with flowers. While buds have a potency range of about 10% to 25%, concentrates have a potency rate of about 50% to 80%, with a few extracts also boasting of a potency rate of about 90%. Concentrates also enjoy a wide variety of delivery methods such as smoking, vaping, dabbing, ingestion, and tinctures. These delivery methods further aid the market growth of concentrates.
Report Objectives:
• Determining and projecting the size of the market with respect to product type, application, compound, and region, over a five-year period ranging from 2018 to 2023
• Identifying attractive opportunities in the market by determining the largest and fastest-growing segments across regions
• Providing detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)