Cannabis Pharmaceuticals Market Size Worth $5.8 Billion By 2027

The global cannabis pharmaceuticals market size is projected to reach USD 5.8 billion by 2027, expanding at a CAGR of 76.8% over the forecast period, according to a new report by Grand View Research, Inc. Rise in the number of clinical trials for these drugs due to its therapeutic properties, growing awareness of the medical benefits of plant-derived cannabidiol products are some of the factors driving the demand over the forecast period. However, the presence of stringent regulations on cannabidiol-infused products in various countries is restricting demand for these products.

In 2019, Sativex is the leading brand in the global market with a revenue share of 83.0%. The surge in clinical trials for numerous medical conditions and the growing number of countries legalizing cannabis for medical purposes are the major factors responsible for its large share. On the other hand, Epidiolex is anticipated to be the fastest-growing brand over the forecast period. Growing research for plant-based cannabinoids for other rare conditions is expected to drive the growth of this segment over the forecast period.

The European region is expected to dominate the market in 2019, owing to growing medical marijuana users in the region coupled with the rising awareness about cannabidiol infused products. On the other hand, the Asia Pacific region is expected to grow at the fastest rate over the forecast period owing to growing legalization and favorable guidelines towards the use of cannabidiol infused pharma products in the region.

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https://www.grandviewresearch.com/industry-analysis/cannabis-pharmaceuticals-market

Further key findings from the report suggest:

In 2019, Sativex is estimated to dominate the market with a revenue share of 83.0%, due to the growing number of countries legalization of plant-derived pharma products for medical purpose
In terms of revenue, U.S. was the largest country level market. U.S.FDA’s approval of Epidiolox and high adoption of this drug are few factors for the country’s large share.
Some of the major players operating in this cannabis pharmaceuticals market are GW Pharmaceuticals, AbbVie Inc., Valeant Pharmaceuticals, and Insys Therapeutics, Inc.

Cannabis Testing Services Market Size Worth $3.3 Billion By 2027

The global cannabis testing services market size is anticipated to reach USD 3.3 billion by 2027, expanding at a CAGR of 15.4%, according to a new report by Grand View Research, Inc. The growing acceptance of cannabis as a medicinal product, stricter quality checks, and rising demand for cannabinoid profile analysis to identify major strains are the key factors driving the market growth. Furthermore, the growing competition in the market is an important factor supporting the growth over the forecast period.

Based on services type, potency testing dominated the market with a share of 21.7% in 2019. Rising cases of contamination and the need to determine the concentration of active cannabinoids present in cultivated plants are the key factors driving market growth. Moreover, the segment is anticipated to be the fastest-growing during the forecast period. The increasing usage of cannabis in drug development and research is one of the leading factors supporting market growth.

Based on end-user, cannabis cultivators/growers dominated the market in 2019. Stringent quality checks on cultivated plants in a highly regulated market are influencing the demand for testing services. However, the segment is anticipated to be the fastest-growing segment over the forecast period. Pharmaceutical giants such as GW Pharmaceuticals plc, Sanofi, and Pfizer have entered the space for developing cannabinoid-based drugs, which is anticipated to be a key factor driving the market over the forecast period.

North America dominated the market in 2019, with the market worth of USD 939.2 million. The presence of major testing laboratories and expanding marijuana and hemp cultivation in the region are the key factors driving the market in the region. On the other hand, Europe is expected to be the fastest-growing region, owing to a rising number of drug manufacturers in the region. Furthermore, many countries in the EU have banned derivatives containing more than 0.3% THC, which is further predicting a strong demand for the services

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https://www.grandviewresearch.com/industry-analysis/cannabis-testing-services-market

Further key findings from the study suggest:

Potency testing service dominated the market in 2019 with a market share of 21.7%, owing to the rise in contamination cases
The cannabis drug manufacturer segment is anticipated to be the fastest-growing end-user segment, owing to the entry of large pharmaceutical companies in the marijuana space
North America dominated the market in 2019 with market size of USD 939.2 million, owing to the presence of major laboratories in the region.

Australia Legal Cannabis Market Size Worth $1.9 Billion By 2026

The Australia legal cannabis market size is expected to reach USD 1.9 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 42.1% during the forecast period. Increasing government support for marijuana legalization, rising patient population, and the entry of international companies in the country are the key factors driving the market growth. An increase in the production of medical marijuana owing to its high demand in the pharmaceutical sector is anticipated to further drive the growth.

In 2019, the marijuana segment dominated the market for legal cannabis, with a revenue share of 71.3%. The segment is further classified into flower and oil. The flower segment dominated the market in 2019, owing to its high availability and adoption among consumers. On the other hand, the oil segment is projected to be the fastest-growing, due to rising consumer awareness about the negative effects of marijuana smoking. Moreover, the preference for marijuana oil is increasing among patients, as it is easy to ingest and more travel friendly.

Medical application dominated the market in 2019. A steep rise in the number of medical approvals for patients, on-going research on cannabis, and increased production are the key factors driving the market growth. Furthermore, its sub-application-chronic pain-dominated the market with market size of USD 55.2 million in 2019. Increasing demand for effective pain management therapeutics is the key factor driving the segment growth.

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https://www.grandviewresearch.com/industry-analysis/australia-legal-cannabis-market

Further key findings from the study suggest:

Marijuana product type dominated the market in 2019, with a revenue share of 71.3%, owing to its high adoption and availability
Chronic pain, under medical applications, dominated the market in 2019 with a value of USD 55.2 million, as the demand for cannabis is increasing in pain management
The market is dominated by many local and international players. Local players are focused on geographical expansion and creating awareness about the medical benefits of marijuana among patients and healthcare professionals for increasing their consumer base

Cannabis Extract Market Worth $28.5 Billion By 2027

The global cannabis extract market size is expected to be valued at USD 28.5 billion by 2027, according to a new report published by Grand View Research, Inc. It is projected to expand at a CAGR of 16.6% over the forecast period. Growing legalization of cannabis in various countries, preference for cannabis oil and tinctures, and adoption of medical marijuana for treating chronic diseases like arthritis, anxiety, and Alzheimer’s are the major factors propelling the growth.

Cannabis extracts have gained wide recognition in recent years and are expected to provide impetus to cannabis market growth. Based on product type, cannabis extracts are classified into oils and tinctures. The oils segment is expected to dominate the market in 2019 with a revenue of USD 4.8 billion and is anticipated to witness the fastest CAGR of 17.5%, over the forecast period.

Based on extract type, the market is segmented into full spectrum cannabis extracts and cannabis isolates. The full spectrum cannabis extracts dominated the market in 2019, with a revenue of USD 4.3 billion, owing to the added advantage of the entourage effect. Various manufacturers prefer full spectrum cannabis products owing to their advantages over the isolates. Thus, the segment is expected to remain dominant over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/cannabis-extract-market

Further key findings from the report suggest:

In 2019, oils held the largest revenue share of 66.5% owing to ease of availability and low price of the product
The full spectrum segment was valued at USD 4.3 billion in 2019, owing to its entourage effect-a synergistic relationship between cannabinoids and terpenes that exhibits an increase in the healing properties of each cannabinoid
Marijuana isolates is anticipated to emerge as the second largest type segment over the forecast period, owing to several advantages that have increased its adoption. For instance, the purest form of isolates, such as CBD oil, have no psychoactive effects as they have no THC content
In 2019, North America accounted for the largest share in the global cannabis concentrates market. This can be attributed to high utilization owing to government approvals
Key players operating in the cannabis extract market include Canopy Growth Corporation; Aphria Inc.; Aurora Cannabis; Maricann Inc.; Tilray; Organigram Holdings Inc.; Tikun Olam, Ltd.; and The Cronos Group

North America, Europe & Asia Pacific Legal Cannabis Market Worth $67.7 Billion By 2026

The North America, Europe, and Asia Pacific legal cannabis market size is anticipated to reach USD 67.7 billion by 2026, registering a CAGR of 19.6% during the forecast period, according to a new report by Grand View Research, Inc. The increased adoption of hemp and marijuana products coupled with the rising demand for medical marijuana is anticipated to drive the market growth. Furthermore, the impending legalization of marijuana for adult use is an important factor supporting the growth over the forecast period.

Based on product type, marijuana dominated the market with a revenue share of USD 96.6% in 2019. The use of marijuana for medical purposes is gaining momentum owing to recent legalizations in various countries. Marijuana is used for the treatment of patients with chronic conditions such as Parkinson’s disease, cancer, arthritis, Alzheimer’s disease, neurologic problems like depression, anxiety, epilepsy, and others. Thus, wide application of marijuana for the treatment of various chronic conditions is one of the major factors driving the growth of this segment.

Based on application, medical use segment dominated the market with the revenue share of 66.0% in 2019. The medical use of cannabis is legal in a greater number of countries as compared to adult-use, owing to which the segment is expected to remain dominant throughout the forecast period. On the other hand, B2B channels segment is expected to witness the fastest CAGR over the forecast period. The growing use of cannabis and its derivates in various applications areas such as pharmaceuticals, nutraceuticals, personal care and cosmetics, and edibles, is anticipated to boost the demand for these products.

North America dominated the market in 2019 with a revenue share of 91.0%. The early legalization of marijuana for medical and adult-use and the presence of a large customer pool in the region are the key factors driving the market growth. On the other hand, Asia Pacific is expected to be the fastest-growing region, owing to rising awareness regarding the medical and health benefits of cannabis, encouraging the Asian countries to legalize cannabis and its derivatives.

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https://www.grandviewresearch.com/industry-analysis/north-america-europe-asia-pacific-legal-cannabis-market

Further key findings from the study suggest:

Marijuana emerged as leading product segment in 2019 with a revenue share of 96.6%, owing to the growing adoption of marijuana for various medical conditions
B2B channel is anticipated to be the fastest-growing application segment, owing to the increasing use of cannabinoids for a wide range of industries
North America accounted for the largest share, owing to the higher consumption rate due to legal acceptance of cannabis
Some of the key players include Aphria, Inc.; Canopy Growth Corporation, Aurora Cannabis, Maricann Group, Inc.; ABcann Medicinals, Inc.; Tilray, The Cronos Group, GW Pharmaceuticals, plc., Organigram Holding, Inc.; and Lexaria Bioscience Corp

U.S. Cannabis Market Size Worth $31.7 Billion By 2025

The U.S. cannabis market size is expected to reach USD 31.7 billion by 2025, exhibiting a CAGR of 14.5% during the forecast period, according to a new study by Grand View Research, Inc. Increasing adoption of medical marijuana for treatment of various medicinal conditions, along with addition of various applications in medical marijuana programs of each state, is expected to drive the market over the forecast period.

The use of cannabis for medical purposes is gaining momentum due to its recent legalization in various states of the country. The application areas for cannabis can be classified into chronic pain, mental disorders, cancer, and other medicinal conditions. Chronic pain accounted for the largest share by application in 2018 and is expected to grow at a lucrative rate over the forecast period. This due to a large patient base and increasing number of medical conditions/trauma associated with chronic pain. On the other hand, marijuana use for treatment of mental disorders is anticipated to be the fastest growing segment over the forecast period.

The buds segment dominated the U.S. cannabis market in 2018, with a revenue of USD 7.8 billion, and is expected to grow at a lucrative rate over the forecast period. Dried buds are used for smoking and have found widespread application in treating a variety of diseases such as cancer and Alzheimer’s. Furthermore, buds are more affordable than oral products or tinctures, which increases its adoption.

California accounted for the largest market share in U.S. in 2018 and is expected to grow at a significant rate over the forecast period. The market expansion in this state can be attributed to expanding population base and growing number of marijuana businesses. Furthermore, the state has also legalized both forms of marijuana use i.e. medical and recreational, which considerably increases product adoption.

The industry is expected to witness significant growth due to alterations in regulatory norms related to the commercial usage of marijuana and decline in its illicit sales. For instance, the use of medical marijuana has been legalized in 33 states in the U.S. and the District of Columbia, owing to continuous political movement supporting its legalization across the remaining states. Moreover, policymakers are focusing on generating tax revenues in order to aid businesses by providing suitable funding.

Some of the players operating in the U.S. market are Green Man Cannabis, Los Suoenos Farms LLC, and Vireo Health of New York, which operate in their individual states as interstate trading is banned in the country. With increasing pressure on federal legalization of cannabis in U.S., the market is expected to significantly increase after its federal approval in the next few years.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/us-cannabis-market

Further key findings from the report suggest:

California accounts for the largest market share in the U.S. owing to high demand, large population base, and significant number of cannabis businesses operating in the state
The medical marijuana segment dominated the market as it is legal in a greater number of states compared to states that have legalized the product for recreational purposes
Consumption of marijuana oil does not have any adverse impact on the body as compared to smoking cannabis. This is expected to boost demand for oil, especially for medical use, over the projected timeframe
Buds dominated the U.S. cannabis market in 2018, with a revenue of USD 7.8 billion, owing to its affordable pricing compared to oils and tinctures. The segment is anticipated to grow at a significant rate over the forecast period

CBD Skin Care Market Size Worth $1.7 Billion By 2025

The global cbd skin care market size is expected to reach USD 1.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 32.9% over the forecast period. The healing properties of CBD ingredients are expected to encourage the manufacturers to develop products infused with these ingredients, thereby driving the market in the coming years.

CBD is considered safe and effective for all skin types, but is particularly useful for people who struggle with sensitivity, inflammatory conditions, acne, and dryness related to skin. Owing to these strong inflammatory properties, CBD helps in skin’s natural healing process, lowering the life span of breakouts and eczema flare-ups. CBD also showcases potential antioxidant properties that can help in counteracting signs of aging. It can even help in reducing pain caused by inflammatory skin conditions.

According to the EU cosmetic ingredient database, hempseed oil also acts as a surfactant, cleanser, emollient, and conditioner agent. Hemp molecules are very minute, which further allows it to effectively penetrate the skin and provide effective results. Hemp based products held the largest share of 62.8% in 2018 on account of high fatty acid content of the product. Hemp infused products help in reducing the discomfort by soothing and rejuvenating dry and damaged skin. They also help in controlling aging problems, which is likely to drive the application of this source.

CBD based skin care oils led the market and accounted for a share of 40.9% in 2018. This product type has been gaining an increasing popularity in the personal care market. It is highly beneficial for acne, aging, and wrinkle prone skin conditions due to its anti-inflammatory properties. CBD oil also has antioxidant attributes, which help in reducing the visible signs of aging.

North America led the market in 2018 and is expected to be the fastest growing market in the coming years. Demand for CBD skin care products from North America is expected to remain high due to the presence of a large customer base and legalization of marijuana in U.S. and Canada. Currently, about 33 states in U.S. and District of Colombia have legalized cannabis in U.S., thereby making it the largest market in the world. The legalization and presence of prominent beauty care manufacturers are expected to contribute to the market growth over the next few years.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/cbd-skin-care-market

Further key findings from the report suggest:

The global CBD skin care market is expected to expand at a CAGR of 32.9% from 2019 to 2025, thereby reaching a value of USD 1.7 billion by 2025
North America led the market, accounting for a share of more than 40.0% in 2018, owing to high demand and legalization of cannabis in U.S. and Canada
Hemp based products generated a revenue of USD 147.0 million in 2018
Some of the major players operating in the global market are Kiehl’s LLC; Cannuka LLC.; Elixinol Global Limited; Medical Marijuana Inc.; Endoca LL; Lord Jones; VERTLYBALM; Kapu Maku LLC; and Leef Organics.