Cannabis is the flowering plant widely used as recreational and medicinal use. Different types of cannabis products are produced from the cannabis plant. Cannabis products are utilized in for the medical and cosmetics purpose owing to its anti-inflammatory and other pain relief characteristics. At present, cannabis products are being recognized as one of the beneficial products as previously it is only known for the recreational drug. Since cannabis use are associated with the varieties of benefits, its products are being legalized in different parts of the world. There is growing awareness regarding the medical benefits of cannabis products which is further flourishing the demand for cannabis products in the market.
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The medical science regards the cannabis products is among the proficient plant-based medicine. Some of the cannabis products such as cannabis oil, hemp extract, cannabis capsules, powder, and others are utilized in different industries. Apart from that, cannabis products are also a beneficial ingredient for the cosmetics industries as it contains the skin protective compounds. The companies involved in the cannabis product business mostly deal with the medical cannabis products owing to the growing demand for the natural and plant-based drugs in medical industries. The cannabis products are among the increasingly adopted products across the world.
The growing legalizations of cannabis products are stimulating the growth of cannabis products market
The demand for cannabis products market is driven by the growing adoption of cannabis products in worldwide after its legalizations. Countries including the Canada, Netherland, Germany, New Zealand, and others have legalized the cannabis products to persuade the medical and industrial benefits of cannabis products. The legalization will gradually boost the growth of cannabis products market. Furthermore, wide applicability and product diversification are also increasing the use of cannabis products. For instance, the growing utilization of hemp for industrial use is among the driving factor for the cannabis product market. Hemp is the species of the cannabis plant, which is specially grown for industrial use.
Global Cannabis Products Market: Market Segmentation
On the basis of type, cannabis products market is segmented to:
On the basis of compound, cannabis products market is segmented to:
- THC (Tetrahydrocannabinol)
- CBD (Cannabidiol)
On the basis of application, cannabis products market is segmented to:
Key Players in Cannabis Products Market
Some of the major players in cannabis products market are Canopy Growth Corporation, Aurora Cannabis Inc., Aphria Inc, Tilray Inc., Medical Marijuana, Inc., Cronos Group Inc., MedMen, Cannabis Science Inc., Maricann Group Inc., VIVO Cannabis Inc., and others.
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Opportunities for market participants in the cannabis products market
Cannabis products are becoming the essential products to the various industries such as medical, cosmetics and others, owing to the comprising the medical benefits which are further providing the beneficial opportunities to the manufacturers in the global cannabis products market. The cannabis products are capable to cure some of the serious diseases such as Parkinson’s disease, arthritis, anxiety, depression, pain relief, and other neurological disorders. Moreover, to benefitting the cosmetic industry by offering skin protection properties, cannabis products are also becoming useful for the cosmetics market. This is offering a profitable outcome for the market participants in the cannabis products market.
The demand for cannabis products is increasing in North America and Western European market primarily after legalization of marijuana in U.S. and U.K. These changes in law is expected to transform the overall industry of cannabis and will increased the demand for cannabis products CBD-infused products. On the other side, in countries of South Asia region such as India, the government has not legalized the use of cannabis, though it has diverse application in many products.