Originally Published on Technavio | Global Frac Stack Market by Deployment, Type and Geography- Forecast and Analysis 2023-2027

Technavio's Cannabinoids Market Analysis Report for 2023-2027 indicates an estimated growth of the market at a Compound Annual Growth Rate (CAGR) of 21.18% between 2022 and 2027. The forecast predicts an increase in market size by USD 42.89 billion, influenced by factors such as the expanding legalization of cannabinoids, advancements in cultivation processes, and governmental initiatives to enhance the production and accessibility of medical cannabinoids.

Market Overview:

This comprehensive report covers market segmentation by application (medical and non-medical), channel (retail pharmacies, online stores, and hospitals), and geography (North America, Europe, APAC, South America, Middle East, and Africa). Additionally, it includes a detailed analysis of drivers, trends, challenges, and historical market data spanning from 2017 to 2021.

Key Insights:

- Market Drivers, Trends, and Challenges: The increasing legalization of cannabinoids is a prominent driver, though challenges such as side effects from improper medical cannabinoid use could hinder growth. Analyzing data from 2022, the report presents key insights into market dynamics, assisting companies in refining marketing strategies for a competitive edge.

- Primary Driver: The expanding legalization of cannabinoids is a significant growth driver, evident in countries like the US, Australia, Thailand, and Malta, where various forms of legalization have been implemented for both medical and recreational purposes. Government efforts in these directions are expected to fuel market growth.

- Noteworthy Trends: The introduction of medical cannabinoid education programs is a key trend, supported by countries legalizing medical cannabinoids. Educational institutions are launching programs to inform the public about the benefits of medical cannabinoids, fostering growth in the market.

- Major Challenge: The inappropriate use of medical cannabinoids leading to side effects poses a significant challenge. Variances in cannabinoid plant composition make determining the required dosage challenging, potentially impacting adoption and hindering market growth.

Market Customer Landscape:

The report includes the market's adoption lifecycle, spanning from innovator to laggard stages, and focuses on adoption rates in different regions. Key purchase criteria and drivers of price sensitivity are outlined to assist companies in evaluating and developing growth strategies.

Major Market Vendors:

Vendors are employing diverse strategies, including alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to bolster their market presence. The report provides detailed analyses of 15 market vendors, such as Aurora Cannabis Inc., Canopy Growth Corp., Cresco Labs LLC, Cronos Group Inc., and others.

Segment Insights:

- Fastest-Growing Segments: The medical segment is expected to experience significant market share growth during the forecast period. Medical cannabinoids, serving as an alternative to traditional pain-relieving medications, offer relief for chronic pain and are increasingly adopted for various medical purposes.

- Key Regions: North America is anticipated to contribute 90% to global market growth. Legalization initiatives for medical cannabinoids and their effectiveness in treating chronic diseases drive market growth in this region. The report highlights the impact of the COVID-19 pandemic and post-pandemic market dynamics.

Segment Overview and Market Forecast:

The report provides a detailed forecast of market growth by revenue globally, regionally, and at the country level, analyzing trends and growth opportunities from 2017 to 2027. Segmentation covers applications (medical and non-medical), channels (retail pharmacies, online stores, hospitals), and regions (North America, Europe, APAC, South America, Middle East & Africa).

Parent Market Analysis:

Technavio categorizes the cannabinoids market within the global leisure products market, which includes sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer-oriented games. The report emphasizes external factors influencing the parent market growth during the forecast period.

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