According to The Insight Partners new market research the global market for cannabis is expected to reach $147.4 billion by 2027 from $14.3 billion in 2019.
The compound annual growth rate from 2020 to 2027 is estimated to be 29.1 percent. The report highlights trends prevailing in the global cannabis market, and drivers and hindrances pertaining to the market growth.
The US is anticipated to be the major contributor to the rise in the use of medical cannabis. 30 states, which comprise 60 percent of total US population, have legalized the use of cannabis. Currently, more than 8,000 active licenses have been issued to cannabis businesses in the US, the only countries with such a large number of market players.
Europe has also witnessed a decent rate of growth of the cannabis market. There has been an increase in the process of legalization of cannabis in European countries. In November 2018, the United Kingdom legalized medicinal cannabis. The use of cannabis in pesticides is a key factor propelling the demand for cannabis in Europe.
Moreover, the growing number of cannabis testing laboratories has fueled the demand for the same in this region. Asia Pacific projects a great demand for cannabis testing market. This is attributed to the medical use of cannabis in healing patients suffering from chronic neuropathic pain and any other spinal injury. It also helps to deal with anorexia in HIV AIDS, which is a major challenge in this region. Thailand became the first country in Southeast Asia to legalize cannabis in December 2018.
You can read the full report at Cannabis Market.