Allied Market Research presents its finding about the rising demand of the Cannabis market in these statistics, “The global cannabis seeds market was valued at $1.3 billion in 2021, and is projected to reach $6.5 billion by 2031, growing at a CAGR of 18.4% from 2022 to 2031.”
With such high demand and progressive market growth, it is evident that target markets are inclined to the medical, recreational, and other derived benefits of this plant. Cannabis or Marijuana is being used in the medical and numerous other industries for several purposes. The requirements of these industries are met by the growth and cultivation of many Cannabis strains, which are either pure or hybrid varieties of the plant and come from the species C. sativa, C. indica, and C. ruderalis.
These strains or varieties are developed to highlight the most liked characteristics for marketing purposes. Such breeding techniques intensify the effect of a particular strain, making it more effective and unique in the market, and then it is named by the grower per its characteristic property or origin.
Given the cut-throat competition in decriminalized retail markets like The Netherlands, the saturation of Marijuana products and the abundance of various strains put extreme pressure on competitors to bring attractive and unique strains into the market, strengthening their market standing. This has caused a plethora of Cannabis strains, each with its distinctive name and property that may or may not be very distinctive from its parental strains. The following are the major strains prevalent in the current market of Cannabis.
A golden-leafed Cannabis sativa strain favored for its euphoria-inducing and energizing effects is known to reduce fatigue, pain, stress, and nausea.
Developed in 2003, it is a hybrid Cannabis strain and is used for both recreational and medicinal purposes mainly due to its not being a total sedative. It is found to be relaxing and soothing and eases pain, inflammation, and cramps.
Bred from Dutch medical marijuana Cannabis sativa L. strain, Bedrocan is a medical Cannabis variety. It was introduced in 2003, and after the physician’s prescription, it was dispensed through pharmacies.
The hybrid strain of Cannabis sativa and Cannabis indica, it is high in THC content and offers energizing effects to people with depression.
Besides the mentioned ones, many other strains in the market are being utilized in making different products, given their characteristic effects. Let’s have a look at the products coming from Cannabis strains.
Given the loads of Cannabis products in the market, they can be commonly categorized into four types.
It is the edible part of the Cannabis plant and the most common means of consumption. They undergo the process of cultivation, harvestation, drying, and curing before being marketed. Pre-rolls come under the same category, which are the pre-rolled products produced by the dispensaries. Both these products constitute of major legal market share of the US. In 2021, some $10.9 billion and $2.2 billion were generated by dried herbs and pre-rolled, respectively.
These products provide instant psychoactive effects, which is the significant reason for their popularity.
Concentrates And Extracts
It is the second most budding market for Cannabis-derived products listing concentrates, extracts, and cartridges as consumer products. They are formed by purifying the Cannabis plant, removing all components except cannabinoids and terpenes. This purification results in a high concentration of THC, nearly 80% to 90 %, providing more potent effects. Sublingual strips, Cannabis vape cartridges, tinctures, oral sprays, capsules, and many other items come within this category.
Edibles are Cannabis-infused food and drinks made from plant flowers and concentrates. When these products are consumed, they are absorbed into the bloodstream through the digestive system and get metabolized by the liver later. In this process, the psychoactive effect takes one to two hours to develop and is highly potent and lasting.
This market is also growing, with a record revenue of $ 2.3 billion in 2021 which is expected to be increased to $ 8.5 billion by 2027.
Examples of this category include baked items, chocolates, gummy candies, soft drinks, and alcoholic beverages.
Topical And Other Goods
Last comes topicals and other Cannabis derived goods. Tropical products are non-psychoactive, with CBD as the main compound, and mainly used for medicinal purposes in pain, soreness, and inflammation. Lotions, balms, and oils come under tropicals, while batteries, pet products, pipes, papers, etc., fall into the category of other goods.
This market has moderate growth, with a $200 million market value, and is mainly favored by pet owners and women.
In conclusion, cannabis products have come a long way from the days of simply smoking a joint. The industry has evolved and expanded to include a wide range of goods that cater to various preferences and needs. From the classic flower/buds to the highly potent concentrates and the diverse range of edibles and topicals, there is something for everyone. Whether you’re a seasoned cannabis user or just curious to try it out, the variety and quality of cannabis products available today are truly impressive.