Indian Cannabis Market size stood at USD XX billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of XX% during the forecast period.
Cannabis has been in used in India for over 2,000 years. There are 27 million cannabis (bhang) users are in India. With an additional 16 million Indians use illegal cannabis products. And the average cost per gram of cannabis in India is about Rs.8. Malana in Himachal Pradesh produces over 500 kg of hashish every year. India has a huge “at risk” population vulnerable to cannabis use. The epidemic of substance use in young generation has also assumed alarming dimensions. The prevalence of current cannabis use among total population (10-75 years), all males, all females, children’s (10-17 years), adults (>18 years) is 2.8%, 5.0%, 0.6%, 0.9% and 3.3% respectively. Overall, 0.25% Indians use cannabis in a dependent pattern. In India, Cannabis is used as Bhang which is legal in many states and as Charasand Ganja which are illegal as per the International drug conventions as well as the Indian law (NDPS Act, 1985). Among states Sikkim (7.3%) has highest usage rate and lowest is seen in Puducherry (0.0%).
Key factors supporting the growth are the increasing legalization of marijuana for adult use and the high consumption rate in India. The growth in the demand for cannabis has further propelled the need to come up with better product delivery systems as well as sustainable product strains. This need has, in turn, led to many companies coming up with R&D, which extensively investigates several genetic improvement strategies for cannabis. For instance, Hydro apothecary partnered with Segra in March 2018 to incorporate plant tissue propagation into the cannabis plant production process, to help increase the yield of healthy and better variant plants to serve the growing industry for medical and recreational cannabis. While looking into this genetic improvement, companies have been extensively venturing into the development of wide yielding varieties, better harvest ability and market quality, a reliable low THC content, and improved herbicide tolerance of the cannabis crop. The high yield potential of cannabis arises from several factors that are both genetic and agronomic in nature.
1. Indian Cannabis Market Overview………………………………………….. A. Market Size 2. Market Growth Drivers…………………………………………………………………. A. Rise in Prevalence of Cannabis Intake B. Growing R&D Investments and Reimbursement Policies 3. Major Cannabis Product Types……………………………………………………… A. Flowers B. Concentrates C. Others (Capsules, Topicals, Edibles and Beverages) 4. Cannabis Market Segmentation……………………………………………… A. Drug Class I. Adult Use II. Medical I. Chronic Pain II. Anxiety III. Inflammation IV. Sleep Disorder V. Others III. B2B Channels 5. Cannabis Major Drugs Market Share…………………………………….. A. Market Analysis, Insights and Forecast – By Revenue 6. Competitive Landscape………………………………………………………………… A. Major Players B. Products in Pipeline 7. Key Company Profiles………………………………………………………………….. A. BOHECO Company overview, Product & Services, Strategies & Financials B. Aurora Cannabis Inc. Company overview, Product & Services, Strategies & Financials C. MedMen Company, Product & Services, Strategies & Financials 8. Healthcare Policies and Regulatory Landscape………………………………… A. Policy changes and Reimbursement scenario 9. Factors Driving Future Growth……………………………………………………… A. New Trends and Development of Cannabis market B. Future Opportunities 10. Conclusion
Based on the application, the market has been segmented into adult use, medical, and B2B sales. The medical application segment dominated with a revenue share of over 78.0% in 2019, owing to the growing awareness about medical cannabis products. Furthermore, the constant support from the Indian government regarding medical cannabis usage is further accelerating the growth.
India’s rooted history in the drug is evidence of the high-quality cannabis that Indian soil has the capability to produce, according to industry experts. The major players for Cannabis in Indian Market are BOHECO, (BOHECO, which was founded in 2013, has 15,000 unique customers), Canopy Growth Corporation, Aurora Cannabis Inc., MedMen , Terra Tech Corp., Aphria Inc, VIVO Cannabis Inc , The Cronos Group, Medical Marijuana Inc. A number of promising Indian cannabis start-ups have arisen in recent years, some of whom are collaborating in order to grow in the domestic market. These start-ups are generally focusing on medicines, cosmetics, textiles, accessories and foods. One of the most promising is Boheco (the Bombay Hemp Company), which is backed by high-profile investors including Google India’s Managing Director Rajan Anandan, and Ratan Tata of Tata Sons.
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