Cannabis Market is Expected to Reach $90.4 billion by 2026
by Mit K. SEOThe report "Cannabis
Market by Application (Medical and Recreational), Product Type (Flowers and
Concentrates), Compound (THC-dominant, CBD-dominant, and Balanced THC &
CBD), and Region (North America, South America, Europe, and RoW) - Global
Forecast to 2026" According to MarketsandMarkets, the global cannabis
market size is estimated to be valued at USD 20.5 billion in 2020. It is
projected to reach USD 90.4 billion by 2026, recording a CAGR of 28.0%, in
terms of value. The growing medical applications of cannabis is driving the
demand for cannabis.
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The flower segment
accounted for the largest share in the cannabis market
Based on product type, flower segment dominated the cannabis
market. Flower have a wider availability. Also, its method delivery as smoking
or vaping the cannabis flower has a quicker effect and is preferred for
fast-acting relief.
The medical segment
accounts for the second largest market share in the cannabis market
Based on application, medical is the second-largest segment
in the overall cannabis market. The growth of this segment is majorly
attributed to the increasing legalization of medical cannabis across various
regions. Also, the consumers are becoming more aware about the medicinal
benefits of cannabis.
The CBD-dominant
segment is projected to account for the second-largest share in the cannabis market
during the forecast period
By compound, the cannabis market is segmented into
THC-dominant, CBD-dominant, and Balanced THC & CBD. CBD-dominant segment
accounted for the second-largest market share in the overall cannabis market.
It is considered one of the most therapeutic and healing part of the plant.
Also, CBD-dominant strains are preferred by consumers suffering from chronic
pain, inflammation, anxiety, and other chronic disorders.
The Europe region is
the fastest-growing region in the cannabis market in the forecast period
Europe will be the fastest-growing region in the global
cannabis market in the forecast period. The cannabis market in Europe is
majorly driven by the increasing legalization of medical cannabis in the region
coupled with healthcare system present in several Euroepan countries. Along
with this, the demand for medical cannabis is rising in the region, further
fueling the growth of European cannabis market.
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This report includes a study on the marketing and
development strategies, along with the product portfolios of leading companies.
It consists of profiles of leading companies, such as Canopy Growth Corporation
(Canada), Aurora Cannabis Inc. (Canada), MedMen (US), Terra Tech Corp. (US),
Aphria Inc. (Canada), VIVO Cannabis Inc. (Canada), The Cronos Group (Canada),
Medical Marijuana Inc. (US), STENOCARE (Denmark), Tikun Olam (Israel),
Organigram Holdings Inc. (Canada), Cresco Labs (US), Indiva (Canada), Curaleaf
Holding Inc. (US), HEXO Corp. (Canada), Ecofibre Limited (Australia), Harvest
Health & Recreation (US), Green Thumb Industries (US), Maricann Group Inc.
(Canada), and TerrAscend (Canada).
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Created on Mar 11th 2021 04:44. Viewed 408 times.