Major Key Trends in Cannabis Market
by Mit K. SEOAccording
to MarketsandMarkets, the global cannabis
market size is estimated to be valued at USD 20.5 billion in 2020 and
is projected to reach USD 90.4 billion by 2026, recording a CAGR of 28.0% in
terms of value. The growth of cannabis market can be attributed to the increasing
legalization of cannabis across various regions. Along with that, growing
medicinal applications of cannabis will further contribute to the growth of
cannabis market in the forecasted period. North America region dominated the
cannabis market.
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Cannabis
is a drug derived from the Cannabis sativa, Cannabis indica, and hybrid
strains. Cannabis is composed of different cannabinoids, the two main
cannabinoids that are considered to be the most active compounds are
tetrahydrocannabinol (THC), the psychoactive compound, and cannabidiol (CBD),
the non-psychoactive compound. It used for various medical and recreational
purpose.
North
America dominated the global cannabis market. It is largely driven by the increasing
legalization of cannabis for both medical and recreational purposes all over
the region. Also, the consumers are now more aware about the health benefits of
cannabis. The market is further fueled by the presence of major cannabis
giants, such as Canopy Growth Corporation, Aurora Cannabis Inc., and Medical
Marijuana Inc. These companies are playing a major role in developing new
innovative products to fulfill consumer demand.
Among
various product types of cannabis, flower segment accounted for the major
market share in the overall cannabis market. The dominance of this segment is
largely attributable to its wider availability. Also, its method of delivery as
smoking or vaping the cannabis flower has a quicker effect, which is why is it
preferred by medical and recreational cannabis consumers for fast-acting
relief.
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Based on application, the recreational segment is
projected to be the fastest-growing during the forecast period. The growth is
mainly associated with the high consumption and demand levels for recreational
cannabis. Also, the demand for recreational cannabis is projected to surpass
the demand for medical cannabis. Therefore, the legalization of recreational
cannabis across various regions could translate into a larger market share.
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Created on Feb 10th 2021 07:58. Viewed 183 times.