Global Cannabis Market Is Expected to Reach USD 41.9 Billion In 2026
The global Cannabis
market was valued at USD 10.4 billion in 2018 and is expected to reach USD 41.9
billion in 2026, growing at a CAGR of 30.5% during the forecast period.
Cannabis is related to
a whole, unprocessed marijuana plant extracts for the therapy for several
illnesses and other associated symptoms. The development of the cannabis
industry is driven mainly by the medicinal use and the growing legalization of
cannabis are main factors driving the development of this market. However, lack
of awareness about the dosage rate and medicinal properties affects that are
expected to restraint the growth of the cannabis industry. On the other hand,
the increase in the cannabis-based product through research may also provide a
profitable chance for market players in the forecasted periods.
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Based on Product type,
concentrates segment expected to dominate the market throughout the forecast
period. The global Cannabis market has been segmented flower and concentrates.
The concentrates segment is growing rapidly in the Cannabis market with the
highest CAGR of 26.9% in the forecast period. This is due to their
accessibility and their versatility in the delivery technique, such as
ingestible oils, dabbing, and tinctures Apart from ingestion, concentrate can
also produce cleaner, smoother and less rancid fragrances than flowers. In
addition, the concentration is stronger in nature than the flowers.
Based on Application,
the medical segment is expected to grow at a CAGR of around 27.1% throughout
the forecast period Based on application, the market has been segmented into
recreational and medicinal. The medical type accounts of the largest share in
the market and are expected to grow at a CAGR of around 27.1% during the
forecast period. The market is driven by the increasing burden of chronic pain
illness and the increasing need for efficient worldwide pain management
remedies.
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For instance, according
to the World Health Organization (WHO), cancer is the second leading cause of
deaths in the world and was responsible for about 8.8 million deaths in 2015.
In addition, rising disease burdens of chronic pain and increasing demand for
pain management therapies and important side effects connected with opioid use
are anticipated to drive demand for medical cannabis.
North America to
dominate the Cannabis market throughout the forecast period North America
accounted for almost 49% of the worldwide market for cannabis in 2018 and is
supposed to dominate the market throughout the forecast period. Currently, 33
countries in the U.S. and the District of Colombia have legalized cannabis use
in the U.S., making it the biggest market in the globe. In addition, the advent
of the New York legal cannabis market will provide further growth possibilities
for stakeholders in the nation. The presence of large client base and
legalization marijuana in the U.S. and Canada is expected to increase demand
for cannabis-based products from North America.
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The cannabis industry
is further fuelled by the presence of important cannabis companies such as
Aurora Cannabis Inc. Canopy Growth Corporation, and Medical Marijuana Inc.,
these companies are continuously investing in research & development and
collaborating with strategic agreements to come up with new products to address
customer demand. Company Profiles and Competitive Intelligence:The major
players operating in the global Cannabis market are Canopy Growth Corporation,
Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann
Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc.,
STENOCARE, Cronos Group Inc., and among others.
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