DUBLIN--(BUSINESS WIRE)--The "Global Cannabis Market by Application (Medical, Recreational), Product Type (Flowers, Concentrates), Compound (THC-dominant, CBD-dominant, Balanced THC & CBD), and Region (North America, South America, Europe, RoW) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global cannabis market 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%, in terms of value.
The market is primarily driven by factors such as growing medical applications of cannabis and increasing legalization of cannabis and rise in social acceptance of marijuana. North America accounted for the largest market share in the cannabis market owing to the increasing legalization of cannabis for both medical and recreational purposes across the region. However, one of the restraining factors in the growth of cannabis market is complex regulatory structure to produce and use cannabis.
By application, the recreational segment is projected to grow at the highest CAGR during the forecast period
Based on application, the recreational segment is expected to be the fastest-growing during the forecast period. This segment is rapidly growing as it is highly demanded and consumed by the consumers. Also, high demand for recreational cannabis can translate into larger market if it gets legalized across various regions.
By compound, the THC-dominant segment is estimated to account for the largest share
The THC-dominant segment of the cannabis is dominating the market. The dominance of this segment is majorly attributed to the fact that THC is the psychoactive substance in cannabis products that is responsible for the high. It also provides important medical benefits and is effective in relieving nausea, appetite loss, and insomnia.
The Europe region is projected to grow at the highest CAGR during the forecast period
Europe is projected to be the fastest-growing market for the period considered for this study, due to the increasing legalization of medical cannabis in the region. Also, the healthcare system present in several European countries covers the health expenditure of most patients in this region, further contributing to the growth of cannabis market.
The cannabis market is segmented region-wise, with a detailed analysis of each region. These regions include North America, South America, Europe, and RoW (Israel and Australia).
Market Dynamics
- Growth in the Medical Applications of Cannabis
- Increase in Legalization of Cannabis and Rise in Social Acceptance of Marijuana
- Increase in R&D and Technological Innovation
- Complex Regulatory Structure for the Usage of Cannabis
- Product Development Via Research and Novel Product Delivery Solutions
- Emergence of Cannabis Legalization in Asia-Pacific
- Intensive Energy Consumption and Maintaining Product Consistency for the Cultivation of Cannabis
- Myths Associated with Cannabis
- Declining Prices as Products Get Commoditized
Companies Mentioned
- Aphria Inc.
- Aurora Cannabis Inc.
- Canopy Growth Corporation
- Cresco Labs
- Curaleah Holdings Inc.
- Ecofibre Limited
- Green Thumb Industries
- Harvest Health and Recreation
- Hexo Corp.
- Indiva Limited
- Maricann Group Inc.
- Medical Marijuana Inc.
- Medmen
- Organigrams Holding Inc.
- Stenocare
- Terra Tech Corp.
- Terrascend
- The Cronos Group
- Tikun Olam
- Vivo Cannabis Inc.
For more information about this report visit https://www.researchandmarkets.com/r/4q5fhp
