According 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.
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.
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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.
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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