The cannabis market is projected to grow at a CAGR of 28.0%
during the forecast period
According to MarketsandMarkets, the 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 28.0 %, 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.
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Leading players profiled in this report include the following:
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)
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.
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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.