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The global cannabis market size is anticipated to reach USD 97.35 Billion in 2026 from USD 10.60 Billion in 2018 and prognosticated to grow at 32.92% CAGR forecast 2019 to 2026.
In the Fortune Business Insights™ new study, titled “Cannabis Market: Global Market Analysis, Insights, and Forecasts, 2019 – 2026” offers in-depth insights into the factors boosting cannabis sales worldwide. It offers a comprehensive overview of the global cannabis market, highlighting key growth drivers and major restraints.
Cannabis is a subdivision of a flowering plant, and its use dates back to thousands of years. The rising use of cannabis for medical purposes is identified as a chief growth driver. The most common type of marijuana are Cannabis Ruderalis, Cannabis Indica, and Cannabis Sativa. Most of the cannabis grown today are hybrids, and they require less manure and irrigation for growth.
The minimal efforts required to cultivate cannabis is anticipated to provide lucrative growth opportunities for the market in the forecast period. Medical marijuana is also well known for its medicinal properties. Fortune Business Insights predicts this as a major factor in promoting the growth of marijuana in the global market in their new report.
On the basis of application, the market is segmented into medical, recreational, and industrial hemp, out of which the medical cannabis segment is dominating the market and anticipated to remain so in the forecast period as well. This is owing to the fact that medical marijuana can help in curing conditions such as Alzheimer’s disease, arthritis, epilepsy, cancer, chronic pain, anxiety, and others.
Increasing Awareness about Medicinal Properties of Cannabis Identified as Major Growth Driver
Cannabis has various medicinal properties. Well-known cannabis-based drugs such as Cesamet, Sativex, and Marinol, have cannabinoid or cannabinoid-like compounds in them. These compounds help to reduce pain among patients suffering from chronic pain, arthritis, epilepsy, and others.
Several countries have legalized the use of marijuana. In July 2019, approximate eleven states and districts of the United State of America have legalized the use of medical marijuana. Additionally, Canada represents itself as the flag-bearer country in terms of the legalization of marijuana. Government support for the legalization of marijuana in these areas is promoting the growth of the cannabis market, thus, acting as a driving factor.
On the flip side, strict regulatory measures imposed by various governments on the use of hemp may act as a restrain for the future cannabis market. This, coupled with, the downfall of cannabis prices in the global market may also hamper the overall growth of the market. However, on a positive note, high investments made by various market players in research and development of innovative marijuana products is anticipated to create lucrative growth opportunities for the market in the forecast period.
Rising Demand for Innovative Edible Cannabis Products is anticipated to Boost Growth
The cannabis market is highly competitive with new players entering the market. Company collaborations, new product launches, mergers, and acquisitions, are strategies adopted by market players to gain a competitive edge over the market.
Surging investments made by companies in research and development for the manufacturing of innovative edibles is also intensifying the level of competition among players. Introduction of bakery products such as cannabis cakes, brownies, butter, and others are anticipated to open new business revenues to the market. This will not only intensify the market competition in future but also generate large amount of revenues in future. Some of the players operating in the global cannabis market are Cronos Group Inc., GW Pharmaceuticals, plc., OrganiGram Holdings, Canopy Growth Corporation, MedReleaf Corp, Tilray, VIVO Cannabis Inc., CannTrust Holdings Inc., and others.
Browse Summary of this Report: https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219
The Global Cannabis Market is segmented by the following: