24-Sep-2020 | Zion Market Research
According to the report published by Zion Market Research, global demand for cannabis market was valued at approximately USD 13.48 Billion in 2019, and is expected to generate revenue of around USD 87.79 Billion by end of 2026, growing at a CAGR of around 30.7% between 2020 and 2026. The market study focused on particularly four major activities to evaluate the current size of the cannabis market. Comprehensive secondary research was conducted to collect data related to the market. The next phase was to authenticate the gathered information, conduct hypothesis, and sizing the data by comparing it with the data obtained through primary research. Both the bottom-up and top-down approaches were used to anticipate the complete size of the market. Subsequently, data triangulation and market breakdown procedures were employed to thoroughly evaluate the market size.
The key players in the cannabis are not only producers, but also include service providers, suppliers, and end-use product manufacturers. Some of the leading contenders in the cannabis market are Tikun Olam, STENOCARE, Cronos Group Inc., Medical Marijuana, Inc., Aurora Cannabis Inc., MedMen, Maricann Group Inc., Aphria Inc., Canopy Growth Corporation, Terra Tech Corp., Cannabis Science Inc., Tilray Inc., and VIVO Cannabis Inc. Among all the leading players profiled in the report, MedMen is majorly focused on growing marijuana production capacity by using the advanced technology used in the pharmaceutical and biotechnology industries. The industry also wants to expand its geographical presence by merging and acquiring various US-based dispensaries.
Cannabis Consumption For Medicinal Purpose Likely To Fuel The Cannabis Demand During 2019–2025
Cannabis is generally consumed for recreational and medicinal purposes. From the past few years, medicinal cannabis has been holding the majority share at the global level. Several nations including Canada, Australia, Greece, Columbia, Poland, Italy, Uruguay, Israel, Peru, the Netherlands, and Chile, have legalized cannabis consumption for medicinal purposes. As people post 50 years of age are prone to chronic diseases, the demand for cannabis is likely to increase remarkably during the forecast period.
Cannabis Legalization Likely To Drive The Global Cannabis Market
Based on the State Medical Marijuana Laws generated by the US Government Accountability Office, cannabis consumption can alleviate the symptoms occurred through glaucoma, nausea, migraines, arthritis, cachexia, spasticity, anorexia, pain, wasting syndrome, Alzheimer’s disease, Crohn's disease, cancer, HIV-AIDS, multiple sclerosis, and epilepsy. The demand and popularity of cannabis are likely to boom owing to the uninterrupted research and product standardization specifically for medicinal purposes.
The global cannabis market report illustrates the market growth comprehensively by segmenting it on the basis of the compound, product type, application, and region. By compound, the global cannabis market is segmented into CBD-dominant, THC-dominant, and balanced CBD &THC. By product type, the market is categorized into concentrates, flowers, and others (topicals, beverages, capsules, and edibles). Based on the application, the market is classified into recreational and medical.
North America To Attain The Dominant Position In the Global Cannabis Market Owing To Product Legalization
Based on secondary research, the North American region is expected to report for a significant market share during the forecast period. The US and Canadian regions are responsible for propelling the global cannabis market. The states, particularly in these two regions, are supporting the legalization of cannabis for both recreational and medicinal purposes, which would eventually lead to increased cannabis demand. Moreover, the growing awareness among the population regarding the health benefits of cannabis consumption is booming the global cannabis market.
Browse the full “Cannabis Market Product Type (Flower, Concentrates, and Others), Application (Medical and Recreational), Compound (THC-Dominant, CBD-Dominant, and Balanced THC & CBD): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/cannabis-market
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