The global cannabis market size is set to gain momentum owing, observes Fortune Business Insights™ in an upcoming report, titled, “Cannabis/Marijuana Market, 2019-2026” owing to its increased use for medicinal purposes. According to the United Nations Office on Drugs and Crime (UNODC). Cannabis have therapeutic and medicinal benefits. As per the report, the market size was USD 10.60 billion in 2018 and is projected to reach USD 97.35 billion by 2026, exhibiting a CAGR of 32.92% during the forecast period.
The world is facing an unprecedented challenge of the COVID-19 pandemic. Various companies have shut down their production and distribution units due to lockdown. These manufacturing facilities instead moved towards the manufacturing of hand sanitizers, PPE kits, and masks to fulfill the high demand from front-line workers and common people. The world's largest pressure cooker producing company Hawkins situated in India was adversely affected by the virus, which affected the market growth negatively.
Based on type, the weed market is divided into flower/buds and concentrates. By application is segmented into medical, recreational and industrial hemp. In terms of geography, the market is categorized into North America, Europe, Asia Pacific and RoW.
Salient Features of Report
The report provides an accurate assessment of the market, regions, and segments. It delivers several key players of cannabis/marijuana producer’s strategies, drivers restraints of the market. Additionally, it would help our clients to accurately determine the market size to guide them in selecting the right strategy for their business growth.
Increased Demand for Recreational Purposes to Fuel Market Growth
Rising demand for cannabis-infused Candies, chocolates and beverages is driving the marijuana market growth. The increasing trend among youngsters to use cannabis/marijuana for recreational purposes is fueling its market as they inhale its smoke and vapor to have euphoric feeling. Besides, the product innovation and its packaging is also playing important role in boosting its market in the upcoming period. On the other hand, misusing its legalization for criminal purposes and its addiction is the major market constraints.
North America to Command the Market owing to Legalizations of Cannabis in few Regions
North America is expected to lead the cannabis market share as in 2018 the market value was USD 10.18 billion as cannabis and CBD is legalized in many North American countries for recreational as well as medicinal purposes. As of July 2019 marijuana is legalized in Eleven states and Columbia. Cannabis is used for medical conditions such as Alzheimers, arthritis, chronic pain and for cancer treatment.
On the other hand, South America is also expected to upscale the market due to its export in Canada, Europe, and United states as Columbia is a major producer of marijuana for medical purposes reports NPR in September 2019.
Key Players to Expand their Product Portfolio to Strengthen the Market Growth
The global cannabis market is highly competitive and dynamic. Key players are trying to expand their market by forming new partnerships and expanding their product portfolio as expansions legalization of these weeds spreads gradually across the globe. Thus keeping their consumers in mind manufacturers are coming up with more processed forms such as oil, cookies and other tropical products apart from flower/bud.
Browse Detailed Summary of Research Report with TOC: