The global Cannabis Market sizeis projected to reach USD 97.35 billion by the end of 2026. According to areport published by Fortune Business Insights™, titled “Cannabis Market Size, Share and Industry Analysis by Type (Flowers/Budsand Concentrates), By Application (Medical, Recreational (Edibles and Topical),and Industrial Hemp), and Regional Forecast 2019-2026”, the market sizewas USD 10.60 billion in 2018. The market will exhibit a CAGR of 32.92% duringthe forecast period, 2019-2026.
Cannabis is being legalized in several countries for medical andrecreational purposes. The demand for cannabis has risen dramatically in therecent years due to the exceptional properties of the product, coupled with itsmedical benefits. The increasing therapeutic applications will create severalopportunities for the companies operating in this market. The advent ofcannabis-infused products such as edibles and drinks will aid the growth of themarijuana market in the coming years.
The high investments in the research and development ofcannabis-infused drugs for several medical purposes will contribute to theCannabis Market growth in the coming years. Furthermore, availability of the productsin numerous variations will contribute to the growing demand and subsequentrise in the adoption of cannabis across diverse industrial applications.
The report encompasses several factors that have constituted thegrowth of the global market in recent years. It summarizes the key industrydevelopments and gauges the impact of these developments on the market. Ithighlights key aspects of the market, with primary focus on leading products,major applications, and companies. The competitive landscape has been discussedin detail.
Additionally, the report provides forecast values for the medical CannabisMarket for the period of 2019-2026. Factual figures are obtained throughtrusted sources. The data provided in this report is gathered through opinionsand interviews of world leaders and experienced market research professional.
Increasing Investment in Product R&D to Aid Growth
The factors that have made a huge impact on the market have beendiscussed in the report. The benefits of cannabis have drawn the attention ofseveral investors across the world. The increasing emphasis on the developmentof newer products, infused with cannabis will encourage several competitors todeviate from their core business and invest in medical cannabis. Thelegalization of cannabis in major countries across the world will emerge infavor of market growth.
In March 2019, Altria Group invested a whopping USD 1.8 billion inCronos Group Inc. The company aims to compete, scale, and lead the globalmarket and in doing so, establish a strong market presence. Such huge upfrontinvestment will not only help the company but will also have a direct impact onthe growth of the market in the coming years.
North America Dominates the Market; Legalization of Cannabis inSeveral States Will Open Up a Huge Potential
The market is segmented on the basis of regional demographics intoNorth America, Latin America, Europe, Asia Pacific, and the Middle East andAfrica. Among these regions, the market in North America has emerged as thedominant region in recent years. Colorado and Washington DC were the first twostates to legalize the use of recreational cannabis in the world. Severalstates have now legalized the use of recreational cannabis, as a result ofwhich, the medical marijuana market will witness several market entrants in thecoming years.
Source: https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219
