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The global cannabis market size is set to gain momentum owing, observes Fortune Business Insights™ inan 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 marketsize was USD 10.60billion in 2018 and is projected to reach USD 97.35 billion by2026, exhibiting a CAGR of 32.92% during the forecast period.
COVID-19 Impact:
Theworld is facing an unprecedented challenge of the COVID-19 pandemic. Variouscompanies have shut down their production and distribution units due tolockdown. These manufacturing facilities instead moved towards themanufacturing of hand sanitizers, PPE kits, and masks to fulfill the highdemand from front-line workers and common people. The world's largest pressurecooker producing company Hawkins situated in India was adversely affected bythe virus, which affected the market growth negatively.
Segmentation:
Basedon type, the weed market is divided into flower/buds and concentrates. Byapplication is segmented into medical, recreational and industrial hemp. Interms of geography, the market is categorized into North America, Europe, AsiaPacific and RoW.
Salient Features of Report
Thereport provides an accurate assessment of the market, regions, and segments. Itdelivers several key players of cannabis/marijuana producer’s strategies, drivers& restraints of the market. Additionally, it would help our clients toaccurately determine the market size to guide them in selecting the rightstrategy for their business growth.
Drivers & Restraints:
Increased Demand for Recreational Purposes to Fuel Market Growth
Risingdemand for cannabis-infused Candies, chocolates and beverages is driving themarijuana market growth. The increasing trend among youngsters to usecannabis/marijuana for recreational purposes is fueling its market as theyinhale its smoke and vapor to have euphoric feeling. Besides, the productinnovation and its packaging is also playing important role in boosting itsmarket in the upcoming period. On the other hand, misusing its legalization forcriminal purposes and its addiction is the major market constraints.
Regional Insights:
North America to Command the Market owing to Legalizations ofCannabis in few Regions
NorthAmerica is expected to lead the cannabis market share as in 2018 the marketvalue was USD 10.18 billion as cannabis and CBD is legalized in many NorthAmerican countries for recreational as well as medicinal purposes. As of July2019 marijuana is legalized in Eleven states and Columbia. Cannabis is used formedical conditions such as Alzheimers, arthritis, chronic pain and for cancertreatment.
Onthe other hand, South America is also expected to upscale the market due to itsexport in Canada, Europe, and United states as Columbia is a major producer ofmarijuana for medical purposes reports NPR in September 2019.
Competitive Landscape
Key Players to Expand their Product Portfolio to Strengthen theMarket Growth
Theglobal cannabis market is highly competitive and dynamic. Key players aretrying to expand their market by forming new partnerships and expanding theirproduct portfolio as expansions legalization of these weeds spreads graduallyacross the globe. Thus keeping their consumers in mind manufacturers are comingup with more processed forms such as oil, cookies and other tropical productsapart from flower/bud.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219