Market Overview:
Increasing Application of Medicinal Cannabis to Promote Marijuana Industry Growth
The global cannabis market is projected to reach USD 97.35 Billion by the end of 2026. This information is published in a report by Fortune Business Insights, titled, “Cannabis: Global Market Analysis, Insights and Forecast, 2015-2026.” According to the report, the market will exhibit a CAGR of 32.92% in the forecast period (2019-2026).
However, the market was valued at USD 10.60 Billion in 2018. Cannabis legalization is gaining impetus across the world. Legitimate medicinal benefits and therapeutic applications are causing several companies to cultivate and manufacture new cannabis-based products.
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Fortune Business Insights profiles some of the major companies operating in the global cannabis market. They are as follows:
The report provides effective guidelines and strategies for organizations to strengthen their positions in the cannabis market. Our team of professional analysists have utilized primary and secondary research tools and techniques to accumulate information for this report. Hence, the information offered is highly accurate and trustworthy.
It further highlights significant aspects of the market, namely, growth drivers, competitive landscape, restraints, key market players, regional analysis, and similar other factors.
Sophisticated Packaging and Innovation to Propel Cannabis-based Edibles Sub-segment
In terms of application, the cannabis market is grouped into medical, recreational, and industrial hemp. Under recreational application, the market contains topical and edible. The cannabis-infused edibles consist of cannabinoids and similar other active compounds from the plant.
Hence, these are either developed with other infused products, such as cannabis-infused butter or with concentrates. Availability of cannabis-based beverages, candies, and chocolates is one of the notable cannabis market trends. Additionally, product packaging related modification and innovation are projected to play a vital role in propelling the sales of edibles.
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Regional Analysis:
North America to Lead Due to Rapid Legalization of Cannabis for Medical Purposes
Geographically, the cannabis market is divided on the bases of Europe, Latin America, the Middle East and Africa, North America, and Asia Pacific. Out of these regions, in North America, the U.S. medical laws consider cannabis as a form of medicine or therapy for numerous medical conditions, such as epilepsy, Alzheimer’s disease, post-traumatic stress disorder, anorexia, chronic pain, cancer, and arthritis.
The legalization of cannabis first began in the U.S. in 2012 with Washington and Colorado becoming the first two states to approve its recreational usage. Canada has recently started playing a leading role in cannabis legalization and is emerging as a flag-bearer country. In July 2019, Columbia has legalized recreational utilization of cannabis.
The recreational usage of cannabis will be positively impacted by the subsequent price parity of cannabis bud as well as its commoditization in the legal and illegal market. Moreover, increasing mainstreaming and availability of raw materials will ensure price parity. It would also aid in smoothening the transformation of cannabis flower from the illegal market to legal business.
The taxes would be vital in channelizing the advancements in the legal market. A rise in the demand for cannabis from Canada, U.S., and the European countries is expected to help all the South American cannabis producers to upscale their production. It would reduce the pricing pressure on cannabis bud due to increasing imports both in wholesale and retail channels.
Key Market Players Focus on Expansion and Strategic Collaborations to Gain Competitive Edge
The cannabis market is robustly dynamic and highly competitive. Increasing number of expansion programs and strategic collaborations are positively affecting the market sales. A rise in the popularity of recreational cannabis is creating a rapid shift towards processed products, namely, topical, edible, and oils from simply buds. Given below are few of the key developments:
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KEY QUESTIONS ANSWERED:
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Global Cannabis Market to Gain from Recreational Legalization Reported Worldwide