According to Fortune Business Insights, the global cannabis/marijuana market is anticipated to reach a value of US$ 97.35 Bn by the end of 2026 from US$ 10.60 Bn in 2018. The market is predicted to rise at a CAGR of 32.6% during the forecast period of 2019 to 2026.
The increasing use of medicinal marijuana is creating lucrative growth opportunities for the global cannabis market says Fortune Business Insights in their new study. The study is titled, “Cannabis/Marijuana Market: Global Market Analysis, Insights, and Forecasts, 2018 to 2026”. This report includes expert opinion from trusted sources and focusses on major factors driving and restricting the growth of the market during the forecast period, 2018 to 2026.
Some of the leading players operating in the global market includes;
- Canopy Growth Corporation.
- Aurora Cannabis Inc.
- The Scotts Miracle-Gro Company
- Cara TherapeuticsSprott Inc.
- CanniMed Therapeutics Inc
- Harborside’s FLRish, Inc.
- Insys Therapeutics, Inc.
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According to the report, hemp flower, commonly known as ‘bud,’ accounts for the majority of the global cannabis market share in terms of product type. On the other hand, concentrates based out of marijuana are leading the global market in terms of product type. The higher penetration and better availability of these products boosts the market in developed nations, leading to a significant consumer base.
“Increasing Application of Medicinal Cannabis to Promote Cannabis Market Growth”
The rising awareness about medicinal properties of marijuana is a key factor driving the global cannabis market. Marijuana can help to cure disorders such as Alzheimer’s disease, epilepsy, anorexia, chronic pain, arthritis, and other medical conditions. Besides this, the rising legalization of marijuana in several countries of the world is boosting the market globally.
However, the growth trajectory of the market could be bumpy on account of the complex regulatory structure observed in several countries and restrictions on cannabis use in many parts of the world. In addition to this, the declining price of marijuana in the market as the products are getting increasingly commoditized, may also cause hindrance to the market growth in the forecast period.
Nevertheless, many companies operating in the hemp market are investing increasingly in the research and development of novel products for delivery solutions. This is anticipated to create lucrative growth opportunities for the global cannabis market in the coming years.
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“North America Market to Remain Dominant on Account of Legalization of Medical Marijuana”
Geographically, the global cannabis market is anticipated to be dominated by North America owing to the government-supported medical marijuana laws imposed in the U.S. In 2012, Washington and Colorado in the U.S. were the first two cities to legalize the use of cannabis for recreational purpose. As of July 2019, about eleven states and District of Columbia in the United States have legalized the use of cannabis for medicinal purpose. On the other hand, Canada is also playing a major role in the booming market of marijuana as it recently emerged as a flag-bearer country in marijuana legalization for recreational purpose. The fact that marijuana can help treat medical conditions such as arthritis, chronic pain, post-trauma conditions, Alzheimer’s disease, epilepsy, anorexia, and others is anticipated to help the cannabis market in North America in the coming years.
“Introduction of Innovative Cannabis Products to Intensify Market Competition”
The global cannabis market is highly competitive on account of the presence of many players, and the introduction of new players into the market. The rising popularity of recreational marijuana and its usage at a wider level has further intensified the competition among vendors. Additionally, the switching preferences from the hemp bud or flower to the much-processed forms such as tropical products, oils, and other edibles are promoting market players to come up with more innovative products and thereby maintain a strong foothold in the market.
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