The cannabis market is projected to grow at a CAGR of 28.0% during the forecast period
According to MarketsandMarkets, the cannabis market is estimated to be valued at USD 20.5 billion in 2020 and is projected to reach USD 90.4 billion by 2026, recording a CAGR of 28.0 %, in terms of value. The market is primarily driven by factors such as growing medical applications of cannabis and increasing legalization of cannabis and rise in social acceptance of marijuana. North America accounted for the largest market share in the cannabis market owing to the increasing legalization of cannabis for both medical and recreational purposes across the region. However, one of the restraining factors in the growth of cannabis market is complex regulatory structure to produce and use cannabis.
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Leading players profiled in this report include the following:
- Canopy Growth Corporation (Canada)
- Aurora Cannabis Inc. (Canada)
- MedMen (US)
- Terra Tech Corp. (US)
- Aphria Inc. (Canada)
- VIVO Cannabis Inc. (Canada)
- The Cronos Group (Canada)
- Medical Marijuana Inc. (US)
By application, the recreational segment is projected to grow at the highest CAGR during the forecast period
Based on application, the recreational segment is expected to be the fastest-growing during the forecast period. This segment is rapidly growing as it is highly demanded and consumed by the consumers. Also, high demand for recreational cannabis can translate into larger market if it gets legalized across various regions.
By compound, the THC-dominant segment is estimated to account for the largest share
The THC-dominant segment of the cannabis is dominating the market. The dominance of this segment is majorly attributed to the fact that THC is the psychoactive substance in cannabis products that is responsible for the high. It also provides important medical benefits and is effective in relieving nausea, appetite loss, and insomnia.
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The Europe region is projected to grow at the highest CAGR during the forecast period
Europe is projected to be the fastest-growing market for the period considered for this study, due to the increasing legalization of medical cannabis in the region. Also, the healthcare system present in several European countries covers the health expenditure of most patients in this region, further contributing to the growth of cannabis market.