The global cannabis market size was valued at USD 10.60 billion and is expected to progress at a CAGR of 32.92% and reach USD 97.35 billion by the end of 2026.
Fortune Business Insights™ has published a premium research report, titled “Cannabis Market Size, Share and Industry Analysis by Type (Flowers/Buds and Concentrates), By Application (Medical, Recreational (Edibles and Topical), and Industrial Hemp), and Regional Forecast 2019-2026”, the market size was USD 10.60 billion in 2018. The market will exhibit a CAGR of 32.92% during the forecast period, 2019-2026.
Cannabis is being legalized in several countries for medical and recreational purposes. The demand for cannabis has risen dramatically in recent years due to the exceptional properties of the product, coupled with its medical benefits. The increasing therapeutic applications will create several opportunities for companies operating in this market. The advent of cannabis-infused products such as edibles and drinks will aid the growth of the marijuana market in the coming years.
List of best companies that are operating in the global marijuana industry include;
- Aurora Cannabis
- Aphria Inc.
- Canopy Growth Corporation
- MedReleaf Corp.
- Cronos Group Inc.
- GW Pharmaceuticals, plc.
- CannTrust Holdings Inc.
- VIVO Cannabis Inc.
- Tilray
- OrganiGram Holdings
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The high investments in the research and development of cannabis-infused drugs for several medical purposes will contribute to the Cannabis Market growth in the coming years. Furthermore, availability of the products in numerous variations will contribute to the growing demand and subsequent rise in the adoption of cannabis across diverse industrial applications.
The report encompasses several factors that have constituted the growth of the global market in recent years. It summarizes the key industry developments and gauges the impact of these developments on the market. It highlights key aspects of the market, with primary focus on leading products, major applications, and companies. The competitive landscape has been discussed in detail.
Additionally, the report provides forecast values for the medical Cannabis Market for the period of 2019-2026. Factual figures are obtained through trusted sources. The data provided in this report is gathered through opinions and interviews of world leaders and experienced market research professionals.
Major segmentation includes:
By Type
- Flowers/Buds
- Concentrates
By Application
- Medical
- Recreational
- Industrial Hemp
By Region
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Increasing Investment in Product R&D to Aid Growth
The factors that have made a huge impact on the market have been discussed in the report. The benefits of cannabis have drawn the attention of several investors across the world. The increasing emphasis on the development of newer products, infused with cannabis will encourage several competitors to deviate from their core business and invest in medical cannabis. The legalization of cannabis in major countries across the world will emerge in favor of market growth.
In March 2019, Altria Group invested a whopping USD 1.8 billion in Cronos Group Inc. The company aims to compete, scale, and lead the global market and in doing so, establish a strong market presence. Such huge upfront investment will not only help the company but will also have a direct impact on the growth of the market in the coming years.
North America Dominates the Market; Legalization of Cannabis in Several States Will Open Up a Huge Potential
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America has emerged as the dominant region in recent years. Colorado and Washington DC were the first two states to legalize the use of recreational cannabis in the world. Several states have now legalized the use of recreational cannabis, as a result of which, the medical marijuana market will witness several market entrants in the coming years.
Key Industry Developments:
- January 2019: The Colombian Medical Federation and Aphria announced a new alliance wherein they would develop a new academic curriculum on the medical benefits of recreational cannabis.
- August 2018: Hexo Corp, announced a collaboration with Molson Coors Canada for the production of a new range of CBD-infused beverages.
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