Jul 21, 2021 (AB Digital via COMTEX) -- The report " Cannabis Market by Application (Medical and Recreational), Product Type (Flowers and Concentrates), Compound (THC-dominant, CBD-dominant, and Balanced THC & CBD), and Region (North America, South America, Europe, and RoW) - Global Forecast to 2026", According to MarketsandMarkets, the global cannabis market size is estimated to be valued at USD 20.5 billion in 2020. It is projected to reach USD 90.4 billion by 2026, recording a CAGR of 28.0%, in terms of value. The growing medical applications of cannabis are driving the demand for cannabis.
Drivers: increase in legalization of cannabis and rise in social acceptance of marijuana
Cannabis legalization is often viewed upon with dual perceptions wherein its legalization has been proven to be met with skepticism associated with possible abuse. The legalization of cannabis has allowed people to practice safe substance usage along with realizing its medicinal benefits. As a result of which, many countries are gradually legalizing the usage of cannabis across the globe. While most countries across the globe have still not legalized the recreational use of cannabis, the approach to usage and sales has been relaxed over the years. This has led to the growing popularity of the usage of cannabis in various regions driving the growth of the overall cannabis market.
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Challenges: Myths associated with cannabis
Although, thousands of patients in North America and Europe believe that cannabis is an effective medicine for treating various chronic diseases. There is a myth regarding the intoxicating effects of cannabis irrespective of THC content. There is a lack of acceptance of cannabis as a medical therapeutic because of there is an assumption that cannabis is to be consumed only via smoking. Whereas, cannabis can be consumed through pills, vaporization, edibles, dabs, and patches. To overcome these challenges, effective marketing strategies are needed for the right placement of cannabis-based medical products.
By application, recreational segment is projected to account for the largest share in the global market during the forecast period
By application, the market is segmented into medical and recreational. Recreational segment dominated the market owing to the high demand and consumption of cannabis for recreational purposes. Thus, the legalization of recreational applications has huge potential to translate into a large market.
The Europe region is the fastest-growing region in the cannabis market in the forecast period
Europe will be the fastest-growing region in the global cannabis market in the forecast period. The cannabis market in Europe is majorly driven by the increasing legalization of medical cannabis in the region coupled with the healthcare system present in several Euroepan countries. Along with this, the demand for medical cannabis is rising in the region, further fueling the growth of European cannabis market.
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This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as 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), STENOCARE (Denmark), Tikun Olam (Israel), Organigram Holdings Inc. (Canada), Cresco Labs (US), Indiva (Canada), Curaleaf Holding Inc. (US), HEXO Corp. (Canada), Ecofibre Limited (Australia), Harvest Health & Recreation (US), Green Thumb Industries (US), Maricann Group Inc. (Canada), and TerrAscend (Canada).
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