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:
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.
Top
Leaders Overview:
Some of the leading players
operating in the global Marijuana
Market includes;
·
Canopy Growth Corporation.
·
Aurora Cannabis Inc.
·
The Scotts Miracle-Gro
Company
·
Cara TherapeuticsSprott Inc.
·
MedMen
·
CanniMed Therapeutics Inc
·
Harborside’s FLRish, Inc.
·
Insys Therapeutics, Inc.
According to Fortune Business Insights, the global
cannabis 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.
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.
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.
Increasing Application of
Medicinal Cannabis to Promote Marijuana 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.
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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