CHICAGO, February 8, 2021 / PRNewswire / – According to new market research report, Cannabis Market By Application (Medical & Recreational), Product Type (Flowers & Concentrates), Compound (THC Dominant, CBD Dominant, and Balanced THC & CBD), and Region (North America, South America, Europe, and RoW) – Global Forecast to 2026, “published by MarketsandMarkets ™, estimates the global cannabis market size at $ 20.5 billion in 2020. It is expected to reach $ 90.4 billion by 2026 with a CAGR of 28.0% on value. The growing medical use of cannabis is driving demand for cannabis.
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The flower segment had the largest share of the cannabis market
Depending on the product type, the flower segment dominated the cannabis market. Flowers have greater availability. Its method of delivery as smoking or vaporizing the cannabis flower also has a faster effect and is preferred for quick-acting relief.
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The medical segment has the second largest market share in the cannabis market
From a medical perspective, medicine is the second largest segment in the entire cannabis market. The growth of this segment is mainly due to the increasing legalization of medical cannabis in different regions. In addition, consumers are becoming more and more aware of the medicinal benefits of cannabis.
The CBD-dominant segment is expected to make up the second largest share of the cannabis market in the forecast period
The cannabis market is divided into THC-dominant, CBD-dominant and Balanced THC & CBD. The segment dominated by CBD had the second largest market share in the overall cannabis market. It is considered to be one of the most therapeutic and healing parts of the plant. CBD-dominant strains are also preferred by consumers suffering from chronic pain, inflammation, anxiety, and other chronic disorders.
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The Europe The region is the fastest growing region in the cannabis market over the forecast period
Europe will be the fastest growing region in the global cannabis market over the forecast period. The cannabis market in Europe is mainly driven by the increasing legalization of medical cannabis in the region in connection with the health system in several Euroepan countries. At the same time, the demand for medical cannabis in the region is increasing and driving the growth of the European cannabis market further.
This report contains a study of the marketing and development strategies as well as the product portfolios of leading companies. It consists of profiles from leading companies such as Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), MedMen (USA), Terra Tech Corp. (USA), Aphria Inc. (Canada), VIVO Cannabis Inc. (Canada), The Cronos Group (Canada), Medical Marijuana Inc. (USA), STENOCARE (Denmark), Tikun Olam (Israel), Organigram Holdings Inc. (Canada), Cresco Labs (USA), Indiva (Canada), Curaleaf Holding Inc. (USA), HEXO Corp. (Canada), Ecofibre Limited (Australia), Harvest Health & Recreation (USA), Green Thumb Industries (USA), Maricann Group Inc. (Canada) and TerrAscend (Canada).
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