The Cannabis Market is expected to reach USD 128.92 billion by 2028, growing at a CAGR of 26.19% between 2021 to 2028. The demand for cannabis for medical applications of medical hemp has achieved a lot of global awareness. The usage and approval of medical C. Sativa resumed growing, as apparent to the increasing number of nations and states allowing its service for detailed medical indications. Furthermore, nations have modified their regulations to legalize cannabis for medical purposes. In California, and Florida, cannabis has been successfully utilized by mainstream physicians to treat AIDS, anorexia, arthritis, and cancer. The continued analysis and clinical tests for several marijuana-based drugs are thus additionally anticipated to boost the market’s development in the coming years.
- The concentrated segment is projected to expand at the fastest CAGR exceeding 18.5% over the forecast period owing to the increasing adoption due to its effortlessness in usage and its versatility in the way of delivery.
- The recreational segment held a market share of around 32% in 2020. This share is due to the rising high demand and consumption of cannabis for recreational purposes.
- Asia Pacific is expected to expand at a CAGR over 19% from 2021 to 2028. This surge is attributed to the rising demand for cannabis in developing economies such as China and India.
Some of key players in cannabis market are include The Cronos Group Medical Marijuana Inc., STENOCARE, Tikun Olam, Organigram Holdings Inc., Cresco Labs, Indiva, Curaleaf Holding Inc., HEXO Corp., Ecofibre Limited, Harvest Health & Recreation, Green Thumb Industries, Maricann Group Inc., and TerrAscend, among others. The market is comprised of a high degree of competition due to the presence of numerous key players.
Cannabis management is usually considered upon with perceptions management, and has been established to overcome mistrust associated with likely abuse. The legalization of cannabis has enabled customers to practice secure substance use. As a consequence, governments are gradually legalizing the use of cannabis throughout the world. While many countries throughout the world have always not legalized the recreational use of cannabis, the method of usage and demand has been calmed over the period. The increasing popularity and the use of cannabis in distinct areas drive the growth of the cannabis market.
North America is expected to record the highest CAGR, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. The growing legalization of cannabis for medical use, coupled with the medical application of cannabis is noticing massive growth as customers are becoming more knowledgeable regarding the therapeutic benefits of cannabis.