Growth in the Medical Applications of Cannabis to Drive the Cannabis Market
Chicago, June 21, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the global cannabis market size was 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. Various product developments happening in the category, in tandem with novel product delivery solutions to create opportunities within the cannabis market.
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The concentrates segment projected to grow at highest CAGR in the cannabis market
The concentrates segment within the cannabis market, by product type, is estimated to be growing at the fastest rate from 2020-2026. This is majorly due to the varied number of forms in which concentrates let one experience cannabis in a multitude of ways, such as shatter, rosin, wax, crumble, oil, dabs, and tinctures. Concentrates also offer a wide variety of delivery methods, such as smoking, vaping, dabbing, ingestion, and tinctures, which further aid their market growth.
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The medical segment is estimated to be the dominant segment in 2020.
The cannabis market, by application, is estimated to be dominated by the medical segment in 2020. Marijuana has been used as a medicine in different cultures for thousands of years. The use of cannabis is being legalized across countries for medical purposes for the treatment of various illnesses and ailments. Furthermore, the usage of medical CBD in the form of oils, topical pain relief treatment solutions, and edibles could also dissuade its smoke intake among patients while being equally effective medically. Medical cannabis remains the most effective mainly as it is also used for various health conditions, which include pain management, neurological health management, and mental health management.
The North American market is expected to hold the largest share in the cannabis market in 2020.
The North American cannabis market is primarily driven by growth in the US and Canadian markets. The market in this region is driven by the increasing legalization of cannabis for both medical and recreational purposes all over North America and increasing awareness among consumers regarding the health benefits of cannabis. The market is further driven by the presence of major cannabis giants such as Canopy Growth Corporation, Aurora Cannabis Inc., and Medical Marijuana Inc., who are continuously investing and collaborating for the development of new products to fulfill the demand of the consumers.
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Furthermore, the legalization of recreational usage of cannabis in Canada in 2018 and 11 other states in the US for medical and recreational purposes is also expected to generate a huge opportunity for the cannabis market in the North American region. Other factors such as an increase in recognition of medical benefits of cannabis and growing consumer demand for cannabis in disease management and treatment due to high health care costs are expected to drive the growth in the North American region.
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