Skip to content
louiselyndon.com

louiselyndon.com

Cannabis Market to Expand at a CAGR of 28.0% through 2026

Jacob Binney, January 8, 2024

The growth of this market can also be attributed to the increasing awareness among consumers regarding health benefits of cannabis and its growing medical application Rolling paper.

According to MarketsandMarkets, the global cannabis market size is estimated to be valued at USD 20.5billion in 2020 and is projected to reach USD 90.4 billion by 2026, recording a CAGR of 28.0% in terms of value. The growth of cannabis market can be attributed to the increasing legalization of cannabis across various regions. Along with that, growing medicinal applications of cannabis will further contribute to the growth of cannabis market in the forecasted period. North America region dominated the cannabis market.

Cannabis is a drug derived from the Cannabis sativa, Cannabis indica, and hybrid strains. Cannabis is composed of different cannabinoids, the two main cannabinoids that are considered to be the most active compounds are tetrahydrocannabinol (THC), the psychoactive compound, and cannabidiol (CBD), the non-psychoactive compound. It used for various medical and recreational purpose.

North America dominated the global cannabis market. It is largely driven by the increasing legalization of cannabis for both medical and recreational purposes all over the region. Also, the consumers are now more aware about the health benefits of cannabis. The market is further fueled by the presence of major cannabis giants, such as Canopy Growth Corporation, Aurora Cannabis Inc., and Medical Marijuana Inc. These companies are playing a major role in developing new innovative products to fulfill consumer demand.

Among various product types of cannabis, flower segment accounted for the major market share in the overall cannabis market. The dominance of this segment is largely attributable to its wider availability. Also, its method of delivery as smoking or vaping the cannabis flower has a quicker effect, which is why is it preferred by medical and recreational cannabis consumers for fast-acting relief.

Based on application, the recreational segment is projected to be the fastest-growing during the forecast period. The growth is mainly associated with the high consumption and demand levels for recreational cannabis. Also, the demand for recreational cannabis is projected to surpass the demand for medical cannabis. Therefore, the legalization of recreational cannabis across various regions could translate into a larger market share.

Among various compounds, the THC-dominant segment accounted for the major market share in the overall cannabis market. The dominance of this segment is majorly attributed to the fact that THC is the psychoactive substance in cannabis products. The THC-dominant products also offer important medical benefits, which are considered effective in relieving nausea, appetite loss, and insomnia.

Opinion

Post navigation

Previous post
Next post

Leave a Reply Cancel reply

You must be logged in to post a comment.

Categories

Recent Posts

  • Kid Boots Making

  • Men Winter Jackets

  • Dysfunction Restoration – Ways to Select A person’s Ideal Car Restoration Solution

  • Mens Down Jacket Uk

  • Top 10 Best Braided Fishing Lines Types Comparison

  • Parka Jackets Men’s Outfit

  • Winter Boots Kid Boy

  • How Many Records Can You Fit in Kallax?

  • Shorts Shorts for Men Sale

  • What Is the Best Suit Material for Hot Weather?

  • Zapatos Ortopedicos Niños

  • Top 10 Best Fishing Reels Clamp Comparison

  • Men Ugly Christmas Sweaters Walmart

  • Comparación de Las 10 Mejores Dieta Barf Para Perros

  • Heart Vanity Mirror

  • Top 10 Best Yellow Monofilament Fishing Lines Comparison

  • Plaid Sport Coats

  • Top 10 Best Call To Undefined Function Curl_init() Comparison

  • Top 10 Best Stereo Microphone Input Comparison

  • Surplice Wrap Top

  • Leopard Denim Jackets Mens

  • Top 10 Best What Line Do You Use For Worm Fishing? Comparison

  • Black and White Camo Pants

  • Top 10 Best What Is The Fishing Line For Spinning Reels? Comparison

  • Which In Turn Sport Fishing Kayak is Right for Your place?

  • Top 10 Best Inline Ice Fishing Reel Comparison

  • Top 10 Best Fishing Reel Counters Comparison

  • Top 10 Best Portable Fishing Tackles Suit With Fishing Reel Comparison

  • Top 10 Best Strongest Fishing Lines Comparison

  • Bookshelf

©2025 louiselyndon.com | WordPress Theme by SuperbThemes