The global cannabis
market size is projected to reach USD
197.74 billion
by 2028, exhibiting a CAGR of 32.04%
during the forecast period. The market stood at USD 20.47 billion in 2020 and is expected to grow at USD 28.266 billion in 2021. Rising
awareness regarding the product’s therapeutic and medicinal benefits, enabling
policies, and relaxation regulations are likely to foster market development. Fortune Business Insights™ in its report titled “Cannabis Market, 2021-2028.”
Cannabis is a flowering
plant known for its therapeutic and medicinal benefits if consumed in specified
amounts. It helps cure cancer, reduces depression, and possesses several other
medical benefits. It is slowly gaining recognition in several countries because
of the legalization policies. Further, the adoption of regulatory relaxations
and favorable policies is expected to boost the product’s adoption. For
example, the House of
Representatives passed the HEROES Act in 2020 and presented the act to the SAFE
Banking Act and Senate. This act enables banks to grant services to marijuana
companies and helps them grow positively. The legalization of cultivation,
production, and trade is likely to boost market
development. The rising development of facilities and farms for medical and
therapeutic marijuana products is likely to boost market development in the
upcoming years.
List of Key Players
Profiled in the Cannabis Market Report
Aurora
Cannabis Inc. (Edmonton, Canada)
Tilary,
Inc. (Nanaimo, Canada)
Canopy
Growth Corporation (Ontario, Canada)
CannTrust
Holdings Inc. (Vaughan, Canada)
VIVO
Cannabis Inc. (Greater Napanee, Canada)
Cronos
Group Inc. (Toronto, Canada)
Jazz
Pharmaceuticals (Ireland)
OrganiGram
Holdings (Moncton, Canada)
Lexaria
Corp. (Kelowna, Canada)
ABcann
Medicinals, Inc. (Ontario Canada)
 |
Highlights of the Report
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Driving Factors
Rising Adoption from
Medical Sectors and Availability of Marijuana Incorporated Edibles to Boost
Market Growth
Marijuana is used extensively in the medical sector to manufacture
anti-depressant drugs, cancer medicines, and other medicines. The rising
awareness regarding its benefits is expected to boost its sales. The
availability of a wide variety of flavors and edibles is expected to boost the product’s
adoption. The product's availability in candies, chocolates, and beverages is
expected to boost its popularity and enable users to enjoy the substance for an
hour or two. Furthermore, marijuana’s demand is increasing rapidly from the
medical sector because of relaxation policies. Several countries have placed
favorable policies legalizing marijuana’s adoption in medicines. It is used to
treat AIDS, cancer, and other disorders, which, in turn, is expected to boost
its demand. In addition, its adoption by mainstream medical professionals is
increasing because of its ability to treat arthritis, anorexia, and other disorders. These
factors are likely to drive the cannabis market growth.
However, regulations prohibiting the sales and cultivation of
marijuana in several countries may hinder the market’s progress.
Read
a Detailed Summary on This Report: https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219
Impact of COVID-19
Rising Demand from Medical
Sectors to Boost Market Development
This market is expected
to grow steadily during the COVID-19 pandemic because of the rising demand for
medical marijuana from the healthcare sector. The sudden spike in COVID-19
cases led to the adoption of stringent restrictions on non-essential sectors.
However, the rising demand for the product from the medical sector facilitated
sales. The adoption of products for medical purposes may boost the product’s
adoption. Further, the adoption of reduced capacities, part-time shifts, and production
machinery enabled players to balance costs and recover losses. These factors
may propel market development during the pandemic.
Regional Insights
Recreational
Legalization in the U.S. to Boost Market Growth in North America
North America is projected to dominate the cannabis market share because
of marijuana’s legalization in the U.S. The market in North America stood at
USD 19.78 billion in 2020 and is expected to grow positively during the
upcoming years. The District of Columbia and Eleven states legalized the adoption of the
product in 2019. The state medical cannabis law in the U.S. recognized the
product as a medical drug to cure post-traumatic stress disorder, epilepsy, chronic
pain, arthritis, and Alzheimer’s disease. In addition, the emergence of several
marijuana growers is expected to boost the market growth.
Europe is the second-largest market shareholder because of the rising adoption of the product and the adoption of favorable legislation. Marijuana is observed to be effective in trials and is used extensively in treating cancers, AIDS, and other disorders in the medical sector. The Greek legislation legalized the adoption of marijuana in 2018, which, in turn, may boost the product’s adoption. These factors are likely to facilitate market development.
Competitive
Landscape
Companies Acquire
Crucial Players to Expand their Product Portfolio
The prominent companies operating in the market devise acquisition
strategies to expand their product portfolio. For example, Supreme Cannabis Company, Inc. and the Canopy Growth
Corporation entered an agreement to acquire Supreme Cannabis by Canopy Company,
Inc. in April 2021. This acquisition shall help Canopy Growth Corporation expand
its product portfolio, attract consumers, and improve its brand position
globally. Further, the launch of innovative products may enable manufacturers
to satisfy consumer demand and enhance their brand image.
Industry Development
December 2020: A leading company named Aphria Inc. and Tilray, Inc reached an agreement to combine
their business and transform into the world’s biggest marijuana manufacturer.
The company shall be backed by state-of-the-art manufacturing, processing, and
affordable costs to offer a portfolio of marijuana products in Canada.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/cannabis-market-9242
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