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Global Cannabis Market Update 2020 | Marijuana Industry Worth $97.35 Billion by 2026

January 29, 2020

According to Fortune Business Insights™, the global cannabis market is anticipated to reach a value of $97.35 billion by the end of 2026 from $10.60 Billion in 2018. The marijuana industry is predicted to rise at a CAGR of 32.6% during the forecast period of 2019 to 2026.

The increasing use of medicinal marijuana is creating lucrative growth opportunities for the global cannabis market says Fortune Business Insights in their new study. The study is titled, “Cannabis Market Size, Share and Global Trend By Type (Flowers/Buds and Concentrates), By Application (Medical, Recreational (Edibles and Topicals), and Industrial Hemp), and Geography Forecast till 2026”. This report includes expert opinion from trusted sources and focusses on major factors driving and restricting the growth of the market during the forecast period, 2018 to 2026.

Top Players Mentioned:

Canopy Growth Corporation

VIVO Cannabis Inc

OrganiGram Holdings

Aurora Cannabis

GW Pharmaceuticals, plc.

Tilray

CannTrust Holdings Inc.

MedReleaf Corp

Aphria Inc.

Cronos Group Inc., and others

Major Segmentation:

By Type

Flowers/Buds

Concentrates

By Application

Medical

Recreational

Industrial Hemp

By Region

“Introduction of Innovative Cannabis Products to Intensify Market Competition”

The global cannabis market is highly competitive on account of the presence of many players, and the introduction of new players into the market. The rising popularity of recreational marijuana and its usage at a wider level has further intensified the competition among vendors. Additionally, the switching preferences from the hemp bud or flower to the much-processed forms such as tropical products, oils, and other edibles are promoting market players to come up with more innovative products and thereby maintain a strong foothold in the market.

Geographical Analysis:

The global cannabis market is anticipated to be dominated by North America owing to the government-supported medical marijuana laws imposed in the U.S. In 2012, Washington and Colorado in the U.S. were the first two cities to legalize the use of cannabis for recreational purpose. As of July 2019, about eleven states and District of Columbia in the United States have legalized the use of cannabis for medicinal purpose.

On the other hand, Canada is also playing a major role in the booming market of marijuana as it recently emerged as a flag-bearer country in marijuana legalization for recreational purpose. The fact that marijuana can help treat medical conditions such as arthritis, chronic pain, post-trauma conditions, Alzheimer’s disease, epilepsy, anorexia, and others is anticipated to help the cannabis market in North America in the coming years.

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune – 411045, Maharashtra, India.

Phone:

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Email: [email protected]

Fortune Business Insights™

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