(Food-Beverage-News.Com, October 14, 2021 ) The cannabis market was valued at USD 20.5billion in 2020 and is projected to reach USD 90.4 billion by 2026, recording aCAGR of 28.0%, in terms of value. It is witnessing significant growth due toincreasing legalization of cannabis across various regions. Also, the growth ofthis market can also be attributed to the increasing awareness among consumersregarding health benefits of cannabis and its growing medical application. TheNorth America region is going to dominate the global cannabis market due toincreasing legalization for both medical and recreational purposes all overNorth America.
Key Market Players:
This report includes a study on the marketing and developmentstrategies, along with the product portfolios of leading companies. It consistsof profiles of leading companies, such as Canopy Growth Corporation (Canada),Aurora Cannabis Inc. (Canada), MedMen (US), Terra Tech Corp. (US), Aphria Inc.(Canada), VIVO Cannabis Inc. (Canada), The Cronos Group (Canada), MedicalMarijuana Inc. (US), STENOCARE (Denmark), Tikun Olam (Israel), OrganigramHoldings Inc. (Canada), Cresco Labs (US), Indiva (Canada), Curaleaf HoldingInc. (US), HEXO Corp. (Canada), Ecofibre Limited (Australia), Harvest Health& Recreation (US), Green Thumb Industries (US), Maricann Group Inc.(Canada), and TerrAscend (Canada).
Drivers: increase in legalization of cannabis and rise in socialacceptance of marijuana
Cannabis legalization is often viewed upon with dual perceptionswherein its legalization has been proven to be met with skepticism associatedwith possible abuse. Legalization of cannabis has allowed people to practicesafe substance usage along with realizing its medicinal benefits. As a resultof which, many countries are gradually legalizing the usage of cannabis acrossthe globe. While most the countries across the globe have still not legalizedthe recreational use of cannabis, the approach to the usage and sales has beenrelaxed over the years. This has led to the growing popularity of usage ofcannabis in various regions driving the growth of overall cannabis market.
Restraints: Complex regulatory structure for the usage ofcannabis
One of the major factors restraining the growth of market iscomplex regulatory structure for the usage of cannabis. Companies offeringcannabis and cannabis-infused products are required to comply with differentregulatory guidelines, globally. The strict regulatory norms related to theproduction and sales of cannabis across different countries could be tediousfor manufacturers and stakeholders to comply. Also, the regulations pertainingto the usage of cannabis is varied from country to country, it creates furtherhindrances in the growth of global market.
Opportunities: Emergence of cannabis legalization in AsiaPacific
As most countries in North America, Europe and South America arelegalizing cannabis, there is a huge opportunity for the initialization andlegalization of cannabis in the Asia Pacific region. China, being one of themajor markets for industrial hemp, is expected to become one of major upcomingmarkets for industrial cannabis. Many key players operating in the cannabisindustry, are waiting for the legislative development in the Asia Pacificregion, expecting to generate huge opportunity for cannabis. Several countriesin the region could be potential low-cost producers of cannabis with highproduction capacity.
Challenges: Myths associated with cannabis
Although, thousands of patients in North America and Europebelieve that cannabis is an effective medicine for treating various chronicdiseases. There is a myth regarding the intoxicating effects of cannabisirrespective of THC content. There is a lack of acceptance of cannabis as amedical therapeutic because of there is an assumption that cannabis is to beconsumed only via smoking. Whereas, cannabis can be consumed through pills,vaporization, edibles, dabs, and patches. To overcome these challenges,effective marketing strategies are needed for the right placement ofcannabis-based medical products.
The Europe region is the fastest-growing region in the cannabismarket in the forecast period
Europe will be the fastest-growing region in the global cannabismarket in the forecast period. The cannabis market in Europe is majorly driven bythe increasing legalization of medical cannabis in the region coupled withhealthcare system present in several Euroepan countries. Along with this, thedemand for medical cannabis is rising in the region, further fueling the growthof European cannabis market.
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