According to MarketsandMarkets, the cannabis market is estimated to be valued at USD 20.5 billion in 2020 and is projected to reach USD 90.4 billion by 2026, recording a CAGR of 28.0%, in terms of value. It is witnessing significant growth due to increasing legalization of cannabis across various regions thca flowers.
According to the new market research report “Cannabis Market by Application (Medical and Recreational), Product Type (Flowers and Concentrates), Compound (THC-dominant, CBD-dominant, and Balanced THC & CBD), and Region (North America, South America, Europe, and RoW) – Global Forecast to 2026”, published by Markets and Markets™, the global Cannabis Market size is 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. The growing medical applications of cannabis is driving the demand for cannabis.
The flower segment accounted for the largest share in the Cannabis Market
Based on product type, flower segment dominated the Cannabis Market. Flower have a wider availability. Also, its method delivery as smoking or vaping the cannabis flower has a quicker effect and is preferred for fast-acting relief.
The CBD-dominant segment is projected to account for the second-largest share in the Cannabis Market during the forecast period
By compound, the Cannabis Market is segmented into THC-dominant, CBD-dominant, and Balanced THC & CBD. CBD-dominant segment accounted for the second-largest market share in the overall Cannabis Market. It is considered one of the most therapeutic and healing part of the plant. Also, CBD-dominant strains are preferred by consumers suffering from chronic pain, inflammation, anxiety, and other chronic disorders.
The Europe region is the fastest-growing region in the Cannabis Market in the forecast period
Europe will be the fastest-growing region in the global Cannabis Market in the forecast period. The Cannabis Market in Europe is majorly driven by the increasing legalization of medical cannabis in the region coupled with healthcare system present in several Euroepan countries. Along with this, the demand for medical cannabis is rising in the region, further fueling the growth of European Cannabis Market.