CHICAGO, June 21, 2022 (GLOBE NEWSWIRE) – According to MarketsandMarkets™, the global cannabis market was estimated to be worth $20.5 billion in 2020. It is expected to reach $90.4 billion by 2026, registering a compound annual growth rate of 28.0% In terms of value. Various product developments occurring in this category, along with new product delivery solutions to create opportunities in the cannabis market.
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The concentrate segment is expected to grow at the highest compound annual growth rate in the cannabis market
The concentrate segment of the hemp market, by product type, is estimated to be growing at the fastest rate from 2020-2026. This is mainly due to the varied number of forms in which the concentrates allow one to experiment with cannabis in many ways, such as crackers, rosin, wax, crumbs, oil, molasses, and tinctures. Concentrates also offer a variety of delivery methods, such as smoking, vaping, ingestion, and tinctures, helping the market grow even more.
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The medical sector is estimated to be the dominant segment in 2020.
The medical sector is estimated to dominate the cannabis market, by application, in 2020. Marijuana has been used as a medicine in various cultures for thousands of years. The use of cannabis is legalized across countries for medicinal purposes to treat various diseases and ailments. Furthermore, the use of medical CBD in the form of oils, topical pain relief treatment solutions, and foods can also discourage smoke intake among patients while being medically effective. Medical cannabis remains the most effective mainly because it is also used for many health conditions, which include pain management, neurological health management, and mental health management.
The North American market is expected to retain the largest share of the cannabis market in 2020.
The North American cannabis market is primarily driven by growth in the US and Canadian markets. The market in this region is driven by the increased legalization of cannabis for medicinal and recreational purposes throughout North America and by increased awareness among consumers regarding the health benefits of cannabis. The market is also driven by the presence of cannabis giants such as Canopy Growth Corporation and Aurora Cannabis Inc. and Medical Marijuana Inc. , who constantly invest and cooperate to develop new products to meet consumer demand.
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Moreover, the legalization of recreational use of cannabis in Canada in 2018 and 11 other states in the US for medicinal and recreational purposes is also expected to create a significant opportunity for the cannabis market in the North American region. Growth in the North American region is expected to be driven by other factors such as increased recognition of the medicinal benefits of cannabis and growing consumer demand for cannabis in disease management and treatment due to rising healthcare costs.
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