This report analyzes global Cannabis market trends, size and growth rate from 2017 to 2021. It provides a comprehensive analysis of the key insights extracted from industry experts in order to analyze the performance of this market across different countries around the world.
The “cannabis u.s. market size” is the total value of the cannabis industry in the United States. The U.S. cannabis market reached $8 billion in 2018, and it is expected to grow by an average of 12% per year until 2021.
In 2020, the worldwide cannabis industry was estimated to be worth USD 22.10 billion. During the forecast period, the market is expected to grow at a CAGR of 13.9%. (2021-2026). COVID-19, like every other market, had a negative influence on the cannabis industry.
(GLOBE NEWSWIRE) — New York, Oct. 27, 2021 (GLOBE NEWSWIRE) — The research “Global Cannabis Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)” has been released by Reportlinker.com. – https://www.reportlinker.com/p06155696/?utm source=GNW Consumers were restricted from accessing brick-and-mortar stores as a result of the shutdown. During the year, however, many cannabis businesses started depending extensively on social media and e-commerce platforms to promote to customers. On March 30, 2020, the Alberta government declared cannabis retail shops, growers, manufacturers, distributors, and warehouses to be essential services. As a consequence, during the COVID-19 epidemic, cannabis companies and services continued to serve Albertans.
Proven medical effects of cannabis, legalization of cannabis, active research genetic development and modification of the plant, and developments in cannabis intellectual property rights have all been recognized as market drivers. For example, the Australian government enabled regional cannabis growers to export medicinal cannabis and related products to the worldwide market in January 2018. The market is dominated by North America. Because cannabis is widely utilized for therapeutic reasons in the United States, the business has evolved and matured tremendously. Cannabis, as a psychoactive substance, continues to be popular among recreational and medical users in the United States.
Market Trends to Watch
The market is being driven by the growing legalization of cannabis.
Medicinal cannabis makes up a significant portion of the cannabis business. Many nations have approved the use of cannabis for therapeutic reasons, including Australia, Canada, Chile, Colombia, Germany, Greece, Israel, Italy, the Netherlands, Peru, Poland, Portugal, and Uruguay. Consumers in the United States provinces where cannabis has been legalized are usually above the age of 50. This demographic profile is predicted to raise cannabis demand in the nation due to a greater likelihood of chronic illnesses beyond 50 years of age and the efficacy of cannabis in treating such disorders.
Thailand became the first country in Asia to allow medicinal marijuana in December 2018. Cannabis usage is de facto authorized in several regions of India, and there is a lot of regional creativity. In the United States, as of July 2019, 11 states plus Washington, DC have legalized the possession and personal use of marijuana for recreational reasons. In the United States, however, 30 states have allowed the use of cannabis for medicinal reasons. Given the broad desire for cannabis and its medical benefits, more states are expected to follow suit throughout the projection period.
Symptoms and conditions that can be treated by cannabis, according to the US Government Accountability Office (under State Medical Marijuana Laws), include Alzheimer’s disease, anorexia, HIV-AIDS, glaucoma, cancer, arthritis, epilepsy, nausea, pain, cachexia, Crohn’s disease, migraines, multiple sclerosis, spasticity, and wasting syndrome. Cannabis’ popularity and demand are projected to rise in the future as a result of ongoing research and standardization of products for therapeutic uses.
The market is dominated by North America.
Following Canada’s legalization of cannabis, the North American cannabis industry is poised to become the world’s leading producer. In October 2018, Canada made marijuana usage for recreational reasons legal throughout the country.
The US government adopted the farm bill in December 2018, making cannabis with less than 0.3 percent THC legal throughout the nation. Similarly, the Food and Drug Administration has authorized several of its derivative chemicals for therapeutic use. Marinol, Syndros, Cesamet, and Epidolex are examples of FDA-approved cannabis medications. In addition, 10 states and the District of Columbia have legalized cannabis for recreational use, while 33 states and the District of Columbia have approved cannabis for medicinal use. California, Washington, and Colorado are the top three states for cannabis sales. The growth of the leading companies’ production capacity has resulted in a fast rise in cannabis production in North America during the last several years.
Competitive Environment
The worldwide cannabis industry is highly fragmented, with considerable market shares held by both local and regional companies. Companies are quite active in the cannabis business, constantly gaining shares and producing new goods in order to attract more customers to their products. Canopy Growth, for example, increased its beverage range in January 2019 with the introduction of Quatreau, the first CBD-infused beverage brand. Between 2016 and 2020, the cannabis industry saw more than 20 partnerships, 18 product innovations, 15 expansions, and 12 mergers and acquisitions, including both public and private firms.
Additional Advantages:
In Excel format, the market estimate (ME) sheet Analyst assistance for three months The whole report may be found here: https://www.reportlinker.com/p06155696/?utm source=GNW
Related Tags
- cannabinoids market
- average dispensary income 2021
