ALL >> Food,-Cooking-and-Drink >> View Article
Cannabis Testing Market : Geographic Snapshot And Key Market Leaders
According to MarketsandMarkets, the global cannabis market size 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. The growth of cannabis market can be attributed to the increasing legalization of cannabis across various regions. Along with that, growing medicinal applications of cannabis will further contribute to the growth of cannabis market in the forecasted period. North America region dominated the cannabis market.
Market Growth Drivers:
• Growth in the medical applications of cannabis
• Increase in legalization of cannabis and rise in social acceptance of marijuana
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=201768301
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.
Restraints: Complex regulatory structure for the usage of cannabis
One of the major factors restraining the growth of market is complex regulatory structure for the usage of cannabis. Companies offering cannabis and cannabis-infused products are required to comply with different regulatory guidelines, globally. The strict regulatory norms related to the production and sales of cannabis across different countries could be tedious for manufacturers and stakeholders to comply. Also, the regulations pertaining to the usage of cannabis is varied from country to country, it creates further hindrances in the growth of global market.
Opportunities: Emergence of cannabis legalization in Asia Pacific
As most countries in North America, Europe and South America are legalizing cannabis, there is a huge opportunity for the initialization and legalization of cannabis in the Asia Pacific region. China, being one of the major markets for industrial hemp, is expected to become one of major upcoming markets for industrial cannabis. Many key players operating in the cannabis industry, are waiting for the legislative development in the Asia Pacific region, expecting to generate huge opportunity for cannabis. Several countries in the region could be potential low-cost producers of cannabis with high production capacity.
Challenges: Myths associated with cannabis
Although, thousands of patients in North America and Europe believe that cannabis is an effective medicine for treating various chronic diseases. There is a myth regarding the intoxicating effects of cannabis irrespective of THC content. There is a lack of acceptance of cannabis as a medical therapeutic because of there is an assumption that cannabis is to be consumed 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 of cannabis-based medical products.
Request for Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=201768301
Key Market Players:
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), Medical Marijuana Inc. (US), STENOCARE (Denmark), Tikun Olam (Israel), Organigram Holdings Inc. (Canada), Cresco Labs (US), Indiva (Canada), Curaleaf Holding Inc. (US), HEXO Corp. (Canada), Ecofibre Limited (Australia), Harvest Health & Recreation (US), Green Thumb Industries (US), Maricann Group Inc. (Canada), and TerrAscend (Canada).
• Global and regional pharmaceutical manufacturers
• Cannabis product manufacturers
• Commercial research and development (R&D) institutions and financial institutions
• Government and research organizations
• Cannabis growers
• Marketing directors
• Key executives from various key companies and organizations in the cannabis market
Food, Cooking and Drink Articles1. Mobile Woodfired Pizza Catering Service – Know The Benefits
Author: Laurie Hekeik
2. Pistachios | Ideal For A Healthy Lifestyle
3. Different Oils And Cholesterol
4. Top Five Useful Tips To Find The Healthy And Affordable Tiffin Service In Surrey
Author: Homemade Tiffin Surrey
5. Why Hire A Corporate Caterer For Your Next Office Party?
Author: Peter Kats
6. Coffee-makers Around $100
Author: Jen Davis
7. Shelf-life Testing Market Opportunities, Growth Factors, Ongoing Trends And Key Players 2023
Author: MarketsandMarkets™ INC.
8. Food Stabilizers (blends & Systems) Market Competitive Analysis With Growth Forecast Till 2023
Author: MarketsandMarkets™ INC.
9. Atlantis Range Of Bottled Water Dispensers
10. Tips For Improving Your Health
Author: Waqas Khan
11. Biltong: A South African Delicacy
Author: Johann du Plooy
12. 5 Interesting Things To Know About Israeli Cuisine
Author: Eytan Uliel
13. Avoid These Mistakes When Making Pasta
Author: Con Koutroumbas
14. Why Is The Mediterranean Diet Necessary?
Author: Renita Mendonca
15. Plant Based Protein Powders And Their Benefits
Author: Jordan Levy