Cannabis Market is expected to grow at a CAGR of 9% Industry Trends and Forecast to 2029

Global Cannabis Market - Industry Trends and Forecast to 2029

PUNE, MAHARASHTRA, INDIA, December 20, 2022 /EINPresswire.com/ -- Medicinal cannabis makes up a sizable portion of the cannabis market due to the Many nations have approved the use of cannabis for medicinal purposes, including Australia, Canada, Chile, Colombia, Germany, Greece, Israel, Italy, the Netherlands, Peru, Poland, Portugal, and Uruguay. Data Bridge Market Research analyses that the cannabis market was valued at USD 25.40 billion in 2021 and is further estimated to reach USD 168.58 billion by 2029, and is expected to grow at a CAGR of 9% during the forecast period of 2022 to 2029.

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Recreational Use to Continue Leading Cannabis Market

There is no denying that a lot of people utilize cannabis for recreational purposes - to unwind, relax, and experience the effects of this product as it has been negated. It does have some health benefits overall as well. The recreational cannabis market continues to be the leading segment of the cannabis industry, with states like California and Colorado leading the charge. This growth is largely due to the legalization of recreational cannabis in many countries, as well as an increasing acceptance of cannabis for medicinal use.

While this cannabis market growth is impressive, it's not without its challenges. For example, there are still a lot of people who are unfamiliar with the benefits of cannabis and its uses. This has created a shortage of cultivators and manufacturers who can produce high-quality products. Additionally, there are still a lot of restrictions on how and where recreational marijuana can be used, which is hampering its widespread adoption.

Nevertheless, the recreational cannabis market is forecast to continue growing at a rapid pace thanks to its many medicinal benefits.

Companies studied

Canopy Growth Corporation (Canada)
Aurora Cannabis Inc. (Canada)
Medmen Enterprise Inc. (US)
Tilary Inc. (US)
Unrivaled Brand Inc. (US)
VIVO Cannabis Inc. (Canada)
The Cronos Group (Canada)
Medical Marijuana Inc. (US)
Stenocare (Denmark)
Trulieve (US)
Organigrams Holding Inc. (Canada)
Cresco Labs (US)
Maricann Group Inc. (Canada)
Indiva (Canada)
Hexo Corp. (Canada)
Ecofibre Limited (Australia)
Curaleaf Holdings Inc. (US)
Harvest Health and Recreation (US)
Green Thumb Industries (US)
TerrAscend (Canada)

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Business Development and Trends in Cannabis Market

The cannabis industry is booming and there are many business opportunities for new entrepreneurs and existing players. Here are some of the most important trends and developments in the cannabis market:

Businesses are starting to take note of the potential in the cannabis industry. Many are investing in hemp-based products, as well as CBD products. The global market is witnessing emerging number of businesses in the cannabis industry, they are majorly called cannabusinesses. Cannabusinesses focus on CBD products and services. CBD has a wide range of potential uses, including medical treatments and recreational purposes. As cannabusinesses continue to emerge, they're likely to play an increasingly important role in the cannabis market.

Report Scope and Market Segmentation

Forecast Period

2022 to 2029

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Material (Biologic, Synthetic), Application (Carotid Endarterectomy, Open Repair of Abdominal Aortic Aneurysms, Vascular Bypass Surgery), End Users (Hospitals, Ambulatory Surgical Centers)

Countries Covered

S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA)

Market Opportunities

Various research activities on genetic development and modification of the cannabis plant
changes in legal rights to cannabis creation
The manifestation of medical benefits of cannabis.

Opportunities

In addition, the growing number of countries that are progressively legalizing the use of cannabis around the world is further estimated to provide potential opportunities for the growth of the cannabis market in the coming years.

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Frequently Asked Questions About This Report

What is the leading application in the cannabis market?
What is the estimated industry size of cannabis?
What is the leading product type in the cannabis market?
Which region is projected to account for the largest share in the cannabis market?
Which are the key players in the market, and how intense is the competition?

Restraining Factors

Mushroom production demands a high level of management input and skills. For consistent high-quality yields, they require special care. They are affected by temperature, humidity, light, and heat. Growing crops can be difficult because of pests, such as insect and animal infestations.
Pest control becomes even more important because many insects, including fungus bugs, can reproduce under similar conditions. This causes increased production costs. The harvest windows are also shorter due to the short production cycles. Additionally, market growth will be affected by allergic reactions to oyster variants.

Key Reasons to Purchase:

To gain insightful analyses of the market and have comprehensive understanding of the Global Medicinal Mushroom Market.
To understand the most affecting driving and restraining forces in the Medicinal Mushroom Market and its impact in the Global market.
Learn about the market strategies that are being adopted by leading respective organizations.
To understand the future outlook and prospects for Global Medicinal Mushroom Market.

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Sopan Gedam
Data Bridge Market Research
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