North America is projected to account for the largest market share during the forecast period. The global market is dominated by North America region due the increasing legalization of cannabis for medical and recreational applications.
The cannabis market is projected to grow at a CAGR of 28.0% during the forecast period
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. The market is primarily driven by factors such as growing medical applications of cannabis and increasing legalization of cannabis and rise in social acceptance of marijuana. North America accounted for the largest market share in the cannabis market owing to the increasing legalization of cannabis for both medical and recreational purposes across the region. However, one of the restraining factors in the growth of cannabis market is complex regulatory structure to produce and use cannabis.
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Leading players profiled in this report include the following:
By application, the recreational segment is projected to grow at the highest CAGR during the forecast period
Based on application, the recreational segment is expected to be the fastest-growing during the forecast period. This segment is rapidly growing as it is highly demanded and consumed by the consumers. Also, high demand for recreational cannabis can translate into larger market if it gets legalized across various regions.
By compound, the THC-dominant segment is estimated to account for the largest share
The THC-dominant segment of the cannabis is dominating the market. The dominance of this segment is majorly attributed to the fact that THC is the psychoactive substance in cannabis products that is responsible for the high. It also provides important medical benefits and is effective in relieving nausea, appetite loss, and insomnia.
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The Europe region is projected to grow at the highest CAGR during the forecast period
Europe is projected to be the fastest-growing market for the period considered for this study, due to the increasing legalization of medical cannabis in the region. Also, the healthcare system present in several European countries covers the health expenditure of most patients in this region, further contributing to the growth of cannabis market.
Collagen Peptides Market worth $795 million by 2025
Food & beverage manufacturers have started using collagen peptides increasingly as an ingredient in a wide range of products. Also, with biotechnological advancement, collagen peptides have found its use in various biomedical applications. The versatile nature of collagen peptides makes it useful in the pharmaceutical industry for the production of orally administrative medicines.
Pea Starch Market is Expected to Reach $203 Million by 2026
Growth in the demand for pea starch in the end-user application industries is driving the market growth of pea starch. Further, increase in the demand for gluten-free products is also a major factor resulting to the rise in the demand for pea starch.
Shrink Plastic Film Market is Estimated to Grow $3.0 billion by 2025
Based on type, the shrink plastic film market for beverage multipacks is dominated by the unprinted shrink plastic film segment.
