Cannabis Industry is growing around the globe; since many countries have begun to accept the plant. Cannabis plant has both medical and recreational purposes. Although the cannabis market is not legalized entirely, more and more countries are beginning to explore opportunities within the industry.
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Global cannabis market is expected to rise from its initial estimated value of USD 13.4 million in 2018 to an estimated value of USD 110.7 million by 2026, registering a CAGR of 32.2% during the forecast period of 2019-2026. This rise in market value can be attributed to rising need of plant protein amid rising amount of health concerns and veganism worldwide.
Key Industry Developments:
- In December 2017, Health Canada provided licenses to two Quebec based cannabis production facilities.
- November 2017, Ohio Department of Commerce provided 12 provisional large-scale medical cannabis cultivation licenses.
Few of the major competitors currently working in the rice protein market are:-
Canopy Growth Corporation Aurora Cannabis Inc., Medmen, Terra Tech Corp., Aphria Inc., Vivo Cannabis Inc., Chronos Group Inc., Medical Marijuana, Inc., Stenocare, Tikun Olam, Organigrams Holding Inc., Cannabis Science Inc., Maricann Group Inc., Tilray Inc, Hexo, Scotts Miracle-Gro Co., GW Pharmaceuticals PLC,, MedReLeaf Corp., Insys Therapeutics Inc., CanniMed Therapeutics Inc., Cara Therapeutics Inc.
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Cannabis Market Competitive Analysis:
Global cannabis market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of cannabis market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Global Market Drivers:
- Growing medicinal application of cannabis
- Increasing legalization of cannabis
Global Market Restraints:
- Complex regulatory structure for the usage of cannabis
Global Market Segmentation:
By Product Type
- Tetrahydrocannabinol (THC)-Dominant
- Cannabidiol (CBD)-Dominant
- Balanced THC & CBD
- North America
- South America
- Middle East & Africa
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