The Global Cannabis market size stood at USD 16.5 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
The use of cannabis for medical purposes is gaining momentum worldwide owing to recent legalization in various countries. Medical marijuana is used for the treatment of chronic conditions, such as cancer, arthritis, and neurological conditions, such as anxiety, depression, epilepsy, and Parkinson’s, and Alzheimer’s disease. Such a wide scope of application is anticipated to bode well for the product demand.
Market Growth Drivers
Robust growth in the global demand for cannabis has further propelled the need to come up with better product delivery systems as well as sustainable product strains. This need has, in turn, led to many companies coming up with R&D, which extensively investigates several genetic improvement strategies for cannabis. For instance, Hydro pothecary partnered with Segra in March 2018 to incorporate plant tissue propagation into the cannabis plant production process, to help increase the yield of healthy and better variant plants to serve the growing industry for medical and recreational cannabis. While looking into this genetic improvement, companies have been extensively venturing into the development of wide yielding varieties, better harvestability and market quality, a reliable low THC content, and improved herbicide tolerance of the cannabis crop. The high yield potential of cannabis arises from several factors that are both genetic and agronomic in nature. This would further investigate combining early maturity, and reduced plant height, and acceptable seed size, to improve grain yield. The early maturity makes the harvest window more flexible, while a reduced plant height further aids this increase of the harvest window.