NEW YORK, April 26, 2021 /PRNewswire/ — Technavio has monitored the medical marijuana market in its latest market research report. The market is poised to garner USD 27.72 billion and accelerate at a CAGR of over 19% during the forecast period. This food, beverage & tobacco industry report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a high impact on the medical marijuana market.
Frequently Asked Questions:
What are the major trends in the market?
The increasing number of awareness campaigns is a major trend driving the growth of the market.
At what rate is the market projected to grow?
The market will accelerate at a CAGR of over 19% and the incremental growth of the market is anticipated to be $ 27.72 bn.
Who are the top players in the market?
Aphria Inc., Aurora Cannabis Inc., Cannabis Sativa Inc., Canopy Growth Corp., Cronos Group Inc., DEMECAN Holding GmbH, GW Pharmaceuticals Plc, Medical Marijuana Inc., Tilray Inc., and VIVO Cannabis Inc., are some of the major market participants.
What is the key market driver?
The plans to increase production and availability of medical marijuana by governments is one of the major factors driving the market.
How big is the North American market?
The North America region will contribute to 46% of the market share.
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