Global cannabis market value will soar to $128.92 billion by 2028

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The global cannabis market is fast on its way to becoming one of the most lucrative markets on the planet. A new report by Vantage Market Research – a high quality data and market research firm serving over 20,000 emerging markets – estimates that the diverse industry will be worth $128.92 billion by 2028. The analyst’s predictions, titled the “Global Cannabis Market by Application (Medical, Recreational), Product Type (Flowers, Concentrates), Compound (THC-dominant, CBD-dominant, Balanced THC & CBD), and Region (North America, South America, Europe, RoW) — Forecast to 2026,” is featured in ResearchAndMarkets.com’s offering. During the forecast period, which stretches from 2022-2028, the global cannabis market size registers an annual compound growth rate (CAGR) of 26.19 percent. Last year, the worldwide market was worth $20.5 billion. Also during that six-year period, a number of research and development (R&D) initiatives are set to take place into the plant’s genetic development and modification capabilities.  According to Vantage analysts, it is the R&D that will fuel overall market growth. Conversely, complex regulations on cannabis consumption are hampering market growth.  Key takeaways and segments on the global cannabis market report  Amid a lingering virus pandemic, global economies are in-need of a boost/complete overhaul, while members of the general public seek out anti-stress medications in bigger numbers. With this in mind, it’s understandable the sheer scale of growth that legal cannabis is likely to have amid the COVID-19 outbreak. Although the pandemic initially delayed business for most places on the world map that have legalized the plant in some form – mainly due to difficulties caused by harsh social distancing measures and border lockdowns – it has also prompted more interest in the plant’s therapeutic and economic potential. After an initial “Impact Assessment of COVID-19 Pandemic,” the report delves into the magnitude of legal cannabis…

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Source : Global cannabis market value will soar to 8.92 billion by 2028

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