North America dominated the global cannabis market. It is largely driven by the increasing legalization of cannabis for both medical and recreational purposes all over the region. Also, the consumers are now more aware about the health benefits of cannabis. The market is further fueled by the presence of major cannabis giants, such as Canopy Growth Corporation, Aurora Cannabis Inc., and Medical Marijuana Inc. These companies are playing a major role in developing new innovative products to fulfill consumer demand.
Among various product types of cannabis, flower segment accounted for the major market share in the overall cannabis market. The dominance of this segment is largely attributable to its wider availability. Also, its method of delivery as smoking or vaping the cannabis flower has a quicker effect, which is why is it preferred by medical and recreational cannabis consumers for fast-acting relief.
Based on application, the recreational segment is projected to be the fastest-growing during the forecast period. The growth is mainly associated with the high consumption and demand levels for recreational cannabis. Also, the demand for recreational cannabis is projected to surpass the demand for medical cannabis. Therefore, the legalization of recreational cannabis across various regions could translate into a larger market share.