In addition, the others segment is anticipated to grow at the fastest rate during the forecast period owing to rising awareness and acceptance regarding the derivatives, along with increasing geographies sanctioning the use of various cannabinoids for medical and other purposes. In addition, positive attitudes of the medical fraternity toward CBD-based medicines are further propelling the segment growth. The adoption of CBD-based products is increasing rapidly owing to the non-psychoactive nature of the derivative, thereby fueling market growth. CBD is quite potent when it comes to derivatives of the cannabis plant, thus it has emerged as the largest derivative segment with a revenue share of over 65.0% in 2021. The decriminalization and legalization of marijuana usage have resulted in a marked reduction in illegal activities surrounding marijuana. It has been seen to reduce stress and relieve pain, thereby improving sleep irregularities. Marijuana is easily available and consumers are becoming more aware of its therapeutic properties alongside the more traditional recreational uses. However, it is expected to grow post-pandemic with the increased support from governments and ever-increasing demand.īased on source, the marijuana segment accounted for the largest revenue share of over 70.0% in 2021 and is expected to exhibit the fastest growth rate during the forecast period. Supply chain disruptions and a surge in panic buying scenarios led to the increase in the demand-supply gap, thereby affecting the market growth.
The COVID-19 pandemic has impeded the growth of the market.
Some countries like Canada, the U.S., and Uruguay have legalized its recreational use along with medicinal use.Īdult use and recreational use of marijuana is readily available in some of the countries' markets, thereby increasing adoption and market growth. The medical fraternity has slowly increased acceptance of medical cannabis as well as marijuana and its derivatives owing to its legalization by the governments.
Several studies are being conducted for CBD products in various indications.
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