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 in North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The long and short-term dynamics of the industry are also discussed, as well as “Quarterly Market Revenue Forecast by Region 2020 & 2021” and “Key Strategies Undertaken by Companies to Tackle COVID-19.”

The global cannabis market report also asks the following questions:

• What is the estimated market size and growth rate of the cannabis market?
• Which segments are included in the cannabis market?
• Which top companies are active in the cannabis market?
• What are the major driving factors for the growth of the cannabis market?

In terms of application, the recreational sector is forecast to grow at the highest CAGR between 2022 and 2028, whereas the European region is predicted to grow at the highest CAGR during the forecast period.

Click here for a free downloadable sample report on the global cannabis market.