Global Legal Marijuana Market was valued US$ 10.3 Bn in 2018 and is estimated to reach US$ 39.7 Bn by 2026, at a CAGR of 28.61 % during the forecast period.
The marijuana market has the potential for generating more profits for investors and companies in the forecast. Legal marijuana is gaining footing worldwide owing to the legalization of recreational and medical marijuana in various countries. Moreover, high public and private investment for research & development of safer forms of ingesting marijuana such as tinctures, oils, vapes and other edibles are projected to positively influence market growth. The number of conditions treated using medical marijuana is growing rapidly, the demand for medical marijuana is expected to increase multiple folds over the forecast period. Lengthy purchase and approval process for medical marijuana prescription and ease of availability of recreational marijuana is expected to activate the growth further.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Among the product segment, marijuana buds segment is estimated as a dominant in 2017 with a revenue share of 63.4%. But, concentrates segment is projected to grow at the highest CAGR attributed to the ease in usage, and their versatility in the method of delivery, such as dabbing, ingestible oils, and tinctures. Also, concentrates can offer cleaner, smoother, and less odiferous hits than flowers.
Among types, the medical segment held 80% share in the global legal marijuana market. Cannabis is revolutionizing the way several ailments are being treated worldwide. United States researchers are increasingly analyzing and studying chemicals found within cannabis, cannabinoids, to discover new medical applications. The marijuana industry has grown extremely following the legalization of recreational marijuana use in Canada, making the country the trading centre for legal marijuana in the world. While the recreational segment is projected to be the fastest-growing in the legal marijuana market. The demand for recreational cannabis could look at surpassing the demand for medical cannabis in the forecast.
North America held a major share in the global legal marijuana market. U.S. legal marijuana market size was estimated at USD 7.35 Bn in 2017 and is expected to grow at a CAGR of 25% during the forecast period. Countries like Canada, the U.S., Germany and Australia are expected to emerge as leading markets in terms of sale, whereas, countries like Israel are focusing on research and technology development and are leveraging on knowledge transfer. In the Asia Pacific, the legalization of marijuana for medical purposes in South Korea, Thailand and Malaysia are projected to contribute to the growth of the legal marijuana market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding legal marijuana market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to emerging segment in the legal marijuana market.
Scope of the Global Legal Marijuana Market
Global Legal Marijuana Market, by Type:
• Medical Marijuana
• Recreational Marijuana
Global Legal Marijuana Market, by Product:
Global Legal Marijuana Market, by Medical Application:
• Chronic Pain
• Mental Disorders
Global Legal Marijuana Market, by Region:
• North America
• South America
• Asia Pacific
• Middle East & Africa
Key Player Analyzed in the Report:
• Anopy Growth Corporation
• Aphria, Inc.
• Aurora Cannabis
• Maricann Group, Inc.
• The Cronos Group
• Organigram Holdings, Inc
• ABcann Medicinals, Inc.
• Tikun Olam
• MarijuanaScience Inc.
• Aphria Inc.
• VIVO MarijuanaInc.
• Medical Marijuana, Inc.
• Cronos Group Inc.
• Terra Tech Corp.
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