Global Legal Marijuana Market Outlook, Prospect and Future 2020-2026
Summary - A new market study, titled “Legal Marijuana Market, by Marijuana Type (Adult Use, Medical), by Product Type, by Medical Application (Mental Disorders, Cancer), and By Geography (NA, EU, APAC, LATAM and MEA) – Analysis, Share, Trends, Size, & Forecast From 2020 – 2026” has been featured on WiseGuyReports.
REPORT HIGHLIGHT
Legal marijuana market was valued at USD
17.6 billion by 2019, growing with 17.8% CAGR during the forecast period,
2020-2026
Market Dynamics
The increasing legalization of marijuana in
several countries is one of the major factors driving the growth of global
legal marijuana market. In addition, the usage of cannabis for medical purposes
is becoming popular all across the globe owing to recent legalizations in
several countries. Medical marijuana is widely used in the medical field such
as treatment of chronic conditions including arthritis & cancer, and
neurological conditions, such as Alzheimer’s disease, Parkinson’s disease, epilepsy,
depression, and anxiety. Thus, legal marijuana is high in demand with such wide
scope of applications.
In addition, increasing agricultural crisis coupled with sanctions for marijuana all across the globe and government earnings through taxation are likely to create lucrative opportunities in the global market. For instance, in 2018, near about USD 345.2 million of the total tax revenue was collected for the state of California alone in the U.S. was near about $345.2 million. However, lack of safety and inadequate information related to cannabis in the emerging economies is further anticipated to hamper the market growth in the near future.
Usage Takeaway
Medical use of marijuana is strictly
considered as a prescribed medicine by the physician and the government
regulates the distribution of these medicines. The medical segment is estimated
to be the largest market share owing to increasing adoption of marijuana as a
pharmaceutical product for the treatment of severe medical conditions such as
arthritis, cancer, Parkinson’s, and many more. On the other hand, the adult-use
segment is projected to be the fastest-growing segment in terms of growth rate
owing to the legalization of marijuana in various countries. Moreover, the
growing disease burden of chronic pain amongst the geriatrics and rising need
for pain management therapies is projected to enhance the product demand.
Product Types Takeaway
Buds are primary plant products that do not
need any processing and hence are easily available, which makes them fairly
affordable for patients. Thus, the buds segment is anticipated to hold a
dominant position in the global legal marijuana market as they are generally
used for smoking that reduces the growth of cancer and Alzheimer's disease. On
the other hand, the oil segment is anticipated to experience fastest-growth
during the forecast period owing to its wide usage used in treating nausea and
cancer. The cannabis oils are also used to alleviate anxiety & stress and
improve sleep and thus are high in demand.
Application Takeaway
The mental disorder segment is expected to
witness the fastest growth owing to the rise in the number of patients
suffering from depressions, anxiety disorders, and Alzheimer's disease. With
the presence of a large patient pool and the growing need for pain management
all over the globe is helping chronic pain segment to hold a dominant share in
the market. As per the CDC (Centers for Disease Control and Prevention) study
of 2016, it is found that around 20.5% of adults in the U.S. were suffering
from chronic pain.
Regional Takeaway
Presently, the North America region is
playing a dominant role in the global market for legal marijuana by generating
the highest market share. Factors, such as legalization of cannabis and liberal
government regulations for adult-use and medical use in Canada and the U.S.
have helped the regional market to grow progressively.
In addition, the introduction of the Farm
Bill in 2018 for legalizing hemp and hemp-based products in the U.S. has
propelled the market growth. Moreover, the recent legalization of marijuana for
medical purposes in countries of Europe region is anticipated to create
lucrative opportunities for market vendors in the near future.
Key players of the industry include:
• The Cronos Group
• Tilray
• Canopy Growth Corporation
• Aphria, Inc.
• Lexaria Corp.
• Aurora Cannabis
• Maricann Group, Inc.
• ABcann Medicinals, Inc.
• Organigram Holding, Inc.
• GW Pharmaceuticals, Plc.
The market size and forecast for each
segment and sub-segments has been considered as below:
• Historical Year – 2015 to 2018
• Base Year – 2019
• Estimated Year – 2020
• Projected Year – 2026
TARGET AUDIENCE
Traders,
Distributors, and Suppliers
Manufacturers
Government and
Regional Agencies
Research
Organizations
Consultants
Distributors
SCOPE OF THE REPORT
The scope of this report covers the market
by its major segments, which include as follows:
GLOBAL LEGAL MARIJUANA MARKET, BY USAGE
Medical
Non-Medical
GLOBAL LEGAL MARIJUANA MARKET, BY PRODUCT
TYPE
Oil
Buds
Tinctures
Others
GLOBAL LEGAL MARIJUANA MARKET, BY
APPLICATION
Cancer
Chronic Pain
Mental Disorders
Others
GLOBAL LEGAL MARIJUANA MARKET, BY REGION
North America
o The U.S.
o Canada
Europe
o Germany
o France
o Italy
o Spain
o United Kingdom
o Rest of Europe
Asia Pacific
o India
o China
o South Korea
o Japan
o Singapore
o Rest of APAC
Latin America
o Brazil
o Mexico
o Argentina
o Rest of LATAM
Middle East and
Africa
o Saudi Arabia
o United Arab Emirates
o Rest of MEA
FOR MORE DETAILS: https://www.wiseguyreports.com/reports/5641699-legal-marijuana-market-by-marijuana-type-adult-use
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