The global legal marijuana market size is expected to reach USD 73.6 billion by 2027, according to a new report published by Grand View Research, Inc. It is anticipated to expand at a CAGR of 18.1% during the forecast period. The increasing legalization of cannabis for medical as well as adult-use is expected to promote growth.
On
the basis of type, the medical segment held the leading revenue share of 71.0%
in 2019, owing to the growing adoption of cannabis as a pharmaceutical product
for treating severe medical conditions, such as cancer, arthritis, and
Parkinson’s disease, and Alzheimer’s disease among other neurological
conditions. Moreover, the increasing need for pain management therapies along
with the growing disease burden of chronic pain among elders is expected to
boost the product demand.
Based
on product type, the legal marijuana buds segment accounted for the largest
market share in terms of revenue and was valued at USD 9.1 billion in 2019.
Buds are primary plant products and are readily available without any
processing, which makes them relatively affordable for low-income patients.
Moreover, the rapid onset of action of smoking buds compared to other types is
anticipated to further fuel the segment growth.
Based
on medical applications, the chronic pain segment dominated the legal marijuana
market in 2019 owing to the presence of a large patient pool. On the other
hand, mental disorder application is expected to witness the fastest growth
over the forecast period owing to the growing number of patients suffering from
mental disorders, such as anxiety disorder, depressions, and Alzheimer’s
disease.
Based
on geography, North America held the largest revenue share at 88.4% in 2019,
owing to the increasing legalization of medical marijuana and liberalism of
government regulations regarding the same. The legalization of medical cannabis
in Canada, Israel, and some countries in Europe and South America owing to its
multiple therapeutic applications is expected to promote growth. Moreover, the
recent legalization of cannabis for medical purposes in countries like
Australia, Germany, and Poland is expected to create lucrative opportunities
for market stakeholders.
Full Research Report On Legal Marijuana Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/legal-marijuana-market
Further key
findings from the report suggest:
- Based on marijuana type, the
medical segment held the largest market share of 71.0% in 2019 owing to the
increasing use of the product for the treatment of cancer and other
medical conditions
- By product type, the buds
segment holds the largest market share in 2019 with a revenue of USD 9.1
billion owing to the easy availability of buds than other products
- Key players operating in the
legal marijuana market include Aurora Cannabis; Canopy Growth Corporation;
Maricann Group, Inc.; GW Pharmaceuticals, plc.; Aphria, Inc.; Tilray; The
Cronos Group; ABcann Medicinals, Inc.; Lexaria Corp.; and Organigram
Holding, Inc.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/legal-marijuana-market/request/rs1
Grand View Research has segmented
the global legal marijuana market based on marijuana type, product type,
medical application, and regional outlook:
Legal Marijuana
Type Outlook (Revenue, USD Million, 2016 - 2027)
- Medical
- Adult Use
Legal Marijuana
Product Type Outlook (Revenue, USD Million, 2016 - 2027)
- Buds
- Oils
- Tinctures
Legal Marijuana
Medical Application Outlook (Revenue, USD Million, 2016 - 2027)
- Chronic Pain
- Mental Disorders
- Cancer
- Others
Legal Marijuana
Regional Outlook (Revenue, USD Million, 2016 - 2027)
- U.S.
- Canada
- Germany
- Italy
- Netherlands
- Croatia
- Poland
- Czech Republic
- Switzerland
- Australia
- Uruguay
- Colombia
- Mexico
- Chile
- Argentina
- Israel
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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