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