Legal Marijuana Market: Global Industry Analysis and Forecast (2021-2027) by Marijuana Type, Product, and Medical Application Region

By 2027, the Legal Marijuana Market is expected to reach the US $ 68.7 billion, The report analyzes Legal Marijuana Market dynamics by region and Product industries.

Legal Marijuana Market Overview:

In terms of the acquisition, distribution, and cultivation, as well as how it can be ingested and what medical ailments it can be used for, the legality of cannabis for medicinal and recreational use differs by country. Most countries restrict the use of cannabis for recreational reasons; however, several have chosen a decriminalization policy, making simple possession a non-criminal infraction (often similar to a minor traffic violation). Others, such as several Asian and Middle Eastern countries, have far harsher punishments, with possession of even tiny amounts punishable by jail for several years. Legal Marijuana Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2015 to forecast the market through 2027. 2020 is considered a base year however 2020's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done good in lockdown also and specific strategic analysis of those companies is done in the report

Legal Marijuana Market Dynamics:

Legal Marijuana Market size was esteemed at US$ 17.8 Bn in 2020 and the total profits are expected to grow at 21.2% through 2021 to 2027, reaching nearly US$ 68.7 Bn. The increased demand for legal marijuana, owing to the growing number of legal cannabis countries, is one of the primary drivers driving market expansion. The use of medicinal marijuana for a variety of ailments is gaining traction around the world as a result of recent legalizations in several countries. Medical marijuana is given to patients with chronic illnesses like Parkinson's, cancer, Alzheimer's, and a variety of neurological ailments. The market for cannabis oil is rapidly rising, particularly in nations where medical marijuana is permitted. CBD isolates will see even more increase in the coming years because of a recent innovative food rule in Europe. Furthermore, children who consume cannabis are only administered oil because it has been demonstrated to be effective in the treatment of illnesses like epilepsy. Governor Phil Murphy signed three laws in February 2021 to legalize recreational cannabis for adults 21 and older in New Jersey, the United States. This is projected to raise market potential even further in the following months. Due to changes in government policies, the market for legal marijuana is likely to skyrocket. Several new cannabis start-ups are pursuing R&D, testing, and manufacturing. Many jurisdictions in Canada are anticipating the privatization of cannabis retail stores. Many provinces that formerly chose a single supplier are now asking multiple providers to submit bids. Hence-, these factors are expected to drive the market. The government is now accepting more Products for cannabis farmers, which has resulted in a large increase in the number of cannabis cultivators in the United States. The number of Products for which cannabis is prescribed is also growing. This is likely to boost cannabis sales and open up new revenue streams for industry participants. Furthermore, the projected federal legalization of medicinal marijuana in the United States will only serve to boost this market's growth prospects in lawful medical usage.

Legal Marijuana Market Segment Analysis:

The adult-use segment is leading the Type segment of the Legal Marijuana Market:

Adult-use dominated the market in 2020, with a revenue share of 54.6 percent, and is predicted to grow at CAGR of xx% between 2021 and 2028. One of the key elements fueling demand for legal marijuana is the legalization of cannabis for adult usage. In nations where cannabis for adult use has been allowed, such as Canada and the United States, the industry has observed a shift in patients choosing to consume marijuana for recreational rather than medical purposes. This could be because of the low prices and quick availability. This shift in trend is particularly noticeable in countries where medical marijuana is not reimbursed. Over the projection period, the medical segment is expected to increase at a steady pace. Some of the primary reasons driving the market are increased knowledge of cannabis' medical benefits, rising demand for plant-based medicines in pain management, and increasing legalization of cannabis for medical uses. Several countries have authorized medicinal marijuana in recent years, although its prescription is based on the physician's preference and the desires of the patient. The market is likely to develop at a healthy rate over the forecast period, as the number of countries that have legalized medical marijuana continues to rise. Legal Marijuana Market 1

The oil segment is dominating the Product segment of the Legal Marijuana Market:

With a revenue share of 49.6 % in 2020, the oil category led the market. The segment is being driven by the legalization of recreational marijuana and the increased use of cannabis or marijuana oil in nations such as the United States, Canada, Colombia, Uruguay, and Chile. Furthermore, the benefits of cannabis and its derivatives are widely perceived. Individuals in Canada are educated about the benefits and bad effects of smoking marijuana, as well as the human body's reasonable limits, by the drug stores themselves. As a result, as people become more aware of the advantages of cannabis oil over flowers, demand for the product will rise.

The chronic pain segment is ruling the Medical Application segment of the Legal Marijuana Market:

In 2020, the chronic pain segment dominated the market with a 46.7 % share. Neurogenic pain, arthritis pain, cancer pain, low back pain, headache, neck pain, and facial discomfort are all examples of chronic pain. Medical marijuana is said to help with pain relief. The market is predicted to increase substantially over the forecast period, as more individuals become aware of the benefits of cannabis intake. Due to the large number of people suffering from various mental diseases, the mental disorders segment is predicted to be the fastest-growing segment over the projection period. For its antipsychotic effect on the nervous system, cannabis and its medicines have become more popular among people suffering from mental diseases such as anxiety. Along with its strong therapeutic effects, cannabis-based medications are likely to be beneficial in treating anxiety. According to the Anxiety and Depression Association of America, approximately 18.1 % population in the United States suffers from anxiety disorders each year in 2021, and the number is rapidly increasing.

Legal Marijuana Market Regional Insights:

North America is estimated to dominate the growth of the Legal Marijuana Market. In 2020, North America dominated the market with a revenue share of 75.3%. Enlightened government rules and the partial legalization of marijuana for medical and adult (recreational) use in the United States and Canada have aided the expansion of the regional industry. The existence of prominent marijuana producers and manufacturers in the region, as well as the legalization of marijuana for adult use, increased retail sales, and geographic development of retail outlets, are all driving the regional market. Potential marijuana markets include Australia, the United Kingdom, Mexico, Germany, Colombia, and Israel. As a result of their domestic production, these countries have established secondary markets that are anticipated to become sustainable in the next years. Furthermore, due to changes in government laws, market demand is likely to skyrocket. Several new cannabis firms are attempting to explore, develop, and manufacture the drug. The number of Products for which marijuana is prescribed is projected to rise, providing new revenue opportunities for participants across the globe. This is predicted to have an impact on market growth in the future. The objective of the report is to present a comprehensive analysis of the Legal Marijuana Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Legal Marijuana Market dynamics, structure by analyzing the market segments and projecting the Legal Marijuana Market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the Legal Marijuana Market make the report investor’s guide.

Legal Marijuana Market Scope: Inquire before buying

Legal Marijuana Market 3

Legal Marijuana Market, by Region

• North America o US o Canada o Mexico • Europe o U.K o France o Germany o Italy o Spain o Sweden o CIS Countries o Rest of Europe • Asia Pacific o China o India o Japan o South Korea o Australia o ASEAN o Rest of Asia Pacific • The Middle East and Africa o South Africa o GCC Countries o Egypt o Nigeria o Rest of ME&A • South America o Brazil o Argentina o Rest of South America

Legal Marijuana Market Key Player

Dr. Hemp Me. • QC Infusion • Hemp Production Services • Hudson Valley Hemp, LLC. • Green Roads • Royal CBD • Moon Mother Hemp Company • CBD Oil Europe • King CBD • FOLIUM BIOSCIENCES • CV Sciences, Inc. • Pharmahemp d.o.o. • Gaia Botanicals, LLC • Canazil • Kazmira • Spring Creek Labs • Cavendish Nutrition Fulfillment LLC • Isodiol International Inc • Canopy Growth Corporation • Aurora Cannabis • Aphria, Inc. • Tilray • ABcann Medicinals, Inc. • The Cronos Group • Maricann Group, Inc. • Organigram Holding, Inc.

FAQs:

1. What is the Legal Marijuana Market value in 2020? Ans: Legal Marijuana Market value in 2020 was estimated as 17.8 Billion USD. 2. What is the Legal Marijuana Market growth? Ans: The Legal Marijuana Market is anticipated to grow with a CAGR of 21.2% in the forecast period and is likely to reach USD 68.7 Billion by the end of 2027. 3. Which segment is expected to dominate the Legal Marijuana Market during the forecast period? Ans: The chronic pain segment dominated the legal marijuana market in 2020 with a share of 46.7%. 4. Who are the key players in the Legal Marijuana Market? Ans: Some key players operating in the legal marijuana market include Canopy Growth Corporation; Aphria, Inc.; Aurora Cannabis; Maricann Group, Inc.; Tilray; The Cronos Group; Organigram Holding, Inc.; ABcann Medicinals, Inc.; GW Pharmaceuticals, plc.; and Lexaria Corp. 5. What is the key driving factor for the growth of the Legal Marijuana Market? Ans: Key factors that are driving the legal marijuana market growth include the high prevalence of cancer, expanding demand for legal marijuana owing to the growing number of legal cannabis countries, changes in government policies, and several new startups are venturing into R&D, cannabis testing, and manufacturing.
1. Global Legal Marijuana Market: Research Methodology 2. Global Legal Marijuana Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Legal Marijuana Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Legal Marijuana Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 17.8 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Legal Marijuana Market Segmentation 4.1 Global Legal Marijuana Market, by Type (2020-2027) • Medical • Adult 4.2 Global Legal Marijuana Market, by Product (2020-2027) • Flower • Oil 4.3 Global Legal Marijuana Market, by Medical Application (2020-2027) • Chronic Pain • Mental Disorders • Cancer • Others 5. North America Legal Marijuana Market (2020-2027) 5.1 North America Legal Marijuana Market, by Type (2020-2027) • Medical • Adult 5.2 North America Legal Marijuana Market, by Product (2020-2027) • Flower • Oil 5.3 North America Legal Marijuana Market, by Medical Application (2020-2027) • Chronic Pain • Mental Disorders • Cancer • Other 6. Asia Pacific Legal Marijuana Market (2020-2027) 6.1. Asia Pacific Legal Marijuana Market, by Type (2020-2027) 6.2. Asia Pacific Legal Marijuana Market, by Product (2020-2027) 6.2. Asia Pacific Legal Marijuana Market, by Medical Application (2020-2027) 6.2. Asia Pacific Legal Marijuana Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Legal Marijuana Market (2020-2027) 7.1. Middle East and Africa Legal Marijuana Market, by Type (2020-2027) 7.2. Middle East and Africa Legal Marijuana Market, by Product (2020-2027) 7.3. Middle East and Africa Legal Marijuana Legal Marijuana Market, by Medical Application (2020-2027) 7.4. Middle East and Africa Legal Marijuana Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Legal Marijuana Market (2020-2027) 8.1. Latin America Legal Marijuana Market, by Type (2020-2027) 8.2. Latin America Legal Marijuana Market, by Product (2020-2027) 8.3. Asia Pacific Legal Marijuana Market, by Medical Application (2020-2027) 8.4. Latin America Legal Marijuana Market, by Country (2020-2027) • Brazil • Argentina • Rest of Latin America 9. European Legal Marijuana Market (2020-2027) 9.1. European Legal Marijuana Market, by Type (2020-2027) 9.2. European Legal Marijuana Market, by Product (2020-2027) 9.3. Asia Pacific Legal Marijuana Market, by Medical Application (2020-2027) 9.4 European Legal Marijuana Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe 10. Company Profile: Key players 10.1. Veolia 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Dr. Hemp Me. 10.3. QC Infusion 10.4. Hemp Production Services 10.5. Hudson Valley Hemp, LLC. 10.6. Green Roads 10.7. Royal CBD 10.8. Moon Mother Hemp Company 10.9. CBD Oil Europe 10.10. King CBD 10.11. FOLIUM BIOSCIENCES 10.12. CV Sciences, Inc. 10.13. Pharmahemp d.o.o. 10.14. Gaia Botanicals, LLC 10.15. Canazil 10.16. Kazmira 10.17. Spring Creek Labs 10.18. Cavendish Nutrition Fulfillment LLC 10.19. Isodiol International Inc 10.20. Canopy Growth Corporation 10.21. Aurora Cannabis 10.22. Aphria, Inc. 10.23. Tilray 10.24. ABcann Medicinals, Inc. 10.25. The Cronos Group 10.26. Maricann Group, Inc. 10.27. Organigram Holding, Inc. 10.28. Lexaria Corp.

About This Report

Report ID 29729
Category Healthcare
Published Date May 2019
Updated Date Nov 2021
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