Selbyville, Delaware, Feb. 23, 2021 (GLOBE NEWSWIRE) -- According to reliable estimations, global legal marijuana market is expected to grow substantially and reach a valuation of USD 90.5 billion by the year 2027. The growth can be attributed to growing demand for legal marijuana for pharmaceutical as well as recreational applications and rising medical prospects associated with the product.
Apart from this, the document delivers vital data regarding the various market segmentations such as type, product type, application scope, compound type, mode of delivery, and regional reach. It also profiles the leading companies operating in this business vertical by providing an in-depth SWOT analysis of the several industry participants.
The product is widely adopted for treating various ailments such as Parkinson’s disease, neurological conditions, arthritis, and cancer among others, which in turn is fueling global legal marijuana market size. Legal marijuana can also be used in pain management therapies owing to its high efficiency, easy availability and affordable nature as compared to the counterparts.
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Apart from this, supportive regulatory outlook which has legalized the use of cannabis in the recent past coupled with increasing popularity of pain management therapies for treating chronic conditions among elderly population are also favoring the overall market outlook.
Elaborating on the application reach
Based on application spectrum, the market is divided into recreational, medical, and industrial hemp segments. The medical segment is further split into cancer, mental disorders, chronic pain and others. Among these, estimates cite that global legal marijuana industry share from mental disorders applications is predicted to expand significantly during the study duration.
Evolving consumer lifestyle, increasing number of nuclear families and widespread adoption of social media platforms have increased the pervasiveness of mental disorders such as Alzheimer’s diseases, anxiety and depression. This has evidently accelerated the demand for legal marijuana in order to yield desired and positive treatment results, thereby stimulating the overall industry outlook.
Highlighting the geographical landscape
As per the regional analysis, worldwide legal marijuana market is classified into North America, Europe, Asia-Pacific, Central & South America, and Middle East & Africa. According to authentic predictions, North America accounted for the largest market share in 2019 and is likely to register consistent growth during the forecast period.
Supportive federal outlook in the United States towards legalization of marijuana has resulted in its widespread adoption. Thus, growing demand and proliferating sales of legal marijuana in the U.S. is facilitating the business outlook in North America.
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Global Legal Marijuana by Type (Revenue, USD Billion, 2016 - 2027)
- Adult use
- Medical
Global Legal Marijuana by Product Landscape (Revenue, USD Billion, 2016 - 2027)
- Tinctures
- Oils & Concentrates
- Buds
Global Legal Marijuana by Application Scope (Revenue, USD Billion, 2016-2027)
- Recreational
- Medical
- Cancer
- Mental Disorders
- Chronic Pain
- Others
Industrial Hemp
Global Legal Marijuana by Compound Type (Revenue, USD Billion, 2016 - 2027)
- Balanced THC & CBD
- Cannabidiol (CBD)-Dominant
- Tetrahydrocannabinol (THC)-Dominant
Global Legal Marijuana by Mode of Delivery (Revenue, USD Billion, 2016 - 2027)
- Edibles
- Concentrates
- Capsules
- Others
Global Legal Marijuana Regional Outlook (Revenue, USD Billion, 2016 - 2027)
North America
- Mexico
- Canada
- U.S.
Europe
- Switzerland
- Germany
- Czech Republic
- Poland
- Croatia
- Netherlands
- Italy
- Rest of Europe
Asia Pacific
- Australia
- Rest of Asia-Pacific
Central & South America
- Uruguay
- Argentina
- Chile
- Colombia
- Brazil
- Rest of Central & South America
Middle East & Africa
- Israel
- Rest of Middle East & Africa
Global Legal Marijuana Market Competitive Analysis (Revenue, USD Million, 2016-2027)
- Lexaria Corporation
- GW Pharmaceuticals plc
- Organigram Holdings Inc.
- ABcann Medicinals Inc.
- The Cronos Group
- Maricann Group Inc.
- Tilray
- Aurora Cannabis Inc.
- Aphria Inc.
- Canopy Growth Corporation
Related Report:
CBD Oil (Cannabidiol Oil) Market Share, Size, Trends, Industry Analysis Report, By Regions; Segment Forecast, 2020 -2027
Global Cannabidiol Oil (CBD Oil) Market size is expected to reach USD 24.08 billion by 2027. CBD is commonly used to relieve anxiety and it helps the insomnia patients in falling asleep and staying asleep. Certain CBD manufacturers have been scrutinized by the government who claim that CBD is a cure for cancer. Research about the balance of pros and cons of CBD is ongoing near every production and consumption cluster, and debates about their usage is being carried out in all of the regions wherever there are significant number of potential prospective consumers. Overall CBD has a large addressable market, of which a large part is untouched.
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