Pune, India, July 13, 2021 (GLOBE NEWSWIRE) -- The global legal cannabis market is estimated to reach a value of USD 50,251 million in 2021 and is projected to grow at a CAGR of 26.5% during the forecast period. Cannabis encompasses a group of three plants with psychoactive properties, known as cannabis sativa, cannabis indica, and cannabis ruderalis. The flowers of these plants on harvesting turn into one of the world’s most known drugs, often called weed, pot, or marijuana. The cultivation of cannabis goes back to centuries, with it being most patronized in almost all forms. Cannabis is also used with spiritual and social leanings.
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Cannabis is no longer limited to being smoked or puffed on rustic pipes and rolled joints but used in various products including, concentrates and topical. Products entering the market are easily accessible to customers, with product safety paramount. Cannabis products are gaining traction, with companies responding with top-class packaging and advertising. The legal cannabis market is driven by its medicinal properties and therapeutic uses.
The cannabis farming quality is being improved from being into a meager cottage industry to a major gateway to growth. The increasing farming of quality products is expected to contribute to the market growth during the forecast period. However, a complex regulatory structure for the usage of cannabis is expected to restrain the market growth during the forecast period.
Some Significant Market Developments Considered in the Report:
- December 2020- Aphria Inc. and Tilray, Inc. (Canada) scripted a definitive agreement to combine their businesses and create the world’s largest cannabis company. The Combined Company, bolstered by low-cost cultivation, processing, and manufacturing facilities, would have a complete portfolio of premium Cannabis 2.0 products in Canada.
- November 2020- Canopy Growth Corporation introduced a new line of CBD-infused beverages named Quatreau. These are commonly flavored sparkling waters, which are available in dual variants CBD-only and balanced (CBD + THC) offerings. The company introduced this line of products as a substitute to sugary, caffeinated beverages or even alcohol.
COVID-19 Impact on the Legal Cannabis Market
The COVID-19 pandemic has disturbed the supply chain management of cannabis products. Due to the strict lockdown across the worldwide, the supply of cannabis in dispensaries has reduced. Recent studies have shown cannabis can be a vital link in the treatment of COVID-19. This has enhanced the demand for medical cannabis in the course of the outbreak in the R&D sector.
Legal Cannabis Market, by Route of Administration
Based on route of administration, the legal cannabis market is segmented into oral, topical, inhalation, rectal, and sublingual.
Among these segments, oral administration segment holds the largest share in the global legal cannabis market in 2021 and is expected to remain largest till the forecast period. The large market share can be due to increasing number of countries stepping up the process of legalizing cannabis usage across the globe.
Legal Cannabis Market, by Compound
Based on compound, the legal cannabis market is segmented into tetrahydrocannabinol (THC)-dominant, cannabidiol (CBD)-dominant, and balanced THC and CBD.
The THC compound segment of legal cannabis market is dominating the global market in 2021, and expected to continue its dominance during the forecast period. The dominance can be due to the unmatched therapeutic effects offered by THC entrenched products. THC segment is considered effective as palliative in soothing strained nerves and rendering one free from nausea, loss of appetite and insomnia. These factors are expected to drive the segment growth during the forecast period.
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Legal Cannabis Market, by Product
Based on product, the legal cannabis market is segmented into oils, tinctures, suppositories, transdermal patches, isolates, tablets, capsules, vape oils, creams and roll-on and others.
Among these segments, oils segment is the leading market with a dominant market share in 2021 and is expected to remain largest till the forecast period. The growth can be due to legalization of recreational marijuana and the increasing usage of cannabis oil in countries like U.S., Canada, Uruguay, Colombia.
Legal Cannabis Market, by Species
Based on species, the legal cannabis market is segmented into cannabis indica, sativa and hybrid. Among these, the cannabis indica segment holds the largest market share in the global legal cannabis market in 2021 and is expected remain largest till the forecast period. Cannabis indica is highly used for treating insomnia, relaxing stiff body muscles and alleviating body pains, headaches and migraines. These factors are expected to drive the segment growth during the forecast period.
Legal Cannabis Market, by Distribution Channel
Based on distribution channels, the legal cannabis market is segmented into online and offline. Amongst these segments, the offline segment dominates the market in 2021, and is anticipated to remain dominant during the forecast period. The segment dominance can be owing to increasing imports both in wholesale and retail channels.
Legal Cannabis Market, By Application
Based on application, the legal cannabis market is segmented into medical and recreational. The medical segment is further sub-segmented into anxiety/stress, sleep/insomnia, chronic pain, migraine, skin care, seizures, joint pain and inflammation, neurological conditions, and others. The recreational segment is further classified into flowers, stems, seeds, and leaves.
Amongst these segments, the recreational segment dominates the market in 2021, and is anticipated to continue its dominance during the forecast period. The segment dominance can be attributed to the increasing demand and consumption of cannabis for recreational purposes.
Legal Cannabis Market, By End User
Based on end-user, the legal cannabis market is split into pharmaceutical, food, beverage, and tobacco, personal care, and research and development centers.
Among these segments the pharmaceutical end user segment leads the legal cannabis market in 2021, and is expected to continue to lead the segment growth during the forecast period. This growth can be due to increasing private and public funds for research and development of pharmaceutical sector. In addition, increasing demand for anxiety drugs and growing concern for mental health illness are expected to drive segment growth during the forecast period.
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Legal Cannabis Market, By Region
Based on region, the legal cannabis market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America leads the legal cannabis market with highest share and is expected to retain this voluminous market share during the forecast period. Recreational legalization in U.S. took stage with it coming into precedence in Colorado and Washington. Recreational cannabis came into force with eleven states and district of Colombia legalizing cannabis for recreational use. It was considered as a therapy for Alzheimer’s, anorexia, arthritis and epilepsy and also for cancer.
Canada has also emerged as a torch-bearer by being instrumental in legalizing cannabis. South America is expected to bolster production of cannabis flowers, with U.S., Canada and Europe leading market prominence thanks to healthy demand that will bring down pricing of cannabis flowers even further.
Some Major Findings of the Legal Cannabis Market Include
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global cooler box market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of major players operating in the legal cannabis market include Canopy Growth Corporation, Aphria Inc., Aurora Cannabis Inc., Medmen, Vivo Cannabis Inc., Medical Marijuana, Inc., Cannabis Science Inc., Hexo, Tilray Inc, Organigrams Holding Inc., Isodiol, CV Sciences, Nuleaf Naturals, GW Pharmaceuticals and Folium Biosciences
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global legal cannabis market
- Impact of COVID-19 on the legal cannabis market
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