SAN FRANCISCO, April 20, 2021 /PRNewswire/ -- The global legal
marijuana market size is expected to reach USD 84.0 billion by 2028, according to a new
report by Grand View Research, Inc. This market is expected to
expand at a CAGR of 14.3% from 2021 to 2028. Increased
legalization of marijuana for medical and adult-use and the growing
adoption of these products for the treatment of chronic diseases
are the key factors driving the market for legal marijuana.
Key suggestions from the report:
- Based on marijuana type, the adult-use segment accounted for
the largest share of 60.3% in 2020 owing to high demand among
millennials and patients who do not qualify for medical
cannabis
- In 2020, the flower product type segment accounted for the
largest revenue share of 65.8% owing to the low price and ease of
accessibility of flowers compared to other products
- By medical application, the mental disorders segment is
expected to witness the fastest growth over the forecast period
owing to the high number of people suffering from various mental
disorders
Read 100 page research report with ToC on "Legal Marijuana
Market Size, Share & Trends Analysis Report By Marijuana Type
(Medical, Adult Use), By Product Type (Flower, Oil), By Medical
Application (Chronic Pain, Mental Disorders), And Segment
Forecasts, 2021 - 2028" at:
https://www.grandviewresearch.com/industry-analysis/legal-marijuana-market
The adult-use segment dominated the market with a revenue share
of 60.3% in 2020 and is expected to expand at a significant CAGR
over the forecast period owing to the high demand among millennials
and patients who do not qualify for medical cannabis. Medical
marijuana is expected to grow at a stable rate throughout the
forecast period owing to the legalization in various markets as
compared to the adult use of marijuana.
Based on product type, the flower segment accounted for the
largest revenue share in 2020. With its rich medical properties and
the increasing patient population, the governments of many
countries are either decriminalizing or approving its usage. This
is expected to boost the growth of the flower segment.
In 2020, the chronic pain segment accounted for the largest
revenue share owing to the increase in awareness and a rise in
social acceptance of medical use of cannabis. The mental disorder
segment is estimated to witness the fastest growth over the
forecast period owing to the rising patient population suffering
from stress and anxiety.
North America accounted for the
largest revenue share of 91.1% in 2020, owing to the early
legalization of medical and recreational cannabis in the region and
the large customer pool. However, the COVID-19 pandemic has caused
lockdowns all around the world, deflating the supply of raw
materials and disrupting the manufacturing, and in turn, the supply
chain of cannabis products across the globe.
Grand View Research has segmented the global legal marijuana
market based on marijuana type, product type, medical application,
and region:
- Legal Marijuana Type Outlook (Revenue, USD Million, 2016 -
2028)
-
- Legal Marijuana Product Type Outlook (Revenue, USD Million,
2016 - 2028)
-
- Legal Marijuana Medical Application Outlook (Revenue, USD
Million, 2016 - 2028)
-
- Chronic Pain
- Mental Disorders
- Cancer
- Others
- Legal Marijuana Regional Outlook (Revenue, USD Million, 2016
- 2028)
-
- U.S.
- Canada
- U.K.
- Germany
- Italy
- Netherlands
- Croatia
- Poland
- Czech Republic
- Switzerland
- Spain
- Australia
- New Zealand
- Thailand
- Uruguay
- Colombia
- Mexico
- Chile
- Argentina
- Israel
List of Key Players of Legal Marijuana Market
- Aurora Cannabis
- Canopy Growth Corporation
- Maricann Group, Inc.
- Aphria, Inc.
- Tilray
- The Cronos Group
- ABcann Medicinals, Inc.
- Lexaria Corp.
- Organigram Holding, Inc.
Find more research reports on Pharmaceuticals
Industry, by Grand View Research:
- North America Legal Marijuana Market – The North America legal marijuana market size was
valued at USD 30.1 billion in 2019
and is expected to grow at a compound annual growth rate (CAGR) of
15.5% from 2020 to 2027.
- Cannabis Cultivation Market – The global cannabis cultivation
market size was valued at USD 123.9
billion in 2019 and is expected to grow at a compound annual
growth rate (CAGR) of 14.3% from 2020 to 2027.
- Medical Marijuana Market – The global medical marijuana market
size was valued at USD 11.4 billion
in 2015 and is projected to grow with CAGR of 17.1% during the
forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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