- 4 January 2021 16:22
Legal Marijuana Market Size, Share, CAGR of 17.8% by 2027
The global legal marijuana market size was valued at USD 17.5 billion in 2019 and predicted to reach market value around USD 65.1 billion by 2027 expanding at a compound annual growth rate (CAGR) of around 17.8% during period 2020 to 2027.
A trend for the legalization of marijuana is being observed across several countries around the globe. It started with Uruguay, which was the very first country in the entire world to completely legalize cannabisback in the year 2013. After Uruguay, today several countries have legalized the usage of marijuana for medicinal as well as recreational usage, which is expected to fuel the growth for the legal marijuana market over the forecast period.
It has been more than one year after Canada decide to legally control cannabis for recreational usage, becoming only the second country in the world after Uruguay, and the first key G7 nationto do so. Although legal access to marijuana was previously available for medicinal purposes, this recorded a ground-breaking administrative shift away from the illegalization of the cannabis and the individuals who use it in a nation of approximately 40 million people. Till January 2019, on-line selling of cannabis for the recreational use was well ongoing across Canada, through the territorial or provincial administrations. Most of the provinces also maintain storefront operations selling marijuana, either functioned by the administration or private entities.
COVID-19 PANDEMIC IMPACT ANALYSIS
Due to the outbreak of COVID-19, every business is getting hurt; however, marijuana industries face anexceptional set of tests. Commercial operations, customer behavior and finances will be examined more than earlier as businesses pursue to position them during coronavirus and ahead when the nation-wide lockdowns will ultimately ease. This pandemic is anprospect for many cannabis businesses to reorganize their business model from a customer, wholesale and enterprise level; eliminate inadequacies and review launch or enlargement plans.
Like many other areas, the marijuana industry is expected to lose certain revenue due to aspects like shop closings, interrupted supply chains, general financial slowdown, and constrained movement. The marijuana industry is being exceedingly affected by the present COVID-19 pandemic.
- Among the products, buds are expected to dominate the overall market. Advantages like direct use and effectiveness in pain alleviation is the major reason for high revenue generation from buds.
-The chronic pain divisionaccounted for the largest revenue in the application segment with more than 40% share. In the near future, mental disorders division will grow at the fastest rate.
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The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2019, North America dominated the global market with a market share of more than 85%. In the U.S., the medical use of marijuana is legalized in 33 states, four out of five permanently inhabited U.S. territories, and the District of Columbia. The recreational use of marijuana is legalized in several states such as Guam, the Northern Mariana Islands, the District of Columbia, Vermont, Oregon, Washington, Nevada, Michigan, Massachusetts, Maine, Illinois, Colorado, California, and Alaska. Another 15 states and the U.S. Virgin Islands have decriminalized.
Europe was the second prominent market majorly due to changes in the legalization of marijuana and increasing awareness regarding its medicinal use. The ‘Cannabis as Medicine’ Act passes by the German government in March 2017 formed a mechanism for quality-administered cannabis delivery, including domestic manufacturing. Patients for thoseall-othermedical care options have been used can get a medicinal prescription for dry cannabis flowers and excerpts of uniform quality at a drugstore. The prescription of cannabis formation is not limited to some specialists, nor is their usage limited to precise medical symptoms.
KEY MARKET PLAYERS AND STRATEGIES
The major companies operating in the worldwide legal marijuana are Canopy Growth Corporation, Lexaria Corp, Aphria, Inc., GW Pharmaceuticals, plc., The Cronos Group, Maricann Group, Inc., Aurora Cannabis, Organigram Holding, Inc., Tilray, and ABcannMedicinals, Inc. among others.
The competition among the existing players is extremely high due to limited availability of technology and other resources. The market is driven by research and development which requires heavy amount of funding, time, and skilled researchers.
By Marijuana Type
- Adult Use
- Mental Disorders
- Chronic Pain
- North America
- Rest of EU
- Asia Pacific
- Southeast Asia
- Rest of APAC
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America