Increasing Application of Medicinal Cannabis to Promote Marijuana Industry Growth
The global Legal Marijuana Market is projected to reach USD 97.35 Billion by the end of 2026. This information is published in a report by Fortune Business Insights, titled, “Cannabis: Global Market Analysis, Insights and Forecast, 2015-2026.” According to the report, the market will exhibit a CAGR of 32.92% in the forecast period (2019-2026).
However, the market was valued at USD 10.60 Billion in 2018. Cannabis legalization is gaining impetus across the world. Legitimate medicinal benefits and therapeutic applications are causing several companies to cultivate and manufacture new cannabis-based products.
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List of the major companies operating in the global Legal Marijuana Market. They are as follows:
- Aurora Cannabis
- Aphria, Inc.
- Canopy Growth Corporation
- MedReleaf Corp.
- Cronos Group, Inc.
- GW Pharmaceuticals, plc.
- CannTrust Holdings, Inc.
- VIVO Cannabis, Inc.
- Tilray
- OrganiGram Holdings
- Other key players
The report provides effective guidelines and strategies for organizations to strengthen their positions in the Legal Marijuana Market. Our team of professional analysists have utilized primary and secondary research tools and techniques to accumulate information for this report. Hence, the information offered is highly accurate and trustworthy.
It further highlights significant aspects of the market, namely, growth drivers, competitive landscape, restraints, key market players, regional analysis, and similar other factors.
Sophisticated Packaging and Innovation to Propel Cannabis-based Edibles Sub-segment
In terms of application, the cannabis market is grouped into medical, recreational, and industrial hemp. Under recreational application, the market contains topical and edible. The cannabis-infused edibles consist of cannabinoids and similar other active compounds from the plant. Hence, these are either developed with other infused products, such as cannabis-infused butter or with concentrates. Availability of cannabis-based beverages, candies, and chocolates is one of the notable cannabis market trends. Additionally, product packaging related modification and innovation are projected to play a vital role in propelling the sales of edibles.
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Regional Analysis:
North America to Lead Due to Rapid Legalization of Cannabis for Medical Purposes
Geographically, the cannabis market is divided on the bases of Europe, Latin America, the Middle East and Africa, North America, and Asia Pacific. Out of these regions, in North America, the U.S. medical laws consider cannabis as a form of medicine or therapy for numerous medical conditions, such as epilepsy, Alzheimer’s disease, post-traumatic stress disorder, anorexia, chronic pain, cancer, and arthritis.
The legalization of cannabis first began in the U.S. in 2012 with Washington and Colorado becoming the first two states to approve its recreational usage. Canada has recently started playing a leading role in cannabis legalization and is emerging as a flag-bearer country. In July 2019, Columbia has legalized recreational utilization of cannabis.
The recreational usage of cannabis will be positively impacted by the subsequent price parity of cannabis bud as well as its commoditization in the legal and illegal market. Moreover, increasing mainstreaming and availability of raw materials will ensure price parity. It would also aid in smoothening the transformation of cannabis flower from the illegal market to legal business.
The taxes would be vital in channelizing the advancements in the legal market. A rise in the demand for cannabis from Canada, U.S., and the European countries is expected to help all the South American cannabis producers to upscale their production. It would reduce the pricing pressure on cannabis bud due to increasing imports both in wholesale and retail channels.
Key Market Players Focus on Expansion and Strategic Collaborations to Gain Competitive Edge
The cannabis market is robustly dynamic and highly competitive. Increasing number of expansion programs and strategic collaborations are positively affecting the market sales. A rise in the popularity of recreational cannabis is creating a rapid shift towards processed products, namely, topical, edible, and oils from simply buds. Given below are few of the key developments:
- Altria Group, Inc. declared that it has invested approximately USD 1.8 billion in Cronos Group, Inc. in March 2019. The main aim of the investment is to lead, scale, and compete in the rapidly growing cannabis industry.
- Hexo Corp., a prominent producer of cannabis, headquartered in Quebec, Canada, announced that it has partnered up with Molson Coors Canada in August 2018 to manufacture and supply cannabis-based beverages.
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Secondary Research is conducted to derive the following information:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies.
- Details in relation to the parent market/related market, value and supply chain analysis, distribution channels, trade analysis, and recent technological developments.
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities.
- Market & technological trends and new product developments
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