The latest published report by Polaris Market Research “Legalized Cannabis Market Share, Size, Trends, Industry Analysis Report By Type (Medical, Adult Use); By Product Type (Buds, Oils, Tinctures), By Application (Medical (Chronic Pain, Mental Disorders, Cancer, Others), Industrial Hemp, Recreational), By Compound (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC & CBD), By Mode Of Delivery (Capsules, Concentrates, Edibles and Others); By Regions, Segments & Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global Legal Marijuana Market is estimated to be USD 16.4 Billion in 2019 and size is expected to be more than USD 90.5 billion by 2027 to grow at CAGR of 21.2% during the forecast period (2020-2027) Increasing penetration of Legal Marijuana in applications other than recreational such as pharmaceuticals, and increasing medical prospects are some of the factors propelling the market growth. Legal Marijuana is being used for treating a wide variety of diseases including cancer, arthritis, neurological conditions, Parkinson’s diseases, among others and this factor is expected to propel market growth.
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Some of the major market participants include Cannabis Sativa, Inc., United Cannabis Corporation., Tikun Olam, Ltd., Tilray., Lexaria Corp., GW Pharmaceuticals, plc., Canopy Growth Corporation., Aurora Cannabis, Aphria, Inc, and Maricann Group, Inc. among others. Broadening of product portfolio, strong analysis of consumer buying behavior, and efforts taken to increase awareness regarding Legal Marijuana usage are some of the key industry scenarios. Companies often have to navigate through different regulations in different parts of the world and have ensure strict compliance to it prior launching their products. In countries such as the U.S., different regulations exist for different states.
Pain management therapies segment is witnessing rapid growth across the globe. This therapy is increasingly being used to treat elders suffering from chronic pain. Legal Marijuana are finding wide applications in pain management therapies due to their overall efficacy, easy availability and relatively low prices as compared to other counterparts and this trend is expected to benefit the overall Legalized Cannabis market growth over the forecast period.
Several studies have pointed out that the usage of Legal Marijuana to treat mental disorders yield desired and positive results. Changes in lifestyle and fast paced lifestyles, advent of nuclear families, social media, among others are some of the factors that have resulted in rising number of mental disorders such as depression, anxiety disorders, Alzheimer’s diseases, etc. This trend is expected to benefit the demand for Legal Marijuana for mental disorder treatment and thus boosting the market growth.
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North America emerged as the largest market for Legal Marijuana in the year 2019, and the segment is expected to continue to lead the market in terms of penetration and is also expected to witness a robust growth rate during the forecast period. A major contributor to this scenario is the strong demand from the U.S. There is widespread usage of Legal Marijuana in the country and this has resulted in the U.S. being one of the foremost consumers of Legal Marijuana across the globe.
Many states in the U.S. have issued clear directives as well as regulations pertaining to the usage of Legal Marijuana. This has resulted in widespread generalization pertaining to its usage. Other states which have not yet drafted such regulations, are under constant pressure from advocate groups, associations, among others for doing the same. All in all, the advent of Legal Marijuana is set to have a long-term impact on the food & beverage industry in the country.
Table of Contents
Chapter 1. Introduction
Chapter 2. Executive Summary
Chapter 3. Research Methodology
Chapter 4. Legal Marijuana Market Insights
Chapter 5. Legal Marijuana Market Assessment by Type
- Adult use
Chapter 6. Global Legal Marijuana Market, by Product
- Oils & Concentrates
Chapter 7. Legal Marijuana Market Assessment by Compound
- Tetrahydrocannabinol (THC)-Dominant
- Cannabidiol (CBD)-Dominant
- Balanced THC & CBD
Chapter 8. Legal Marijuana Market Assessment by Mode of Delivery
Chapter 7. Legal Marijuana Market Assessment by Region
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
Table 1 Drivers and Inhibitors for Global Market
Table 2 Restraints Global Market
Table 3 Global Legal Marijuana Market, By Type, 2016 – 2027 (USD Million)
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List of Figures
Figure 1. Market Highlights
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top Down & Bottom Up Approach
The report can be customized on the basis of regional analysis, segment analysis, industry outlook and competitive analysis. Some of the major focus points which are covered in the report include:
- Industry Trends, opportunity and challenges in the market
- Role of key players across the value chain
- End-User analysis to define the market strategy
- Competitive mapping
- Regional and country level breakdown
These insights are included in the report which would help you to have a realistic overview of the overall market including the competition, investment opportunities, restraints and challenges, regulatory factors which might affect the market growth. Moreover, the report would help to identify the regional market growth opportunities for different segments covered in the report.
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