September 23, 2021
Legal Marijuana

Legal Marijuana Market Size Valuation To Exceed US$ 65.1 Bn by 2027

Precedence Research has published a new report titled Legal Marijuana Market Size, Share & Growth Analysis Report By Marijuana Type (Medical and Adult Use), By Application (Mental Disorders, Chronic Pain, Cancer and Others), Product Type (Oils, Buds and Tinctures) By Region – Global Industry Analysis, Trends, Segment Forecasts, Regional Outlook 2020 – 2027″, the global legal marijuana market size is expected to grow US$ 17.5 Billion by 2027, decelerating at a CAGR of over 2% from 2020 to 2027. The report contains 150+ pages with detailed analysis.

The global legal marijuana market research report gives a brief summary of definitions, size analysis and place of production, sales, applications, types, and major players/key vendors of the legal marijuana industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies. The report provides the overall revenue of the global legal marijuana Market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.

Market Estimations:

Market Was Valued In 2019 US$ 17.5 Billion
Market Is Projected To Grow By 2027 US$ 65.1 Billion
Compound Annual Growth Rate (CAGR) 17.8 percent from 2020 to 2027

Marijuana also known as cannabis is a brown, green or gray mix of shredded, dried leaves, seeds, stems and flowers of the hemp plant named Cannabis sativa. It is employed as a mind altering or psychoactive recreational drug for particular medical ailments, for spiritual and divine purposes. The cannabis industry involves legal operations regarding marijuana and hemp which is its non-intoxicating cousin.

Medical marijuana means application of cannabis as a physician suggested therapy for treatment of some health circumstances and symptoms. It is widely utilized for treating mental disorders, chronic pain conditions and diseases, arthritis, cancer treatment, migraine, and other medical situations. The indication for the legitimate medical application of cannabinoids or marijuana is limited to few indications, notably nausea or vomiting, HIV/AIDS cachexia, connected to neuropathic pain, chemotherapy, and spasticity in multiple sclerosis. These medical applications are stimulating the growth of legal marijuana market across the world. Marijuana legalization is a provocative and complicated issue that is nowadays the subject of thoughtful debate. Since 2012, 4 U.S. states have approved ballot initiatives to eliminate ban and authorize a for-profit commercial marijuana business.

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Growth Factors

Marijuana is becoming legal in cumulative number of states for both recreational and medical and application. Substantial disagreement present concerning the public health influence of these fluctuations. Rising number of research studies to discover innovative therapeutic uses will accelerate the medical marijuana market advancement in North America. However, non-uniformity and irregularities of cannabis testing standards will hinder market growth. Besides, deficiency of consciousness among the emergent nations plus lack of sufficient safety data will further restrict the growth of medical marijuana market. Though the market for cannabis is anticipated to experience substantial growth over the impending years, crop pricing might extremely hinder development of cannabis market. This might occur as more nations around the world look forward to commoditizing cannabis, that may lead downward trend for crop prices.

Report Highlights

  • Despite growing acceptance of cannabis application across the globe, marijuana remains taboo and outlawed in most parts of Asia Pacific mostly on account of stigma neighboring it.
  • North America grasp substantial revenue stake share in 2019 on account of growing popularity and adoption in growth in the U.S. and Canadian markets
  • Europe medical cannabis market is predicted to witness substantial growth during estimate timeframe.

Regional Snapshots

The advancement of North America medical marijuana sector is mostly supported by swelling need of medical cannabis for the treatment of numerous health conditions. Also, awareness programs directed by private and public associations and cumulative number of states legalizing medical application of cannabis will push business progress. For example, since 2014, 13 states in the U.S. legitimate the medical practice of cannabis. The legalization has boosted the need from both medical and recreational consumers.

Countries such as the U.S. and Canada, where adult application of marijuana has been legalized, have perceived a dynamic modification from patients electing for recreational cannabis than medical. This can be credited to the extensive variety, easy obtainability, and low prices. In nations where repayment for medical cannabis is not significant, this change in trend is much evidentiary. Since 1985, cannabis has been prohibited in China. Yet, species of cannabis named hemp is still grown in the nation and factually has been employed for fibre also ritual purposes inside Taoism. Furthermore, Thailand became the first nation in Southeast Asia to authorize consumption and growth of medical marijuana and started its first legal cannabis greenhouse in 2019.

Key Players & Strategies

Vigorous growth in the global demand for cannabis has pushed the necessity to come up with improved product delivery systems also maintainable product strains. This need has thus stimulated various companies coming up with research and development which broadly examines numerous genetic improvement tactics for cannabis. For example, in March 2018, Hydropothecary collaborated with Segra to integrate plant tissue propagation in the cannabis plant production procedure, to aid surge the produce of healthier variant plants to meet the budding industry for recreational and medical cannabis.

Few notable players operating in the industry are Aurora Cannabis, Inc., Aphria, Inc Emerald Health Therapeutics Inc., Canopy Growth Corporation, and mCig, Inc among other. These participants are executing numerous strategies like novel product introduction, alliances, in order to grab high revenues take in medical marijuana sector. In 2015, Otsuka Pharmaceuticals and GW Pharmaceuticals publicized results of 3 US Phase 3 trials for the practice of Sativex for the pain management treatment in patients with advanced cancer who experience insufficient analgesia throughout optimized chronic opioid therapy.

Segments Covered in the Report

This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of end-use and region as follows:

By Marijuana Type

  • Medical
  • Adult Use

By Product Type

  • Oils
  • Buds
  • Tinctures

By Application

  • Mental Disorders
  • Chronic Pain
  • Cancer
  • Others

By Regional

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers

Chapter 7. Global Legal Marijuana Market, By Product

7.1. Legal Marijuana Market, by Product Type, 2020-2027
7.1.1. Oils
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Buds
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Tinctures
7.1.3.1. Market Revenue and Forecast (2016-2027)

Chapter 8. Global Legal Marijuana Market, By Application

8.1. Legal Marijuana Market, by Application, 2020-2027
8.1.1. Mental Disorders
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Chronic Pain
8.1.2.1. Market Revenue and Forecast (2016-2027)
8.1.3. Cancer
8.1.3.1. Market Revenue and Forecast (2016-2027)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2016-2027)

Chapter 9. Global Legal Marijuana Market, By Marijuana

9.1. Legal Marijuana Market, by Marijuana, 2020-2027
9.1.1. Medical
9.1.1.1. Market Revenue and Forecast (2016-2027)
9.1.2. Adult Use
9.1.2.1. Market Revenue and Forecast (2016-2027)

Chapter 10. Global Legal Marijuana Market, Regional Estimates and Trend Forecast

10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.2. Market Revenue and Forecast, by Application (2016-2027)
10.1.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.1.4.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.1.5.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.2. Market Revenue and Forecast, by Application (2016-2027)
10.2.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.2.4.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.2.5.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.6.2. Market Revenue and Forecast, by Application (2016-2027)
10.2.6.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.7.2. Market Revenue and Forecast, by Application (2016-2027)
10.2.7.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.2. Market Revenue and Forecast, by Application (2016-2027)
10.3.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.3.4.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.3.5.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.6.2. Market Revenue and Forecast, by Application (2016-2027)
10.3.6.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.7.2. Market Revenue and Forecast, by Application (2016-2027)
10.3.7.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.4.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.4.4.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.4.5.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.6.2. Market Revenue and Forecast, by Application (2016-2027)
10.4.6.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.7.2. Market Revenue and Forecast, by Application (2016-2027)
10.4.7.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.5.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.4.2. Market Revenue and Forecast, by Application (2016-2027)
10.5.4.3. Market Revenue and Forecast, by Marijuana (2016-2027)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.5.2. Market Revenue and Forecast, by Application (2016-2027)
10.5.5.3. Market Revenue and Forecast, by Marijuana (2016-2027)

Chapter 11. Company Profiles

11.1. Aurora Cannabis
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. GW Pharmaceuticals, plc.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Organigram Holding, Inc.
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Canopy Growth Corporation
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Maricann Group, Inc.
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Aphria, Inc.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Maricann Group, Inc.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. The Cronos Group
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Tilray
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. ABcannMedicinals, Inc.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
11.11. Lexaria Corp.
11.11.1. Company Overview
11.11.2. Product Offerings
11.11.3. Financial Performance
11.11.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions

Chapter 13. Appendix

13.1. About Us
13.2. Glossary of Terms

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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