The global legal marijuana market size is expected to reach USD 73.6 billion by 2027, according to a new report published by Grand View Research, Inc. It is anticipated to expand at a CAGR of 18.1% during the forecast period. The increasing legalization of cannabis for medical as well as adult-use is expected to promote growth.
On the basis of type, the medical segment held the leading revenue share of 71.0% in 2019, owing to the growing adoption of cannabis as a pharmaceutical product for treating severe medical conditions, such as cancer, arthritis, and Parkinson’s disease, and Alzheimer’s disease among other neurological conditions. Moreover, the increasing need for pain management therapies along with the growing disease burden of chronic pain among elders is expected to boost the product demand.
Based on product type, the legal marijuana buds segment accounted for the largest market share in terms of revenue and was valued at USD 9.1 billion in 2019. Buds are primary plant products and are readily available without any processing, which makes them relatively affordable for low-income patients. Moreover, the rapid onset of action of smoking buds compared to other types is anticipated to further fuel the segment growth.
Based on medical applications, the chronic pain segment dominated the legal marijuana market in 2019 owing to the presence of a large patient pool. On the other hand, mental disorder application is expected to witness the fastest growth over the forecast period owing to the growing number of patients suffering from mental disorders, such as anxiety disorder, depressions, and Alzheimer’s disease.
Based on geography, North America held the largest revenue share at 88.4% in 2019, owing to the increasing legalization of medical marijuana and liberalism of government regulations regarding the same. The legalization of medical cannabis in Canada, Israel, and some countries in Europe and South America owing to its multiple therapeutic applications is expected to promote growth. Moreover, the recent legalization of cannabis for medical purposes in countries like Australia, Germany, and Poland is expected to create lucrative opportunities for market stakeholders.
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Further key findings from the report suggest:
Based on marijuana type, the medical segment held the largest market share of 71.0% in 2019 owing to the increasing use of the product for the treatment of cancer and other medical conditions
By product type, the buds segment holds the largest market share in 2019 with a revenue of USD 9.1 billion owing to the easy availability of buds than other products
Key players operating in the legal marijuana market include Aurora Cannabis; Canopy Growth Corporation; Maricann Group, Inc.; GW Pharmaceuticals, plc.; Aphria, Inc.; Tilray; The Cronos Group; ABcann Medicinals, Inc.; Lexaria Corp.; and Organigram Holding, Inc.
Grand View Research has segmented the global legal marijuana market based on marijuana type, product type, medical application, and regional outlook:
Legal Marijuana Type Outlook (Revenue, USD Million, 2016 - 2027)
Legal Marijuana Product Type Outlook (Revenue, USD Million, 2016 - 2027)
Legal Marijuana Medical Application Outlook (Revenue, USD Million, 2016 - 2027)
Legal Marijuana Regional Outlook (Revenue, USD Million, 2016 - 2027)
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