Marijuana Market Expected to Reach USD 58.90 Billion by 2023 : Genesis Market Insights

GLOBAL MARIJUANA MARKET was valued at USD 17.18 Billion in the year 2017. Global Marijuana Market is further estimated to grow at a CAGR of 22.91% from 2018 to reach USD 58.90 Billion by the year 2023. North America region holds the highest market share in 2017 and also considered as the fastest growing market in the forecasted period. At a country level, developed markets like the U.S., Canada holds a substantial market share in 2017 and it is projected to grow at a gradual pace in the coming years.

Canopy Growth Corporation (Canada), Medical Marijuana, Inc. (U.S), GW Pharmaceuticals, plc (U.K), United Cannabis (U.S), Cannabis Sativa, Inc. (U.S), GreenGro Technologies (U.S), Aurora Cannabis (Canada), CannaGrow Holdings, Inc. (U.S), Cara Therapeutics (U.S), GBSciences, Inc. (U.S), Lexaria Bioscience Corp. (Canada), Aphria (Liberty Health Sciences) (Canada), are some of the key players in the Marijuana Market with Canopy Growth Corporation holding the significant market share because of its better global presence both at production and at an operational level. Rising research and development expenses to address the changing demand of end users. Similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of the top players in the last 5 years.

Drivers:

• Growing use of marijuana in the medical industry

Restraints:

• The stigma of marijuana in society

Opportunities:

• Increasing demand in healthcare and pharmaceutical industry

Challenges:

• Different government regulation in different countries

The Global Marijuana Market is segmented on the basis of product types, application, usage, and region. By Application, pain management is expected to hold the highest market share during the forecast period. On the other hand, by usage, medical usage holds the highest market and also considered as fastest growing with highest CAGR during the year 2018-2023.

Key Benefits for Stakeholders

• Marijuana Manufacturers, Marijuana Associations
• Research and Consulting organization, Medical Associations
• End-use industries.

By Product Type

• Oils
• Cream
• Tinctures
• Powder
• Pills
• Others

By Application

• Cancer
• Arthritis
• Alzheimer’s
• Pain Management
• Multiple Sclerosis
• Others

By Usage

• Medical Use
• Recreational Use

By Region

• North America
• Europe
• Asia-Pacific
• RoW

Key Market Players

• Canopy Growth Corporation
• GW Pharmaceuticals, PLC
• Medical Marijuana, Inc.
• United Cannabis
• Cannabis Sativa, Inc.
• GreenGro Technologies
• Aurora Cannabis
• CannaGrow Holdings, Inc.
• Cara Therapeutics.
• GBSciences, Inc.
• Lexaria Bioscience Corp.
• Aphria (Liberty Health Sciences)

About Us:

Genesis Market Insights (GMI), is a subsidiary of Genesis Management & Market Research Pvt.Ltd. (GMMR) having a strong experience both in primary and secondary market research serving small to large scale enterprises across globe. Established in 1993, GMMR has become a recommended brand for Market Research for various international and MNC Corporations with its strong data foundation. With its exhaustive research capabilities, strong analytics services and in house data validation tools, GMMR has delivered actionable, reliable and all-inclusive Market Research Reports. GMMR is growing strongly for last 2 decades with most of the clients providing repeat business for their trust on the data quality and recommendations for decision making.

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This release was published on openPR.