Global Legal Marijuana Market 2019 Opportunities, Industry Trends, Size, Sales, Demand and Forecast to 2026
The global legal marijuana market was valued at USD XX billion in 2018 and is expected to reach USD XX billion in 2026, growing at a CAGR of 21.2% during the forecast period.
Legal marijuana market growth has risen income considerably for dispensary owners as well as breeders and governments. Furthermore, for recreational purposes, the growing popularity of legal marijuana increases market competition and business prospects for several suppliers. In some regions, legalizing medical marijuana and decriminalizing it has led to a major fall in the black market as individuals resort to legal cannabis purchases for both medical and recreational use.
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Medical marijuana legalization in developing nations and growth in the expenditure for the development of legal marijuana across the healthcare sectors to meet the successful remedy for the cure of dangerous diseases such as cancer and bones joints are expected to increase the demand for medical marijuana as a replacement for traditional medicines.
However, the development of this industry worldwide could be affected by rigorous regulatory and approval processes, complicated distribution channels and high product price. Vendors are introducing various products such as tablets based on marijuana and topical apps to boost marijuana sales. The key vendors are also engaged in developing cannabis-containing food products, which is the consumer's preferred mode of consumption.
In the global legal marijuana market, the high prices of legal marijuana and limited legalization of across the commercial sectors are expected to hamper the growth of the market during the forecast period.
Top Key Players
The major players operating in the global legal marijuana market are Aphria Inc. (Canada), MedReLeaf Corp. (Canada), Sprott Inc.(Canada), Scotts Miracle-Gro Co.(US), Canopy Growth Corp.(Canada), GW Pharmaceuticals PLC (UK), Aurora Cannabis Inc.(Canada), Insys Therapeutics Inc. (US) and CanniMed Therapeutics Inc. (Canada) among others.
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• Based on the product type, the concentrate segment is predicted to hold nearly 25% in the global legal marijuana market in 2018
• Based on the application, the cancer segment is expected to grow at the highest CAGR of around 28.5% in the global legal marijuana market
• In 2018, North America is expected to hold the highest market share of 46% in the global legal marijuana market
• In September 2018 Aphria Inc. has acquired LATAM Holdings. This acquisition would provide the business expansion across Colombia, Argentina, Jamaica, and Brazil in South America and the Caribbean.
• In October 2018, Canopy Growth Corporation's wholly owned subsidiary, Spectrum Cannabis (Canada), signed up a partnership agreement with the Ontario Long Term Care Association (OLTCA) for the Pilot cannabis study in Canada.
The demand from North America is anticipated to stay the highest and expected to register approximately 46% market share in 2018. The growth in the region is due to the existence of a big customer pool and the legalization of medical marijuana in the U.S. and Canada. However, legalization in European countries, accompanied by stringent sales and cultivation laws and regulations, may limit Europe's general development and, in turn, the worldwide market. North America represented the biggest share of the revenue in 2018.
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