Legal Marijuana Market to Witness Numerous Opportunities for Multi-fold Growth Despite the Impact on its Supply Chain Amidst the Coronavirus Crisis in 2020; Market to Record a Notable CAGR During 2021-2028
Research Nester published a report titled “Legal Marijuana Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the legal marijuana market in terms of market segmentation by form, usage type, distribution channel, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The World Health Organization (WHO), in one of its statistics, stated that cannabis is consumed by about 2.5% of the world population (around 147 million individuals).
Driven by the medical benefits provided by marijuana, its consumption in several countries, such as the United States, Canada, Italy, and others, is increasing at a significant rate. Governments of these nations levy massive tax amount on the trade of nations and hence with the increase in its consumption, marijuana has become a source of massive tax revenue for the governments. On account of these factors, the legal marijuana market is anticipated to register a significant CAGR over the forecast period, i.e., 2021-2028.
The legal marijuana market is segmented by application into chronic pain, cancer, mental disorders, glaucoma and others, out of which, the chronic pain segment is anticipated to account for the largest market share over the forecast period. This growth can be attributed to the presence of numerous chemical compounds such as cannabinoids in marijuana which have the ability to alter pain perception pathways located in our brain. Moreover, marijuana provides several health benefits in treating various diseases such as AIDS, cancer, glaucoma, and others. The Food and Drug Administration (FDA) of the United States, in one of its statements in the year 2018, approved the use of Epidiolex (cannabidiol) oral solution for the treatment of two rare and severe forms of epilepsy known as Lennox-Gastaut syndrome and Dravet syndrome in patients aged 2 years and above.
On the basis of regional analysis, the legal marijuana market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in North America is anticipated to account for the largest market share over the forecast period owing to increasing legalization of marijuana in many countries such as the United States, Canada, and others for its medical benefits. Additionally, the rapidly increasing research and development activities in the region are estimated to increase the demand for legal marijuana over the coming years.
Ongoing Research and Development Activities on the Health Benefits of Marijuana to Drive the Market Growth
Marijuana is helpful in treating certain health conditions including arthritis, migraine, and other chronic pain disorders. It also minimizes the side effects of cancer treatment which includes loss of appetite, depression, and others. The WHO, in other statistics, stated that depression is a common neurological disorder that affected around 264 million people globally. Additionally, various organizations allocate a major part of their budget for the research and development of marijuana-based treatment for treating several health conditions including severe pain, arthritis, neurological disorders and others. These factors are estimated to create growth opportunities for legal marijuana market over the forecast period.
However, the high purchasing cost of legal marijuana and its long-term side effects on health are anticipated to hamper the market growth of legal marijuana over the coming years.
This report also provides the existing competitive scenario of some of the key players of the global legal marijuana market which includes company profiling of Auxly Cannabis Group Inc. (CVE: XLY), Organigram Holdings Inc. (TSE: OGI), CannTrust Ltd. (OTCMKTS: CNTTQ), HEXO Corp. (NYSE: HEXO), The Cronos Group (TSE: CRON), Aphria Inc. (TSE: APHA), Terra Tech Corp. (OTCMKTS: TRTC), Aurora Cannabis Inc. (TSE: ACB), Canopy Growth Corporation (TSE: WEED), and Tilray (NASDAQ: TLRY). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global legal marijuana market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.