Legal Marijuana Market Growth and Forecast, 2014 – 2025 : Million Insights
Legal Marijuana Market is anticipated to reach 146.4 billion by end of 2025. The market is anticipated to grow at a healthy rate in the years to come. Robust demand among consumers and growing legalization of recreational and medical marijuana in numerous economies, rising investments by the public and private sector, research and development activities, innovations of safer means for the consumption of marijuana including oils, vapes, tinctures, and other edibles are driving the market.
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Also, increasing number of conditions treated for the usage of medical marijuana and expansion of the patient base across the globe, rise in the adoption rates of marijuana in varied medical applications ranging from cancer, mental disorders, to chronic pain are likely to foster the growth. The market is anticipated to grow at a significant CAGR of 34.6% in the upcoming period as the scope, product types and its applications are increasing across the globe.
Legal marijuana industry may be explored by type, product, applications, and geography. The market may be explored by type as Medical, and Recreational. The “Medical” segment dominated the legal marijuana market in 2016 and is anticipated to maintain its dominance by 2025 due to the fact that several countries have approved hemp products for cancer-induced nausea, chronic pain, and multiple sclerosis. “Recreational” segment is anticipated to record the highest CAGR over the forthcoming period.
Legal marijuana industry may be explored by product as Oil, Tinctures, and Buds. In 2016, Bud dominated the market. The factors that contribute to the market growth include widespread acceptance of buds and their low cost as compared to extracts or derivatives. These buds are extensively used for smoking and are in high demand for entertainment.
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Legal marijuana market may be explored by Applications as Mental Disorders, Chronic Pain, Cancer, and Others. The “chronic pain” segment dominated the legal marijuana industry in 2016 and is anticipated to maintain its dominance by 2025 due to facts that cannabis help to decrease pain and increase lifespan among patients suffering from chronic pain. However, “Chronic pain” segment is followed by the “Metal disorder” segment and anticipated to record the highest CAGR in the years to come.
North America accounted for the major share of the global Legal Marijuana Market Size Analysis in 2016 and will continue to lead in the forecast period North America is followed by Europe and Asia-Pacific and it is anticipated to record at the highest CAGR in the forecast period.
Some of the key players that fuel the growth of the legal marijuana industry include Aphria, Inc.; Aurora Cannabis; Canopy Growth Corporation; Maricann Group, Inc.; The Cronos Group; Tilray; Organigram Holdings, Inc.; Tikun Olam, and ABcannMedicinals, Inc.;The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.