Rising number of countries legalizing use of cannabis and increasing changes in government policies in order to support use of cannabis for medicinal use are key factors driving market growth
The global legal marijuana market size is expected to reach USD 98.57 Billion in 2028 and register a CAGR of 22.4% over the forecast period, according to the latest report by Reports and Data. Various countries across the globe have legalized cannabis, this coupled with increasing changes in government policies to support use of cannabis for medicinal use are some key factors expected to drive market revenue growth over the forecast period. In addition, rising number of research and development and clinical trial activities in the field globally is expected to contribute to revenue growth of the market going ahead.
Marijuana usage as a recreational use is banned in in various countries worldwide. As a result of long-fought legalization initiatives, several countries including Uruguay and Canada, and various states in the United States, already had legalized the cultivation, sale, and use of marijuana for medicinal and recreational uses. Increasing cannabis legalization could have a diverse range of effects on society and economy of countries where it is legal. Marijuana legalization enables the government to control production and sales on an application basis, ensuring that cannabis industry contributes to GDP of the country. Marijuana consumers now consider purchasing cannabis more frequently following legalization than before. Simultaneously, more customers are considering purchasing recreational marijuana more frequently. Additionally, recreational marijuana businesses’ R&D activities are expected to increase as the number of countries which have legalized marijuana continue to rise, thereby, bolstering legal marijuana industry growth. However, high risk of respiratory problems and cognition-related effects are expected to restrain market growth to a certain extent over the forecast period.
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Growth in the historic period resulted from the rapid growth in the elderly population, strong economic growth in emerging markets, decline in oil prices, and health insurance reforms globally. Factors that negatively affected growth in the historic period were low healthcare access, shortages of skilled human resources, difficulty in manufacturing biologics, and regulatory changes.
Going forward, faster economic growth, technological developments and the increasing prevalence of diseases due to rising busy and sedentary lifestyles will drive the growth. Factors that could hinder the growth of this market in the future are rising interest rates, increasing awareness of alternative therapies and natural remedies, government provisions in healthcare services, and stringent government regulations.
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North America is the largest market for healthcare, followed by Asia-Pacific, Western Europe and then the other regions. Due to favorable regulations and policies in these regions, healthcare industry is rapidly growing. As the market in developed countries is nearly saturated, market players have shifted their focus toward the developing regions, especially the emerging economies of Asia Pacific.
Some Key Highlights from the Report:
Top companies operating in the market and profiled in the report include:
CanniMed Therapeutics Inc., Canopy Growth Corporation, Cannabis Sativa, Inc., GW Pharmaceuticals Plc, Aphria Inc., Medical Marijuana, Inc., Lexaria Corporation, OrganiGram Holdings Inc., Tilray Inc., and Cronos Group Inc.
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Further, the report segments the Legal Marijuana market on the basis of product types, applications, end-use industries, and technology among others. The report offers insights into key factors influencing the revenue growth of the segment and provides information about lucrative investment opportunities to stakeholders, investors, and clients.
Legal Marijuana Market Segmentation:
Product Type Outlook (Revenue, USD billion; 2018-2028)
Strain Outlook (Revenue, USD billion; 2018-2028)
Application Outlook (Revenue, USD billion; 2018-2028)
Species Outlook (Revenue, USD billion; 2018-2028)
Regional Analysis covers:
· North America
o Rest of EU
· Asia Pacific
o South Korea
o Rest of APAC
· Latin America
o Rest of Latin America
· Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of MEA
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