New York, NY, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Legal Marijuana Market by Type (Medical Marijuana and Recreational Marijuana), by Product Type (Buds, Oil, and Tinctures), and by Application (Chronic Pain, Mental Disorders, Cancer, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, the global legal marijuana market was valued at approximately USD 16,710 million in 2017 and is expected to generate revenue of around USD 62,964 million by the end of 2024, growing at a CAGR of around 21% between 2018 and 2024.
In ancient times, marijuana or cannabis was used as a medicine. The herb was prescribed for treating various medical conditions, such as asthma, birth labor, cough, migraine, insomnia, menstrual cramps, and withdrawal symptoms from opiate use. But, in the early twentieth century, marijuana was removed from the list of registered of medicines in the U.S. and was made illegal all over the world.
Browse through 54 Tables & 27 Figures spread over 110 Pages and in-depth TOC on “Global Legal Marijuana Market Size & Growth 2017 Analysis: Industry Share, Trends, Segments and Forecast, 2024”.
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Increasing international focus on the legalization of marijuana for medicinal and recreational purposes for various medical conditions is propelling the growth of the legal marijuana market globally. Moreover, huge private and public investments for research activities to develop safer forms of marijuana for consumption, such as oils, tinctures, and vapes, are projected to positively support this market’s growth. Countries such as the U.S. and Canada are rapidly endorsing the use of marijuana for recreational purposes. This is anticipated to shift the use of marijuana from medical to recreational purposes.
The legal marijuana market is segmented on the basis of type, product type, and application. Based on the type, the legal marijuana market is bifurcated into medical marijuana and recreational marijuana. The medicinal marijuana segment holds the larger share in the global legal marijuana market. Legalization of marijuana in several countries for numerous medical purposes, such as chronic pain, cancer, and multiple sclerosis, is fuelling the expansion of this segment globally. Moreover, increasing clinical trials and research on marijuana as a rising demand for cannabis for scientific use is estimated to further propel the growth of the global legal marijuana market over the forecast timeframe. Recreational marijuana segment is anticipated to register a significant growth rate over the forecast timeframe. Countries such as Uruguay and the U.S. have legalized marijuana for recreational uses, which further propels the growth of the legal marijuana market.
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By product type, the legal marijuana market is segmented into buds, oil, and tinctures. The buds segment accounted for the highest share in the global legal marijuana market in 2017 and is anticipated to remain dominant over the forecast period. The low price of buds as compared to extracts or derivates and the wide acceptability of buds are contributing to this segment’s high share in the global market. Moreover, increasing demand for buds for recreational purposes is anticipated to propel the growth of this segment in the future. The oil segment is projected to show a high growth rate over the forecast period.
Based on application, this market is divided into chronic pain, mental disorders, cancer, and others. The chronic pain segment accounted for the maximum share in the global market in 2017. The consumption of marijuana helps to enhance the quality of life by reducing pain. The mental disorders segment accounted for a substantial share in the global market. The rising prevalence of mental disorders and growing research activities for the use of marijuana for treatment purpose are propelling this segment in the market.
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North America accounted for the largest share in the global legal marijuana market in 2017. The U.S. accounted for the highest revenue share in the North American legal marijuana market in 2017. The rising prevalence of chronic diseases and increasing spending on pain management medication are propelling the demand for legal marijuana in North America. Moreover, on 17th October 2017, Canada legalized recreational marijuana. The license for growers will be issued by the federal government. Approximately, 22% of the Canadian adult population uses recreational marijuana occasionally and about 7% of the Canadian population consumes marijuana on a daily basis. Post-legalization, the consumption rate is expected to rise, which, in turn, will boost the growth of North American legal marijuana market.
Europe held the second position in the legal marijuana market globally in 2017 and is expected to occupy the first position in terms of revenue share in the global market. Legalization of marijuana for medical and recreational purposes is the major factor contributing to this market’s growth in the region. According to Cannabis Business Plans, in 2018, about six countries in Europe have announced medical legalization of marijuana. Countries such as Poland, Germany, and Italy are expected to emerge as robust markets for legal marijuana. Furthermore, the Czech Republic is expected to emerge as a major exporter of hemp, owing to lax laws.
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The Asia Pacific accounted for a smaller share in comparison to Europe and North America in the legal marijuana market, owing to less awareness about medical marijuana and slow marijuana legalization due to political issues.
Latin America and the Middle East and Africa are expected to show significant growth opportunities in the global market for legal marijuana. The low production cost of marijuana in Colombia and Uruguay as compared to countries in the western hemisphere is expected to propel the growth of these regions in the future.
Some of the leading players in legal marijuana market include Canopy Aphria, Inc., Aurora Cannabis, Growth Corporation, Tilray, Maricann Group, Inc., Meadow Care, Organigram Holdings, Inc., The Cronos Group, ABcann Medicinals, Inc., Folium Biosciences, Tikun Olam, IRIE CBD, Elixinol, Bhang Corporation, CV Sciences, and CBD American Shaman.
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This report segments the global legal marijuana market as follows:
Global Legal Marijuana Market: Type Segment Analysis
- Legal Marijuana
- Recreational Marijuana
Global Legal Marijuana Market: Product Type Segment Analysis
- Buds
- Oil
- Tinctures
Global Legal Marijuana Market: Application Segment Analysis
- Chronic Pain
- Mental Disorders
- Cancer
- Others
Global Legal Marijuana Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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