PUNE, India, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The Legal Marijuana - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Legal Marijuana Market was worth US$ 15.5 billion in 2019 and is expected to reach US$ 93 billion by 2030 at a CAGR of 17.8%. Marijuana is also termed as Cannabis, can be defined as a psychoactive drug made from an Indian hemp plant called Cannabis plant, is primarily used for recreational and medical processes. Since last few years legalization of using Marijuana for various medical processes is gaining momentum. This is expected to drive the growth of global market significantly. Marijuana is used to treat several medical concerns including a range of neurological conditions like epilepsy, depression, anxiety, chronic conditions such as arthritis, cancer, Alzheimer’s and Parkinson’s diseases. However, FDA has approved its use only for two form of epilepsy including Lennox-Gastaut syndrome and Dravet Syndrome.
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Legalization of Marijuana in Various Continents
Marijuana is largely being adopted owing to its wide range of applications in medical sector. This is leading to legal approval for its use in specific applications. In 2017, Germany legalized the use of marijuana for medical treatments. Similarly, in October 2018, Canada gave green signal for its recreational use. More than two third states in United States have legalized the use of Marijuana. As per the studies, around 33 states in U.S. have already legalized its use for medical purposes and 10 states have approved its recreational use.
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High Prevalence of Targeted Diseases Around the Globe
The number of cancer patients is increasing rapidly which is anticipated to bode well with the growth of legal marijuana market. For instance, as per a study conducted by International Agency for Research on cancer, cancer is among the top causes for mortality. In 2018, more than 18.1 new cases of cancer patients got registered and caused more than 9.5 million deaths worldwide. Moreover, side effects associated with opioid usage and growing burden of chronic pain is expected to influence the growth of global market during the period of research study.
Based on Product Type, Buds is Projected to Dominate the Global Market Throughout the Forecast Period
Based on product type, buds segment accounted for highest revenue in 2019 and projected to maintain its dominance throughout the forecast timespan. Among all the types, buds are highly adopted for treatment of Alzheimer’s disease. Buds are also used to reduce growth of cancer severity and alleviate chronic pain. Furthermore, oils segment is expected to grow at a highest CAGR. The growth of the segment can be attributed to advantages associated with cannabis oils. Cannabis oils alleviate anxiety, stress, and improve sleep. Also, it is used for treatment of nausea and cancer. However, the legalization of oils differs from country to country.
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Mental-Disorder is Expected to Register Fastest Growth
On the basis of application, mental-disorder segment is projected to witness highest growth during the forecast timespan. This is mainly due to growing number of patients suffering form various forms of mental disorder such as PTSD, depression, anxiety, and epilepsy. According to WHO, in 2019 more than 264 million people worldwide were suffering from depression and around 50 million epilepsy cases were registered globally. Additionally, significant clinical evidence for medical marijuana on mental disorders such as multiple sclerosis, Post-Traumatic Stress Disorder (PTSD), bipolar disorder, epilepsy, Parkinson’s disease is expected to fuel the segment growth during the period of research study.
North America Accounted for Highest Market Share Making it the Dominant Region in Global Market
By geography, the global market is dominated by North America owing to supportive and liberal government regulations in the region. In 2019, District of Colombia, territories of Guam, Puerto, and 33 states have approved the use of marijuana. Moreover, in 2018, the U.S. Government issued the Farm Bill with legalization of hemp and hemp-based products. These all factors are anticipated to favor the regional growth. Furthermore, Europe is anticipated to witness gradual growth as the country is accompanied by stringent government rules and regulations regarding the cultivation and sale of marijuana. Other potential markets for marijuana include Israel, Australia, Uruguay, Germany, Colombia, and Poland. Also, New Zealand and South Africa are into the discussion phase for legalization of marijuana which is a positive indicator for the market growth in forthcoming years.
Some of the major players involved in the global Legal Marijuana Market include Lexaria Corp, Canopy Growth Corporation, GW Pharmaceuticals, plc., Aphria, Inc., ABcann Medicinals, Inc., Aurora Cannabis, Organigram Holding, Inc., Maricann Group, Inc., The Cronos Group, and Tilray.
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