The global legal marijuana market is estimated to arrive at USD 70.6 billion by 2028. It is projected to develop by 26.7% CAGR from 2021 to 2028.
Augmented corroboration of marijuana for adult-use as well as medicinal purpose plus the rising acceptance of these products, used for the curing of chronic ailments are the input factors, powering the market for legal marijuana.
On account of the elevated demand between the patients and millennial who do not meet the requirements for medicinal cannabis, the adult-use section held 54.6% revenue share and led the market, in 2020. It is projected to enlarge by a major CAGR, during the forecast period.
As contrast to the adult use of marijuana, due to the legalization in diverse markets, medical marijuana is likely to develop by a constant speed, all through the forecast period.
The oil section held the major revenue share of the legal marijuana market, on the basis of product type, in 2020. By means of its prosperous remedial possessions in addition to the growing patient populace, the governments of numerous nations are either endorsing or legalizing its use. This is anticipated to increase the expansion of the oil section.
The chronic pain sector held the biggest revenue share, of the market in 2020, because of the growth in alertness as well as an increase in communal recognition of the remedial usage of cannabis.
The mental disorder section is expected to observe the highest development during the forecast period, due to the increasing patient populace stricken by anxiety and stress.
North America held the major, 79.6% revenue share of the global legal marijuana market in 2020, because of the first legalization of leisure as well as medicinal cannabis, within the region plus the huge customer group.
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Further key findings from the report suggest:
• Due to the greater number of persons stricken by a variety of mental complaints, on the basis of medical application the mental disorders section is projected to observe the highest enlargement, during the forecast period
• The adult-use sector held the principal, 54.6% share of the market in 2020 on the basis of marijuana type, due to the greater demand between patients and millennial who do not meet the requirements for medicinal cannabis
• The oil product type sector held the major, 51.1% revenue share in 2020, because as contrast to other products small price in addition to easiness of accessibility of flowers
Million Insights segmented the global legal marijuana market based on Medical Application, Product Type, Marijuana Type, and Region.
Legal Marijuana Type Outlook (Revenue, USD Million, 2014 - 2028)
• Adult Use
Legal Marijuana Product Type Outlook (Revenue, USD Million, 2014 - 2028)
Legal Marijuana Medical Application Outlook (Revenue, USD Million, 2014 - 2028)
• Chronic Pain
• Mental Disorders
Legal Marijuana Regional Outlook (Revenue, USD Million, 2014 - 2028)
• North America
• Czech Republic
• Asia Pacific
• New Zealand
• Latin America
• Middle East & Africa
Various companies for legal marijuana market are:
• Organigram Holding, Inc.
• The Cronos Group
• Aurora Cannabis
• Lexaria Corp.
• Maricann Group, Inc.
• ABcann Medicinals, Inc.
• Aphria, Inc.
• Canopy Growth Corporation