Published Date : 22, 2022
The global legal marijuana market size is expected to surpass around USD 65.1 billion by 2027 and is growing at a CAGR of around 17.8% over the forecast period 2020 to 2027.
The future holds great prospects for the marijuana products market owing to the rising legalization of marijuana across several countries around the globe. The interest in CBD (cannabidiol) produce is experiencing robust growth, which is thought to only increase over the years. Products ranging from balms and lotions in the topical group to beverages and edibles targeting wellbeing and health, the expanding assortment of cannabidiol products is presenting growth prospects for the industry.
The United Nations recently estimated that more than 180 million people globally between the ages of 15 and 64, or more than 4% of this age group, consume marijuana annually. Around 20 countries have executed medical cannabis regulations, including Australia, Canada, Colombia, and Germany; some nations without such regulations include China, Japan, and Russia, among others. Moreover, on July 6, 2016, Columbia made a historic move by lettering the 1787 bill into legislation. The main resolution of this law is to allow use of medicinal cannabis. Though, the lawmakers saw beyond only medical admittance for patients and shaped a legal outline that allows for the farming, abstraction, final produce manufacturing, and exportation of cannabis-based products.
A trend for the legalization of marijuana is being observed across several countries around the globe. It started with Uruguay, which was the very first country in the entire world to completely legalize cannabisback in the year 2013. After Uruguay, today several countries have legalized the usage of marijuana for medicinal as well as recreational usage, which is expected to fuel the growth for the legal marijuana market over the forecast period.
It has been more than one year after Canada decide to legally control cannabis for recreational usage, becoming only the second country in the world after Uruguay, and the first key G7 nationto do so. Although legal access to marijuana was previously available for medicinal purposes, this recorded a ground-breaking administrative shift away from the illegalization of the cannabis and the individuals who use it in a nation of approximately 40 million people. Till January 2019, on-line selling of cannabis for the recreational use was well ongoing across Canada, through the territorial or provincial administrations. Most of the provinces also maintain storefront operations selling marijuana, either functioned by the administration or private entities.
Scope of the Legal Marijuana Market
|Market Size by 2027||USD 65.1 Billion|
|CAGR||17.8% from 2020 to 2027|
|North America Market Share in 2020||85%|
|Chronic Pain Market Share in 2020||40%|
|Oil Segment Market Share in 2020||51%|
|Adult Use Segment Market Share in 2020||55%|
The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 85%. In the U.S., the medical use of marijuana is legalized in 33 states, four out of five permanently inhabited U.S. territories, and the District of Columbia. The recreational use of marijuana is legalized in several states such as Guam, the Northern Mariana Islands, the District of Columbia, Vermont, Oregon, Washington, Nevada, Michigan, Massachusetts, Maine, Illinois, Colorado, California, and Alaska. Another 15 states and the U.S. Virgin Islands have decriminalized.
Europe was the second prominent market majorly due to changes in the legalization of marijuana and increasing awareness regarding its medicinal use. The ‘Cannabis as Medicine’ Act passes by the German government in March 2017 formed a mechanism for quality-administered cannabis delivery, including domestic manufacturing. Patients for thoseall-othermedical care options have been used can get a medicinal prescription for dry cannabis flowers and excerpts of uniform quality at a drugstore. The prescription of cannabis formation is not limited to some specialists, nor is their usage limited to precise medical symptoms.
KEY MARKET PLAYERS AND STRATEGIES
The major companies operating in the worldwide legal marijuana are Canopy Growth Corporation, Lexaria Corp, Aphria, Inc., GW Pharmaceuticals, plc., The Cronos Group, Maricann Group, Inc., Aurora Cannabis, Organigram Holding, Inc., Tilray, and ABcannMedicinals, Inc. among others.
The competition among the existing players is extremely high due to limited availability of technology and other resources. The market is driven by research and development which requires heavy amount of funding, time, and skilled researchers.
COVID-19 PANDEMIC IMPACT ANALYSIS
Due to the outbreak of COVID-19, every business is getting hurt; however, marijuana industries face anexceptional set of tests. Commercial operations, customer behavior and finances will be examined more than earlier as businesses pursue to position them during coronavirus and ahead when the nation-wide lockdowns will ultimately ease. This pandemic is anprospect for many cannabis businesses to reorganize their business model from a customer, wholesale and enterprise level; eliminate inadequacies and review launch or enlargement plans.
Like many other areas, the marijuana industry is expected to lose certain revenue due to aspects like shop closings, interrupted supply chains, general financial slowdown, and constrained movement. The marijuana industry is being exceedingly affected by the present COVID-19 pandemic.
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