Legal Marijuana Market has witnessed constant demand during the last few years and is projected to reach USD 4.69 billion at a CAGR of 22.03% by 2022. Many health benefits associated with marijuana is increasing its application in the medical sector. The demand for legal marijuana is increasing for recreational activity, which is driving the growth of the market. Furthermore, high consumption in North America, mainly in the U.S. and Canada, has been influencing the market growth from the last few years.
The North American Legal Marijuana Market is projected to reach USD 3.6 billion at a CAGR of 20.8% by the end of forecast period. In North America, legal marijuana is majorly consumed in the U.S. and Canada. North America alone captures 58% market share followed by Canada in the year 2016.
Increasing legalization of marijuana in different countries is encouraging the growth of legal marijuana market. Thus, the application of legal marijuana in medical sector is witnessing a rapid growth at a global level. Moreover, marijuana oil and hemp seeds are now also being used in personal care products and are found to heal skin conditions including psoriasis, skin rashes, and eczema, which is adding fuel to the growth of the legal marijuana market.
Based on the type of the legal marijuana, sativa is dominating the market holding a global market share of 56.3% and is expected to grow substantially over the forecast period. However, Indica segment is expected to account for a steady growth in the legal marijuana market over the forecast period 2016-2022. Researchers are taking efforts to bring out value added products from the cannabis strains, which is contributing in the growth of legal marijuana market. Increasing awareness of the health benefits associated with the legal marijuana is propelling the growth of this market.
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Major Key Players:
This report includes a study of strategies such as mergers, acquisitions, and product launches by the major legal marijuana market players. It further includes product portfolios, developments of leading players, which includes
- Medicine Man (U.S.)
- AmeriCann, Inc. (U.S.)
- Novus Acquisition & Development (U.S.)
- Abattis Bioceuticals Corp (Canada)
- GW Pharmaceuticals (U.K.)
- Canopy Growth (Canada)
- Insys Therapeutics (U.S.)
- Legal marijuana manufacturers
- Pharmaceutical Industry
- Personal care products manufacturers
- Traders, importers and exporters
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- Global legal marijuana market is projected to reach USD 4.69 billion by 2022 at a CAGR of 22.03%
- RoW likely to experience the highest growth at a rate of 30.18% during the given forecast period majorly in Australia, Turkey and Argentina
- Sativa has a market share of over 50% in the legal marijuana market
This Market Research Report further provides an insight on various levels of analysis such as industry analysis, market share analysis as well as leading market players and their profiles. This report also helps in studying target consumer segments by providing views on emerging and high-growth segments and market size. Together the market data comprise and discuss basic valuations on the competitive scenarios and strategies of the North America legal marijuana market including high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides views of historical market values as well as pricing and cost analysis of the same.
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