NEW YORK, July 9, 2019 /PRNewswire/ The global legal marijuana market size is expected to reach USD 66.3 billion by the end of 2025. It is anticipated to expand at a CAGR of 23.9% during the forecast period. Increasing legalization and use of marijuana in medical as well as recreational applications is expected to promote the growth.
Growing adoption of cannabis as a pharmaceutical product for treating severe medical conditions, such as cancer, Parkinson’s disease, Alzheimer’s disease, arthritis, and other neurological conditions is anticipated to drive demand for medical marijuana in the forthcoming years. Increasing need for pain management therapies and growing disease burden of chronic pain among elders is also expected to boost demand.
Legalization of medicinal marijuana and decriminalization in some countries has led to a significant decrease in the black market, as people are resorting to legally purchasing cannabis for medicinal as well as recreational use.Moreover, government earnings through taxation is further viewed as an opportunity for countries to earn revenues.
Presence of a large customer pool and legalization of medical marijuana in U.S. and Canada is expected propel the product demand from North America.
However, legalization of medicinal cannabis in European countries, accompanied by stringent rules and regulations regarding the product sale and cultivation may limit the overall growth in Europe and in turn for the global market. Other promising markets for Cannabis are Australia, Germany, Poland, Colombia, Uruguay, and Israel.
Israel is currently at the forefront of providing technology and knowledge transfer to the other world markets. As the newer markets such as the U.K. and Thailand create their legal structure for cannabis, the revenue growth is expected to witness significant growth. Moreover, countries like South Africa and New Zealand are discussing legalization for medicinal marijuana and may emerge as viable markets in the forthcoming years.
Further key findings from the report suggest:
• U.S. legal cannabis market was valued USD 11.9 billion in 2018 and is anticipated to expand at a CAGR of 24.1% from 2019 to 2025
• Medical cannabis held the largest market share in 2018 and is estimated to be expand at a CAGR of 12.7% by 2025 owing to increasing of marijuana for the treatment of cancer and other medicinal conditions
• By product type, buds segment accounted for a significant market share in 2018 and is expected to expand at a CAGR of 20.6% from 2019 to 2025
• Key players operating in the legal cannabis market include Aurora Cannabis; Canopy Growth Corporation; Maricann Group, Inc.; GW Pharmaceuticals, plc.; Aphria, Inc.; Tilray; The Cronos Group; ABcann Medicinals, Inc.; Lexaria Corp.; and Organigram Holding, Inc.
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