The global 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.
North America likely to dominate the legal marijuana market (in terms of value and volume both) and is estimated to reach the market share of USD 1.6 billion by the end of 2017. The consumption of legal marijuana from RoW is projected to witness a high growth rate of 15.94% during the given period owing to the increasing consumption of legal marijuana in Turkey, Australia, Argentina, and the Philippines. Continuous research on the marijuana spices to bring out value-added products from cannabis strains have been contributing to the growth of the legal marijuana market from the past few years.
By type, Sativa is projected to dominate the market with over 50% share of the global market. Sativa helps in uplifting the emotions and energizes the body. Thus it is stimulating better functioning, which is increasing the inclination of medical professionals towards this strain and boosting the demand for Sativa in the global market.
Based on the application, medicinal use of legal marijuana is dominating the market by holding 67.2% share of the global market. However, increasing awareness of benefits from legal marijuana healing skin conditions, reducing body fats, and others are gaining popularity among the population and boosting other uses segment at a growth rate of 13.08%.
Key Players:
Some of the leading players in the global legal marijuana market: 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.)
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 As per the MRFR analysis, the global market for legal marijuana market is expected to witness continuous growth during the forecast period owing to its legal acceptance in various countries followed by increasing application of legal marijuana in medicinal use. In terms of value and volume, North America is estimated to dominate the legal marijuana market holding the highest share of over 85%. Also, Europe is projected to grow at a rate of 14.23%
