A recent report published by Infinium Global Research on legal marijuana market provides in-depth analysis of segments and sub-segments in the global as well as regional legal marijuana market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional legal marijuana market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global legal marijuana market. According to the report, the global legal marijuana market is projected to grow at a CAGR of 28.09% over the forecast period of 2018-2024.
Marijuana is a psychoactive drug derived from the Cannabis plant. It is used for medical or recreational purposes. Medical marijuana is used to treat a number of medical conditions and recreational marijuana is the pot that is used without medical justification. Recreational marijuana usually has more THC content than the medicinal variety. Sinsemilla, hashish and hash oil are stronger forms of marijuana. Legal marijuana is usually smoked as a cigarette, but vaporizers infused with cannabis are also available. Vaporizers are discreet alternatives to avoid inhalation of the drug. Marijuana consumer experiences a feeling of joy and relaxation after the consumption of marijuana. In addition, an increase in sight, hearing, and taste perceptions are observed in the marijuana users.
The rising adoption of marijuana as a therapeutic and medicinal agent primarily drives the growth of the legal marijuana market. Marijuana in used in medical application such as chronic pain, cancer, and mental disorder. The rise in the number of cancer patients also boosts the legal marijuana market. In addition, the legalization of retail establishments and cafes for recreational marijuana is anticipated to drive the growth of the legal marijuana market. Marijuana is mixed with edible products such as cookies, brownies, and chocolates, are popular marijuana products among those who prefer not to smoke the product. Furthermore, the decrement in a number of young people who believe regular marijuana use is risky and the addictive potential of marijuana promotes the legal marijuana market growth. Legalization of marijuana is also anticipated to bridge a balance between suppliers and demand. The growth of the legal marijuana market is anticipated to create employment and tax revenues to a nation. However, the ill-effects of marijuana on the human body hampers the growth of this market. Moreover, legalization of marijuana creates easy access to marijuana for research activities and this is expected to pave way for the development of medically beneficial marijuana products.
Among the regions, North America reigns the legal marijuana market. In the U.S., around 30 states have legalized marijuana that has provided access to legal recreational marijuana to more than half the U.S. population. The rise of retail distributors and marijuana cafes also contributes to the growth of the legal marijuana market in this region. Among the North American countries, U.S. is the largest legal marketplace while Canada is the second and largest country with nationwide legal recreational marijuana. Additionally, the growing awareness about the medical benefits of marijuana drives the market growth in this region. In the Asia-Pacific region, the legalization of marijuana for medical purposes in South Korea, Thailand and Malaysia is expected to contribute to the growth of legal marijuana.
The report on global legal marijuana market covers segments such as product type, application, and type. On the basis of product type, the sub-markets include buds, tinctures, and oil. On the basis of application, the sub-markets include mental disorders, chronic pain, cancer, and other diseases. On the basis of type, the sub-markets include medical, and recreational.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in this region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China.
The report provides profiles of the companies in the market such as Canopy Growth Corporation, Aurora Cannabis, Maricann Group, Inc., Aphria, Inc., The Cronos Group, Tilray, ABcann Global Corporation, Organigram Holdings, Inc, and Tikun Olam.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of legal marijuana market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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