Legal, Medical and Recreational Marijuana Market size was estimated at $20,903.7 Million in 2019 and is expected to reach $66,984.3 Million by 2027, growing at a CAGR of 18.1% during the forecast period of 2020 to 2027.
Medical and Recreational Marijuana Market Growth Factors
With the surge in the number of countries that are legalizing marijuana as well as growing number of applications that it entails, the market is expected to see multifold growth in the forthcoming years, potentially, about 73.6 billion dollars by 2027.
The use of marijuana for medical purposes is accelerating worldwide due to the recent legalizations in numerous countries in the west. Medical Marijuana is used for the treatment of deadly diseases like cancer, arthritis as well as neurological ailments like anxiety, depression, and Alzheimer’s. Such a high ranging arena of application is considered a key factor for product demand.
The widespread roots of cancer are considered as one of the factors accelerating the demand for legal marijuana. As per the World Health Organization (WHO), cancer is the second biggest cause of death in the world. Additionally, the unbearable ailment of chronic pain and significant side effects associated with other drugs triggers the demand for medical marijuana, which helps greatly in pain management.
There has been a progressive campaign in the west to legalize marijuana for not just medicinal but also for recreational uses. More tax revenues, job opportunities as well as investment opportunities, all are big contributors to legalize marijuana as well as push up the demand for the product for recreational use. Recreational marijuana’s therapeutic abilities call for a potential consumer-based market worldwide.
Some countries are against changing the legal status of marijuana because it means a disturbance to the status quo. But such pushback has led to the use of marijuana for recreational purposed through the rise of black markets. In hindsight, as more and more countries come up to individually legalize marijuana-use for medical as well as recreational purposes the market demand is only set to see ample rise in the upcoming years.
Medical and Recreational Marijuana Market Segmentation
Medical and Recreational Marijuana Market Country Analysis
The legal medical and recreational marijuana market was worth $17.7 billion in 2019 and is projected to expand at an annual growth rate of 18.1% during the forecast period (2020-2025). North America dominates this market with a revenue share of up to 88.4%. Favorable government regulations coupled with the legalization of marijuana for medical and recreational purposes in Canada and the U.S. have accelerated market growth in the region. Emerging markets for marijuana include Germany, Uruguay, Australia, Colombia, and Israel. These markets, particularly Israel, are leading in providing cutting-edge technology for increasing yields and growing new strains to other global markets. Significant participants in the legal medical and recreational marijuana market include Canopy Growth Corporation, Aurora Cannabis, and GW Pharmaceuticals, plc.
Medical and Recreational Marijuana Market Share and Competition
Major key leaders that are supplying legal marijuana are Scotts Miracle Gro., Privateer Holdings, GW Pharmaceuticals, Eaze. These multinational companies are holding about 90% of the supply of marijuana supply in the marijuana-legalized countries and states. ArCanna, a medical marijuana provisioning center for patients, has been inaugurated in Ionia at 29 Bearshley Road, on 29 June 2020. ArCanna was founded by David Bye along with Nicholas Nover and Dean St. Peter. The Co-founder of the provisioning center in opened Ionia, David Bye, has thanked the city, saying, “They’ve been beyond warm and welcoming to us. We couldn’t have asked for anything more.” ArCanna was founded by David Bye along with Nicholas Nover and Dean St. Peter.
JP Market & Deli, a Star City based convenience store founded by Joe Pelkey and Chase Norton, have announced that they will be rebranding their shop, turning it into a supplier of medical marijuana, on 29 June 2020. The founders named the new medical marijuana supplier ‘Star City Wellness’ and have recently got the approval from city officials. On this account, Pelkey said, “We are not folding, we are just changing with the times.”
Report Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2020 – 2027)
• Data breakdown for every market segment (2020 – 2027)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2020 - 2027)
• Flowers/Buds
• Concentrates
Application Analysis (Revenue, USD Million, 2020 - 2027)
• Medical
• Recreational
• Edibles
• Topicals
• Industrial Hemp
Region Analysis (Revenue, USD Million, 2020 - 2027)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of World
Medical and Recreational Marijuana Market Companies
• Aurora Cannabis
• Aphria Inc.
• Canopy Growth Corporation
• MedReleaf Corp.
• Cronos Group Inc.
• GW Pharmaceuticals, plc.
• CannTrust Holdings Inc.
• VIVO Cannabis Inc.
• Tilray
• OrganiGram Holdings
Available Versions:-
The United States Medical and Recreational Marijuana Industry Research Report
Europe Medical and Recreational Marijuana Industry Research Report
Asia Pacific Medical and Recreational Marijuana Industry Research Report