Global Legal Marijuana Industry size might witness immense growth with USD 32.34 Billion as per Market Research Future. This marks an impressive market growth compared to the 2019 growth estimates owing to the impact of the COVID-19 pandemic in the initial half of 2020. Moreover, balanced growth is anticipated to persist throughout the forecast period from 2019 to 2024, and the market might grow at a CAGR of 4.11%.
Legal Marijuana Market—Boomers & Decliners
On the flip side, the pandemic stress has negatively affected the Legal Marijuana Market that resulted in 2020. Based on the existing situation, it is estimated that the market will recover by Q3/Q4 in 2024 and would witness exponential growth by the year 2024—analysis year. The factor hit the market growth are illegally selling marijuana and swell use of marijuana for recreational activities is predicted to be the most significant restraints for the legal marijuana market during COVID-19 pandemic. The rising number of clinical trials with marijuana to treat neuropathic and chronic pain is other key indicators which might create additional investment opportunities for the in the analysis period.
Companies in commission in the Legal Marijuana Industry are Aurora Cannabis (Canada), Canopy Growth Corporation (Canada), Terra Tech (US), VIVO Cannabis Inc (Canada), APHRIA Inc. (Canada), Medical Marijuana, Inc. (US), TIKUN Olam (US), Tilray Inc (Canada), Organigrams Holding Inc. (Canada), STENOCARE A/S (Denmark), MARICANN Group Inc. (Canada), and HEXO (Canada).
The global Legal Marijuana Industry studied under the segments such as form and applications.
The market by the segment of the form includes oils, buds, and others.
The market by the segment of applications has included pharmaceuticals and recreational.
Regionally, North America grabbed the leading revenue share that was 88.4% in 2019, owing to the escalating legalization of medical marijuana and liberalism of government regulations regarding the same. The legalization of medical marijuana in regions such as Israel, Canada, and some countries in Europe and South America, owing to its various therapeutic applications might also promote the growth in positive ways. Moreover, the modern legalization of marijuana for medical purposes in countries like Germany, Australia, and Poland might also create lucrative opportunities for market stakeholders in the analysis timeframe.
Asia Pacific region is also expected to witness the maximum growth rate over the assessment period. In Asia Pacific legalization of marijuana is often viewed with skepticism and is often linked with abuse in India. However, in the current past, particularly in Asia Pacific countries, there has been a considerable growth in voices advocating Legal Marijuana. According to some supporters, Legal Marijuana will, in turn, result in people practicing safe substance usage and will augment the entire medical application portfolio of the product. All these factors are expected with a significant relaxation of use as well as sales in APAC in the next few years.
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