Major factor driving growth of the global legal marijuana market is its application on a large scale in medical sector for treatment of various chronic diseases such as cancer AIDS, ALS, etc. In addition, legalization of marijuana in developed countries is expected to support growth of the global legal marijuana market.
On the basis of type, the market is segmented into medical and recreational. The medical segment is estimated to dominate the global market. Various countries have legalized hemp products as treatment options for conditions such as multiple sclerosis, cancer-induced nausea, and chronic pain. The recreational segment is projected to register highest CAGR over the forecast period.
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On the basis of application, the market is segmented into chronic pain, mental disorder, cancer, others. The chronic pain segment is estimated to dominate the global market. This can be attributed to cannabis helps to reduces pain and in turn enhances quality of life among patients suffering from chronic pain. The mental disorder segment is projected to register highest CAGR over the forecast period.
On the basis of region, the global legal marijuana market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa
The market in North America is expected to account for largest share in the global market in terms of revenue, owing to legalization of marijuana in developed countries, use of marijuana in illicit drugs and pharmaceutical sector, and presence of prominent players operating in this region. The market in Europe is expected to account for second-largest revenue share in the global market. The market in Asia Pacific is projected to register highest CAGR in terms of revenue over the forecast period, owing to increasing government expenditure on healthcare sector in emerging countries in this region.
Key players operating in the global legal marijuana market include Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis Inc., Maricann Group, Inc., Tilray, The Cronos Group, Organigram Holdings, Inc., ABcann Medicinals, Inc., and Tikun Olam