London, July 31, 2019 (GLOBE NEWSWIRE) -- According to a new market research report “Legal Cannabis Market by Product Type (Buds, Cannabis Extracts), Species (Sativa, Indica), Strains (THC, CBD), Purchase Channel, Application (Medical, Recreational), End-Use Industries, and Geography - Global Forecast to 2025”, published by Meticulous Research®, the global legal cannabis market will grow at a CAGR of 28.3% from 2019 to reach $75.6 billion by 2025.
The overall legal cannabis market is mainly driven by growing legalization of cannabis across the globe, widening medicinal applications of cannabis, rising geriatric population who need treatment for chronic diseases, and growing use of advanced techniques in cannabis cultivation. However, high cost and strict rules and regulations regarding production, distribution, sales, and possession of legal cannabis obstruct the growth of this market to some extent.
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The global legal cannabis market is mainly segmented by product type, species, strains, purchase channel, application, end-use industries, and geography. Based on product type, the global legal cannabis market is segmented into buds/ cannabis flower and cannabis extracts. Buds/ cannabis flower product segment is estimated to command the largest share of the overall legal cannabis market in 2019. The large share of this segment is mainly attributed to the presence of large number of tobacco smokers; however, cannabis extract market is expected to witness a rapid growth during the forecast period.
On the basis of strains, the overall legal cannabis market is segmented into three major segments, namely THC-dominant, CBD-dominant, and Balanced THC and CBD. With the wide-range medicinal properties such as analgesic, antianxiety, antibacterial, anticancer, antidepressant, antiemetic, anti-inflammatory, antinausea, and antispasmodic; THC-dominant segment is estimated to account for the largest share of the overall legal cannabis market in 2019.
Amongst all the legal cannabis applications, the medical applications segment accounted for the largest share of the overall legal cannabis market. The large share of this segment is attributed to increasing demand of cannabis for relieving pain in various health conditions such as cancer, AIDS, seizures, and other diseases; and growing research on medicinal cannabis across the globe. However, recreational application segment is expected to witness a rapid growth during the forecast period, primarily due to growth in number of consumers after legalization and growing trend of consuming cannabis as a substitution to alcohol.
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Geographically, the global legal cannabis market is segmented into North America (U.S., Canada), Europe (Germany, France, Italy, Spain, The Netherlands, RoE), Asia-Pacific (Australia, South Korea, RoAPAC), Latin America (Argentina, Columbia, Uruguay, RoLATAM), and Middle East and Africa (South Africa, Israel, Rest of Middle East and Africa). The North America accounted for the largest share of the global legal cannabis market mainly due to legalization of cannabis, technological advancements in production, large base of potential consumers, rising acceptance towards cannabis use for both medical and recreational purposes, and increasing investment from leading players.
The key players operating in the global legal cannabis market are Canopy Growth Corporation (Canada), Aphria, Inc. (Canada), Aurora Cannabis Inc. (Canada), Maricann Group, Inc. (Canada), Tilray, Inc. (Canada), Cronos Group Inc. (Canada), OrganiGram Holding Inc. (Canada), VIVO Cannabis Inc. (Canada), Tikun Olam Ltd. (Israel), The Green Organic Dutchman Holdings Ltd. (Canada), Terra Tech Corp. (U.S.), Medical Marijuana, Inc. (U.S.), Stenocare A/S (Denmark), Cannabis Science, Inc. (U.S.), and HEXO Corp. (Canada).
Browse key industry insights spread across 362 pages with 374 market data tables & 50 figures & charts from the report: https://www.meticulousresearch.com/product/legal-cannabis-market-5022/
Scope of the report
Legal Cannabis Market, by Product Type
Legal Cannabis Market, by Species
Legal Cannabis Market, by Strain
Legal Cannabis Market, by Purchase Channel
Legal Cannabis Market, by Application
Legal Cannabis Market, by End-User
Legal Cannabis Market, by Geography
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