Legal Marijuana Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2028

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Legal Marijuana Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2028

Status : July, 2021 | Pharmaceutical

Report Digest


Global Legal Marijuana Market: Overview

The demand within the global market for legal marijuana has been increasing on account of growing awareness about the uses of marijuana in several medical applications.  Marijuana is a psychoactive drug that is derived from cannibes plant, and is used for several medical and recreational purposes. However, the legal use of marijuana has to undergo several phases of screening before it can be be distributed to the desired industries. Several countries have imposed strict restrictions on free-selling of marijuana due to the rising instances of drug-abuse and addiction. Furthermore, smuggling of the drug has led government to tighten security at import inlets and other avenues of entry. Owing to these factors, the growth of the global market for marijuana is sluggish and is faced with multiple roadblocks. However, several territories and regions have legalised selling of marijuana subject to the certain terms and conditions. Some of the states in the US have also permitted the usage of marijuana for recreational purposes, thus, giving an impetus to the growth of the global market for legal marijuana.

The global market for legal marijuana can be segmented based on the following parameters: end-use, distribution channel, and region. Since the market for marijuana is always under the radar of scrutiny, these segments play an important role in understanding the market dynamics.

A report on the global market for legal marijuana creates a basis to understand the key dynamics that have pervaded the market in recent times. The report not only portrays the intrinsic and extrinsic drivers of demand, but also elucidates the factors that retrain market growth.

Global Legal Marijuana Market: Trends and Opportunities

The demand within the global market for legal marijuana is driven by the extensive usage of this drug in several medical applications. Several scientists and medical practitioners have been testing he impacts of marijuana on the human body, and this has led to discovery of medications based on marijuana. This is another key factor that is expected to reap in tremendous revenues within the global market for legal marijuana. Furthermore, the demand for legal marijuana also comes from research laboratories, centers for bio- analysis, and medical research organisations. Owing to the aforementioned factors, the demand within the global legal marijuana market is projected to touch new heights in the years to come.

However, the use of legal marijuana continues to be a matter of scrutiny and regulation in multiple regional pockets. Owing to this factor, the growth of the global market for legal marijuana is projected to remain steady in the years to come. Nevertheless, the widespread usage of marijuana for recreational purposes is expected to keep enhancing the growth prospects of the market.

Global Legal Marijuana Market: Regional Outlook

The demand for legal marijuana has been escalating across North America, majorly due to the sale of the drug for recreation purposes in several territories of the US. Barring North America, no other regional market is projected to attract any substantial revenues in the years to come.

Global Legal Marijuana Market: Competitive Landscape

The market players in the global market for legal marijuana have been focusing on finding government approvals in order to enhance their prospects of growth over the coming years. Some of these key players in the global market are Canopy Growth Corporation, Aurora Cannabis, and Aphria, Inc.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?