NEW YORK, May 27, 2021 /PRNewswire/ --
The global legal cannabis market by product (medical and recreational) and geography (APAC, Europe, MEA, North America, and South America) has been added to Technavio's offering. The global legal cannabis market is expected to grow by USD 27.89 billion, at a CAGR of almost 21% during 2020-2024.
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The spread of the COVID-19 pandemic reduced the demand for legal cannabis in 2020. The rising number of active COVID-19 cases led to a temporary shutdown of businesses, which disrupted the supply chain of cannabis. However, with progressive government measures, the number of COVID-19 cases is reducing in several countries. This will help revive the market growth during the forecast period.
The market is expected to be driven by factors such as the rapid legalization of cannabis worldwide and the use of advanced techniques in cannabis cultivation.
The report also offers information on the upcoming trends and challenges that will influence market growth.
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Legal Cannabis Market: Opportunities
Recently significant developments have been observed in the legal cannabis market in APAC. Several Asian countries are legalizing medical cannabis. Also, consumers in the region are increasingly becoming aware of the medical and therapeutic properties of cannabis. Similarly, in South America, countries such as Argentina, Chile, Colombia, Peru, and Uruguay have legalized the use of medical cannabis. Many such factors are creating significant growth opportunities for market vendors.
Legal Cannabis Market: Segmentation by Product
Based on the segmentation by product, the market generated maximum revenue in the medical segment in 2019. The segment is driven by the increasing number of countries legalizing the medical use of cannabis. In addition, the introduction of cannabis-based drugs such as nabiximols, nabilone, and others by vendors is positively impacting the growth of the segment.
Legal Cannabis Market: Segmentation by Geography
North America held the largest market share in 2019 and the market growth in the region is expected to be slower compared to the growth of the market in Europe and APAC. The growth of the market in Europe can be attributed to the increasing use of medical cannabis in the US and Canada.
One of the fortune 500 companies had used the detailed research report on the legal cannabis market and had decided to increase their market share in the North American region which offers the highest market opportunities during the forecast period.
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Legal Cannabis Market: Major Vendors
Aphria Inc.
The company product Cannabis oils such as CHAMPLAIN, RIDEAU, and CAPILANO produced through the CO2 extraction process.
Aurora Cannabis Inc.
The company offers a line of products such as THC Drops, 1:1 Drops, and CBD Drops among others.
Bhang Corp.
The company offers a line of products such as CBD Crystalline Isolate.
Canopy Growth Corp.
The company offers a line of edible products such as cannabis-infused chocolates and beverages.
Cronos Group Inc.
The company offers a line of medicinal cannabis through its brands, PEACE NATURALS, COVE, Spinach, and Lord Jones among others.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the legal cannabis market report:
Regional Analysis
Market Player Information
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Executive Summary
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Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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