The current global market is presenting a rapid growth. According to industry market reports, the growth will continue for the next several years. And the legal marijuana market size may expand and reach $73.6 billion by 2027, based on a report published by Grand View Research.
The report states that the market anticipates expanding at a CAGR of 18.1% during the forecast period. Besides, increasing the legalization of medical cannabis and adult-use is possibly promoting positive market growth.
“On the basis of type, the medical segment held the leading revenue share of 71.0 percent in 2019, owing to the growing adoption of cannabis as a pharmaceutical product for treating severe medical conditions, such as cancer, arthritis, and Parkinson’s disease and Alzheimer’s disease among other neurological conditions,” the report states. “Moreover, increasing need for pain management therapies along with the growing disease burden of chronic pain among elders is expected to boost the product demand.”
The report pointed out that the legal marijuana flower (buds) accounted for the largest market share in terms of revenue and was valued at $9.1 billion in 2019 because of the growing availability of products.
According to the market report:
“Buds are primary plant products and are readily available without any processing, which makes them relatively affordable for low-income patients. Moreover, the rapid onset of action of smoking buds compared to other types is anticipated to further fuel the segment growth,” the report states. “Based on medical applications, the chronic pain segment dominated the legal marijuana market in 2019 owing to presence of a large patient pool. On the other hand, mental disorder application is expected to witness the fastest growth over the forecast period owing to the growing number of patients suffering from mental disorders, such as anxiety disorder, depressions, and Alzheimer’s disease.”
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