The legal cannabis market will reach $81.47 billion by the end of 2027 | 17.2% compound annual growth rate
Albany, New York, United States, December 14, 2021 /EINPresswire.com/ – With reference to the most recent market outlook report published by Transparency Market Research, at the title “Legal Cannabis Market: Global Industry Analysis and Opportunity Assessment 2018-2027′, the revenue generated from the global legalized cannabis market was estimated to be approximately US$19.96 billion in 2018, and is expected to increase at a compound annual growth rate of 17.2% to US$81.4 billion in 2027 during the forecast period (2018-2027).
Target audience of certified cannabis
The global legalized hemp market is segmented on the basis of end use, form, product, compound, and region. On the basis of end use, the legalized cannabis market is segmented into medical and recreational cannabis. Recreational end use is expected to account for a valuable share of 52.3% in 2018 due to more countries legalizing cannabis, and growing youth demographics that tend to consume cannabis.
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On the basis of product type, the legalized hemp market is categorized into hemp herb and hemp resin. The cannabis herb is expected to dominate the product type segment with a market share of 73.8% in 2018. The legal cannabis market is further segmented on the basis of form into whole and processed segment. The raw hemp market is expected to register a compound annual growth rate (CAGR) of 17.4% during the forecast period.
On the basis of the compound, the legal cannabis market is segmented into THC dominant, CBD dominant, and balanced THC & CBD. THC-dominant cannabis is expected to account for more than 50% of the value share of the global legalized cannabis market on a compound basis.
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Targeted geographic areas for cannabis certification
The legal hemp market report has been segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America accounted for 63.1% of the market share of the legal cannabis market in 2018. The region is expected to register a compound annual growth rate of 18.2% over the forecast period. Legal cannabis is gaining traction in the North American market due to rising demand among consumers and an increase in legal cannabis for medicinal and recreational uses.
Besides, high private and public investment in research and development of safer forms of legalized cannabis for consumption such as oils, vapors, tinctures and other foodstuffs is expected to favorably boost market growth in North America. Besides, medical cannabis globally is witnessing an increasing demand and countries are rapidly increasing in legalizing the medical use of cannabis which is expected to increase legal cannabis several times during the forecast period.
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Countries are moving towards legalizing cannabis for recreational purposes to prevent illegal use, trafficking and crime, and this in turn is expected to drive the growth of recreational cannabis. The ease of availability of recreational cannabis along with the lengthy purchase and prescription approval process for medical cannabis is expected to bring about this change and boost the recreational cannabis market.
Global Legalized Cannabis Market: Competition Dashboard
TMR has identified the most prominent companies active in the global legal cannabis market, such as Medical Marijuana Inc. , Aphria, Inc. , CannTrust Holdings, Inc. , Tilray, Inc. , Aurora Cannabis Inc., Terra Tech Corp. , Cronos Group Inc. and VIVO Cannabis Inc. and STENOCARE and The Supreme Cannabis Company, Inc. and Cannabis Science Inc. and Wayland Group Corp., OrganiGram Holdings Inc, and Canopy Growth Corporation
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The main activities of the main players in the legal cannabis market
In February 2019, Tilray, Inc. On Natura Naturals Holdings Inc. , a cannabis cultivation company. The acquisition was intended to enhance the company’s ability to supply legal cannabis products across Canada.
In October 2018, CannTrust Holdings, Inc. announced the launch of the recreational brand “Peak Leaf” to increase the range of legal cannabis products and to meet the needs of adult consumers who consume cannabis for recreational purposes.
In August 2018, Terra Tech Corp. partnered with Valiente Group to create a range of cannabis-containing beverages under the IVXX brand.
In June 2016, Aphria Inc announced that it had entered into a strategic agreement with Denmark-based Danish Company (Schroll Medical), a subsidiary of European flower supplier Schroll Flowers. The goal of the strategic partnership is to produce pharma grade certified organic cannabis for the global market.
Rohit Bhisee
TMR
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