The global market is seeing rapid growth. That growth is continue for the next several years according to industry market reports. The legal marijuana market size is expected to reach $73.6 billion by 2027, according to a new report published by Grand View Research.
It is anticipated to expand at a CAGR of 18.1 percent during the forecast period, the report states. Increasing legalization of cannabis for medical as well as adult-use is expected to promote the positive 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 growing disease burden of chronic pain among elders is expected to boost the product demand.”
The report states that the legal marijuana flower (buds) segment accounted for the largest market share in terms of revenue and was valued at $9.1 billion in 2019, because of the products growing availability.
“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.”