With reference to the latest market forecast report published byTransparency Market Research, on the title 'Legalized Cannabis Market: GlobalIndustry Analysis and Opportunity Assessment 2018-2027', revenue generated fromthe global legalized cannabis market has been estimated to bevalued around US$ 19.96Bn in 2018, which is projected to increase at a CAGR of17.2% to US$ 81.4Bn in 2027, during the forecast period (2018-2027).
Target Segments for Legalized Cannabis
The global legalized cannabis market is segmented on the basis of enduse, form, product, compound, and region. On the basis of end use, thelegalized cannabis market is segmented into medicinal and recreationalcannabis. The recreational end use is anticipated to account for a value shareof 52.3% in the year 2018 owing to increasing number of countries legalizingcannabis, and growing demographics of youth inclined towards consumingcannabis.
On the basis of product type, the market for legalized cannabis iscategorized into cannabis herb and cannabis resin. Cannabis herb is expected todominate the product type segment with a market share valued at 73.8% in 2018.The legalized cannabis market is further bifurcated on the basis of form intowhole and processed segment. The raw cannabis market is expected to register afuelling CAGR of 17.4% over the forecast period.
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On the basis of compound, the legalized cannabis market is divided into THCdominant, CBD dominant, and balanced THC & CBD. The THC dominant cannabisis anticipated to account for more than 50% value share of the global legalizedcannabis market on the basis of compound.
Target Geographies for Legalized Cannabis
The report for the legalized cannabis market has been segmented intoNorth America, Asia Pacific, Europe, Latin America, and Middle East &Africa. North America constitutes 63.1% of the market share for legalizedcannabis market in the year 2018. The region is anticipated to register abolster CAGR of 18.2% over the forecast period. Legalized cannabis is gainingmarket traction in North America due to escalating demand among consumers andincreasing legalized cannabis for medical and recreational uses.
Besides, high private and public investment for research and thedevelopment of safer forms of legalized cannabis for consumption such as oils,vapes, and tinctures, and other edibles are anticipated to positively reinforcemarket growth in the North America. Besides, globally medicinal cannabis iswitnessing a growing demand and countries are rapidly in surge of legalizingthe medical usage of cannabis which is expected to increase the legalizedcannabis multiple folds over the forecast period.
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Countries are moving towards legalization of cannabis for recreationalpurposes to prevent illegal usage, trafficking, and crime, this in turn isexpected to thrust the growth of recreational cannabis. The ease ofavailability of recreational cannabis along with the lengthy purchase andapproval process for medical cannabis prescription is expected to trigger thischange and boost recreational cannabis market.
Global Legalized Cannabis Market: CompetitionDashboard
TMR has profiled the most prominent companies which are active in theglobal legalized cannabis market, such as Medical Marijuana Inc., Aphria, Inc.,CannTrust Holdings, Inc., Tilray, Inc., Aurora Cannabis Inc, Terra Tech Corp.,Cronos Group Inc., VIVO Cannabis Inc., STENOCARE, The Supreme Cannabis Company,Inc., Cannabis Science Inc., Wayland Group Corp., OrganiGram Holdings Inc, andCanopy Growth Corporation
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