Increasing legalization in different nations is majorly boosting the growth of the global market. In addition to this, increasing acceptance of cannabis as a medical good for curing conditions, such as cancer, Parkinson’s disease, neurological disorders, and arthritis, is also predicted to power revenue development in the years to come.
Global legal marijuana market expected to generate revenue of around USD 62,964 million by the end of 2024, growing at a CAGR of around 21% between 2018 and 2024.
Rising Requirement For Effective Pain Management Remedies To Boost The Global Market
Rising requirement for effective pain management remedies and increasing disease burden of chronic pain on the global level is predicted to increase the requirement for legal cannabis. In the same way, high occurrence of cancer is predicted to be one of the reasons powering the requirement. For example, as per the WHO (World Health Organization), cancer is the second highest cause of demises in the globe and was accountable for almost 8.8 million demises in 2015. Moreover, growing requirement for pain management methods and increasing disease burden of chronic pain along with significant side effect related with opioid employment are predicted to boost the requirement for medical cannabis, which has established to be a strong product for management of chronic pain.
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Decriminalization and legalization of medical marijuana in some nation has resulted in a noteworthy drop in the black market, as users are shifting to legally buying cannabis for recreational as well as medical use. In addition to this, earning of government via taxation is further seen as a growth avenue for nations to earn high incomes. For example, the total tax income gathered in the US for the state of California was USD more than 300 million in 2018. Income created from these taxes motivates the domestic governments to support various development initiatives for infrastructure and education.
Legalization Of Medical Marijuana And Attendance Of A Huge User Pool To Power Global Market In North America
Due to the legalization of medical marijuana and attendance of a huge user pool in Canada and the US, the requirement from North America is predicted to stay the highest. On the other hand, the legalization in European nations, together with strict regulations and rules related to the cultivation and sale might limit the general growth in Europe. North America added up for the biggest income share in 2019. Presently 33 states in District of Colombia and the US have legalized marijuana in US making it the biggest market in the globe. Furthermore, appearance of legal cannabis market in New York will offer further growth avenues for stakeholders in the nation.
The global legal marijuana market is segmented as follows:
By Cannabis Type
By Medical Application
- Chronic Pain
- Mental Disorders
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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