Legal Cannabis Market: Key Geographies that will Drive Growth
Aurora Cannabis Inc., Bhang Corp., Cannoid LLC, Canopy Growth Corp., Cronos Group Inc. are some of the key vendors discussed in the research report
The legal cannabis market is set to grow by $ 34.91 billion, accelerating at a CAGR of almost 21.39% during the forecast period. This research report analyses the growth trajectory of the market with a purview to prevalent market scenario, trends, and drivers. It also provides competitive bench-marking of the key market players and their product portfolios.
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Legal Cannabis Market: North America to lead market growth during the forecast period
Legal Cannabis Market: Key Market Drivers
Technavio has identified the rising number of countries decriminalizing and legalizing cannabis as one of the key factors that will drive this market. This research report provides a comprehensive analysis of this and all the other factors that will propel market growth. The report also takes into account the current market scenario, trends, and challenges that are likely to impede growth. The objective of this research report is to equip clients with actionable insights that will help them leverage opportunities and formulate growth strategies for their business.
Legal Cannabis Market: Vendor Landscape
Aurora Cannabis Inc., Bhang Corp., Cannoid LLC, Canopy Growth Corp., Cronos Group Inc., CV Sciences Inc., Jazz Pharmaceuticals Plc, Medical Marijuana Inc., Tilray Inc., and VIVO Cannabis Inc.are some of the major market participants. The market is fragmented, and the growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. For more insights on this market: Download a Free Sample Report
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Market Segmentation by Product
Technavio has been monitoring the global legal cannabis market and it is expected to grow by USD 27.89 billion accelerating at a CAGR of almost 21% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report
Legal Cannabis Market: Key Drivers and Trends Analysis
During 2019, the medical segment accounted for the major share of the Legal Cannabis Market owing to an increasing number of countries legalizing the medical use of cannabis. 89% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for legal cannabis in North America. The rapid legalization of cannabis worldwide is one of the key factors that will drive market growth. Many nations are focusing on decriminalizing cannabis and legalizing the use of marijuana for recreational and medicinal purposes. Countries such as Portugal, Canada, Jamaica, Australia, South Africa, and others are also encouraging the legalization of cannabis for medicinal purposes.
The increased use of advanced techniques in cannabis cultivation, one of the key legal cannabis market trends, will also drive market growth during the forecast period. The use of fully-equipped laboratories with advanced facilities, including sanitized chambers and controlled environments for cannabis cultivation will drive market growth. Techniques such as the Screen of Green and the Sea of Green are significantly improving the production levels. The continuous use of advanced techniques in cannabis cultivation will further drive legal cannabis market growth.
North America was the largest legal cannabis market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Legalizing of cannabis and the growing number of patients that require medical cannabis will significantly drive legal cannabis market growth in this region over the forecast period. 89% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for legal cannabis in North America. However, market growth in this region will be slower than the growth of the market in Europe and APAC.
Legal Cannabis Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Aphria Inc., Aurora Cannabis Inc. and Bhang Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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