Legal Marijuana Market Area And Industry Forecasts Till, 2014 - 2025

Legal Marijuana Market is anticipated to reach 146.4 billion by end of 2025. The market is anticipated to grow at a healthy rate in the years to come. Robust demand among consumers and growing legalization of recreational and medical marijuana in numerous economies, rising investments by the public and private sector, research and development activities, innovations of safer means for the consumption of marijuana including oils, vapes, tinctures, and other edibles are driving the market.

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Also, increasing number of conditions treated for the usage of medical marijuana and expansion of the patient base across the globe, rise in the adoption rates of marijuana in varied medical applications ranging from cancer, mental disorders, to chronic pain are likely to foster the growth. The market is anticipated to grow at a significant CAGR of 34.6% in the upcoming period as the scope, product types and its applications are increasing across the globe.

Legal marijuana industry may be explored by type, product, applications, and geography. The market may be explored by type as Medical, and Recreational. The “Medical” segment dominated the legal marijuana market in 2016 and is anticipated to maintain its dominance by 2025 due to the fact that several countries have approved hemp products for cancer-induced nausea, chronic pain, and multiple sclerosis. “Recreational” segment is anticipated to record the highest CAGR over the forthcoming period.

Legal marijuana industry may be explored by product as Oil, Tinctures, and Buds. In 2016, Bud dominated the market. The factors that contribute to the market growth include widespread acceptance of buds and their low cost as compared to extracts or derivatives. These buds are extensively used for smoking and are in high demand for entertainment.

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