Legal Cannabis Market by Product and Geography - Forecast and Analysis 2020-2024

  • Published: Aug 2020
  • Pages: 120
  • SKU: IRTNTR44616

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The legal cannabis market size has the potential to grow by $ 27.89 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by product (medical and recreational) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Aphria Inc., Aurora Cannabis Inc., Bhang Corp., Canopy Growth Corp., Cronos Group Inc., CV Sciences Inc., GW Pharmaceuticals Plc, Medical Marijuana Inc., Tilray Inc., and VIVO Cannabis Inc.

Market Overview

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Market Competitive Analysis

The legal cannabis market is fragmented. The vendors have to comply with the regulations set by government authorities to market legal cannabis products. Intense competition among vendors, coupled with various stringent regulations, constitutes significant risk factors to the operation of vendors. Therefore, to survive and succeed in this competitive environment, it becomes imperative for manufacturers in the market to distinguish their product and service offerings through a clear and unique value proposition. Aphria Inc., Aurora Cannabis Inc., and Bhang Corp. are some of the major market participants. Although the legalization of cannabis worldwide will offer immense growth opportunities, the lack of funding and investment will challenge the growth of the 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 positions in the slow-growing segments.

To help clients improve their market position, this legal cannabis market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this legal cannabis market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Aphria Inc.
  • Aurora Cannabis Inc.
  • Bhang Corp.
  • Canopy Growth Corp.
  • Cronos Group Inc.
  • CV Sciences Inc.
  • GW Pharmaceuticals Plc
  • Medical Marijuana Inc.
  • Tilray Inc.
  • VIVO Cannabis Inc.

Legal Cannabis Market: Segmentation by Geography

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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. Market growth in this region will be slower than the growth of the market in Europe and APAC.

Legal Cannabis Market: Segmentation by Product

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The legal cannabis market share growth by the medical segment will be significant during the forecast period owing to an increasing number of countries legalizing the medical use of cannabis. This report provides an accurate prediction of the contribution of all the segments to the growth of the legal cannabis market size.

Legal Cannabis Market: Key Drivers and Trends

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. With an increase in the number of countries accepting cannabis as a social drug, the legal cannabis market will register a CAGR of almost 21% during the forecast period.

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. With the advent of technology, fully-equipped laboratories with advanced facilities, including sanitized chambers and controlled environments, are being used for cannabis cultivation. 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.

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Legal Cannabis Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive legal cannabis market growth during the next five years
  • Precise estimation of the legal cannabis market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the legal cannabis industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of legal cannabis market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The legal cannabis market growth will increase by $27891.44 million during 2019-2024.
The legal cannabis market is expected to grow at a CAGR of 20.56% during 2019-2024.
Technavio has segmented the legal cannabis market by product (Medical and Recreational) and geographic (North America, Europe, APAC, South America, and MEA).
Aphria Inc., Aurora Cannabis Inc., Bhang Corp., Canopy Growth Corp., Cronos Group Inc., CV Sciences Inc., GW Pharmaceuticals Plc, Medical Marijuana Inc., Tilray Inc., VIVO Cannabis Inc. are a few of the key vendors in the legal cannabis market.
North America will register the highest growth rate of 88.50% among the other regions. Therefore, the legal cannabis market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • Canada
  • Germany
  • UK
  • Australia
  • Israel
The key factors driving the legal cannabis market growth are:
  • Rising number of countries decriminalizing and legalizing cannabis
  • Growing number of patients who need cannabis for medical use
The legal cannabis market vendors should focus on grabbing business opportunities from the medical segment as it accounted for the largest market share in the base year.

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