According to the latest market research study released by Technavio, the global legal marijuana market is expected to grow at an impressive CAGR of around 37% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global legal marijuana market based on product type:
Global legal marijuana market share by consumption 2015
|
Solid edible |
45.95% |
|
Inhalation |
38.55% |
|
Liquid edible |
13.59% |
|
Topical |
1.88% |
Source: Technavio
The top three revenue contributing consumption segments are discussed below:
Global legal marijuana market by solid edibles
In 2015, the solid edibles segment accounted for a majority of the market’s revenue owing to the high penetration of marijuana in the medical industry. Marijuana is mainly prescribed in the form of pills for the treatment of muscle spasm and body pains among senior citizens, who cannot take the medicine through inhalation. This market segment is expected to register growth at a CAGR of around 34% during the forecast period.
“The ongoing trend of digitization of business processes will have a high impact on the global market for cannabis. Many vendors are using the internet to reach a large number of targeted audience through online and mobile advertisements. In addition, several new start-ups are launching their mobile apps to reach remotely located customers. Nestdrop is one such service which functions via mobile app and delivers medicinal cannabis to the customers within a specific period based on the delivery specifications,” says Ujjwal Doshi, a lead analyst at Technavio for research on media and entertainment.
The increasing presence and popularity of recreation bars and restaurants where marijuana flavored food is served is yet another key driver for the growth of the global legal marijuana market by solid edibles. Some of the most common foods that are cooked with marijuana are brownies, cookies, candies, and gums. Such restaurants are prevalent in European countries such as the Netherlands and Spain.
Global legal marijuana market by inhalation
The inhalation segment accounted for almost 39% of the overall market revenue during 2015, and is expected to undergo rapid growth at a CAGR of over 41% during the forecast period. Inhalation is one of the most prominent forms of consuming marijuana in the current market. Over 80% of illegal marijuana is consumed through inhalation. Various types of marijuana products are available in the market that can be inhaled, out of which, the most prominent is shatter, which resembles sugar glasslike concentrate.
Global legal marijuana market by liquid edibles
Liquid edibles accounted for almost 14% of the revenue generated from the global legal marijuana market during 2015. The growth of this market segment is fueled by the evolution of marijuana from the standard dried flowers and marijuana-infused solid edibles to marijuana oil extracts such as vaporizable oils and concentrates. Liquid cannabis edibles are becoming increasingly popular among consumers as they are stronger and is a less overt forms of consuming marijuana.
Vendors in the market are currently developing more sophisticated ways to extract THC and CBD from cannabis. When extracted in liquid form, it can be used as liquid edibles for medical purposes, especially because liquid edibles are the easiest and the most effective way of consuming marijuana as opposed to the other forms of marijuana consumption.
The top leading vendors operating in the global golf equipment legal marijuana market are:
- American Cannabis
- Canopy
- Greengro
- mCig
- Medical Marijuana
- Mentor Capital
- Terra Tech
- United Cannabis
The other prominent vendors in the market include Aphria, Cannabis Sativa, Cannabis Science, Cannabrand, Chuma Holdings, MedMen, Meadow, MJIC, Monarch America, Natural Cannabis, Novus Acquisition & Development, Oregon Green Seed, Organigram, Origin Cannabis, Potbotics, Privateer Holdings, and Willie’s Reserve.
A more detailed analysis is available in the Technavio report tilted, ‘Global Legal Marijuana Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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