|Key suggestions from the report:
- Based on marijuana type, the adult-use segment accounted for the largest share of 60.3% in 2020 owing to high demand among millennials and patients who do not qualify for medical cannabis
- In 2020, the flower product type segment accounted for the largest revenue share of 65.8% owing to the low price and ease of accessibility of flowers compared to other products
- By medical application, the mental disorders segment is expected to witness the fastest growth over the forecast period owing to the high number of people suffering from various mental disorders
Read 100 page research report with ToC on “Legal Cannabis Market Size, Share & Trends Analysis Report By Marijuana Type (Medical, Adult Use), By Product Type (Flower, Oil), By Medical Application (Chronic Pain, Mental Disorders), And Segment Forecasts, 2021 – 2028” at: https://www.grandviewresearch.com/industry-analysis/legal-marijuana-market
The adult-use segment dominated the market with a revenue share of 60.3% in 2020 and is expected to expand at a significant CAGR over the forecast period owing to the high demand among millennials and patients who do not qualify for medical cannabis. Medical marijuana is expected to grow at a stable rate throughout the forecast period owing to the legalization in various markets as compared to the adult use of marijuana.
Based on product type, the flower segment accounted for the largest revenue share in 2020. With its rich medical properties and the increasing patient population, the governments of many countries are either decriminalizing or approving its usage. This is expected to boost the growth of the flower segment.
In 2020, the chronic pain segment accounted for the largest revenue share owing to the increase in awareness and a rise in social acceptance of medical use of cannabis. The mental disorder segment is estimated to witness the fastest growth over the forecast period owing to the rising patient population suffering from stress and anxiety.
North America accounted for the largest revenue share of 91.1% in 2020, owing to the early legalization of medical and recreational cannabis in the region and the large customer pool. However, the COVID-19 pandemic has caused lockdowns all around the world, deflating the supply of raw materials and disrupting the manufacturing, and in turn, the supply chain of cannabis products across the globe.