LONDON--(BUSINESS WIRE)--The global legal cannabis market research report by Technavio predicts the market to post a CAGR of more than 27% during the period 2019-2023.
A key driver for the global legal cannabis market is the rapid legalization of cannabis worldwide. Many nations have been decriminalizing cannabis and legalizing the use of marijuana both for recreational and medicinal purposes. At present, in the US, 34 states (including Washington DC) have legalized cannabis for medicinal purposes, while 10 states among them have even granted the permission for the use of cannabis both for recreational and medicinal uses.
This global legal cannabis market research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in the use of advanced techniques in cannabis cultivation as one of the key trends in the global legal cannabis market:
Global legal cannabis market: Use of advanced techniques in cannabis cultivation
Owing to the advent of new processes used in cannabis cultivation, the cannabis industry has been witnessing growth. These processes have been extremely helpful in enhancing the quality and increasing the production level. Cannabis cultivation is basically done in fully-equipped laboratories with facilities such as sanitized chambers and controlled environment.
“The production level has significantly improved because of advanced techniques such as Screen of Green and Sea of Green. These techniques use nutrient-laden solution to produce cannabis that is rich in THC. Marijuana-derived CBD oil products have also improved in quality because of the use of these techniques,” says a senior analyst at Technavio for research on food products.
Global legal cannabis market: Segmentation analysis
This legal cannabis market analysis report segments the market by product (legal medical cannabis and legal recreational cannabis) and geography (the Americas, APAC, and EMEA).
The legal medical cannabis segment led the global legal cannabis market, contributing to more than 71% share in 2018. The legal medical cannabis market has been growing at an exponential rate since 2012 owing to an increasing number of countries legalizing the medical use of cannabis.
In 2018, the Americas accounted for the largest share of the global legal cannabis market, contributing to more than 95% share. The legal cannabis market in the Americas was moderately concentrated in 2018 because of the presence of a reasonable number of regional and a few global vendors.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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