Growing Social Acceptance of Legal Cannabis Promotes Market Growth | Technavio

Technavio has published a new market research report on the global legal cannabis market 2017-2021 under their food and beverage library. (Graphic: Business Wire)

LONDON--()--The global legal cannabis market is expected to grow at a CAGR of almost 24% from 2017-2021, according to a new market research report by Technavio.

Global legal cannabis market segmentation by application and product

Technavio’s report on the global legal cannabis market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, including medicinal use and recreational use. As projected in 2016, around 73% of the market share originated from medicinal use.

Based on product, the global legal cannabis market has been segmented into solid edibles, inhalation, liquid edibles, and topicals. As of 2016, around 52% of the market share came from solid edibles.

“Solid edibles usually refer to food products infused with cannabis. They primarily include marijuana-infused pills in the medical industry. Solid edibles have high penetration in the legal medicinal cannabis industry as cannabis is usually taken in the form of pills and tablets for the treatment of muscle spasms and body pains, particularly in the case of senior citizens,” says Manjunath Reddy, a lead analyst at Technavio for food research.

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Global legal cannabis market: competitive vendor landscape

The global legal cannabis market is moderately concentrated. The current market includes companies of varying sizes. Some are more specialized than the others regarding products. The key vendors of the market include Aurora Cannabis, Bhang Corporation, Canopy Growth Corporation, Medical Marijuana, and Mentor Capital. The vendors in the market compete on parameters such as brand image, quality, price, service, innovation, distribution, packaging, and promotion. In addition, any technological advances by one player in the market can render products from other vendors obsolete or uneconomical.

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Other topics covered in the report:

Market drivers:

  • Growing social acceptance of cannabis
  • Rising popularity of Cannabidiol (CBD) oil

Market challenges:

  • Distribution challenges in cannabis industry
  • Compromising public health

Market trends:

  • Rising number of countries decriminalizing and legalizing cannabis
  • Increasing influence of online retailing

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The global legal cannabis market is expected to grow at a CAGR of almost 24% from 2017-2021, according to a new market research report by Technavio.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com