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Legalized Cannabis Market to Clock Revenue of US$ 81.4 Bn by 2027, Surging Demand for Cannabis Herb Provides Growth Impetus - TMR
TMR's experts reveal that the growth in the global legalized cannabis market is projected to occur at a meteoric CAGR of 17.2% during the assessment tenure 2018-2027. The global legalized cannabis market was valued nearly of US$ 19.96 bn in 2018 and is expected to touch the valuation of US$ 81.4 bn in 2027.
From the perspective of end-users, the recreational end-use segment accounts for a lion's share of 52.3% in 2018 and is expected to retain its dominance over the forecast period. Rising countries' activities in legalizing cannabis and increasing youth's demographics toward cannabis consumption makes the recreational end-user to dominate the market. Region wise, North America is leading the market due to the increased demand for legalized cannabis for medical use.
Cannabis is commonly known as the most illicit used drug, which has recently gained its popularity in several industries worldwide. Cannabis is mainly a flowering plant belongs to the Cannabaceae family. This popular plant is also known by its several names such as marijuana and hemp. However, the term marijuana is basically used to refer those cannabis which are highly utilized in medicinal and recreational purposes. Various countries worldwide have been legalizing the cannabis use due to its wide range of applications in numerous industries. For instance, in 2018, Canada legalized the acquisition, cultivation, possession, and consumption of marijuana and all its by-products. Therefore, such increasing governments' cannabis legalization activities are propelling expansion in the global legalized cannabis market.
Furthermore, cannabis is widely adopted in pharmaceutical industry as it helps in treating sleep disorders, pain, anxiety and other medical conditions. Moreover, the chemical found in legalized cannabis helps in curing epilepsy, neuropsychiatric anxiety, and cancer. This is a crucial factor to drive the growth in the global legalized cannabis market. Along with this, several sensory appealing characteristics of cannabis is also fueling demand in the global legalized cannabis market.
Legalized cannabis application across the beauty and wellness sector is evolving rapidly. Cannabidiol (CBD) is non-psychoactive which has gained an immense popularity in the beauty sector. This oil provides relief from pain and depression as well as exhibits anti-inflammatory and anti-acne properties to cure skin abnormalities. Such factors are majorly boosting the global legalized cannabis market. Moreover, legalized cannabis is widely used in color cosmetics such as lip balms and mascara. Thus, soaring demand for the effective skin treatment and rapidly growing personal care industry are also fueling growth in the global legalized cannabis market.
The review is based on a market research report by TMR, titled, "Legalized Cannabis Market (Product Type - Cannabis Herb, Cannabis Resin; Form - Raw, Processed; End Use - Recreational, Medicinal; Compound - THC-Dominant, CBD-Dominant, Balanced THC & CBD) - Global Industry, Size, Share, Growth, Trends, and Forecast Analysis 2018 - 2027".
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