Food for thought: Edible products containing cannabis among drivers of global medical cannabis market to 2024

More consumption of legal cannabis in the developed market is expected to largely drive the global medical cannabis market from 2019 to 2024, notes a new report issued by Research and Markets.

“The market is expected to witness significant growth, owing to legalization in several countries and high demand for both medical and recreational purposes,” states a press release from the company that offers custom research services.

The growing number of countries legalizing use of medical cannabis, the trend to produce edible products with cannabis and the favourable reimbursement environment and government support in selected countries are cited as being among “the major factors for the growth of the medical marijuana market,” note findings in the report, Medical Marijuana Market—Growth, Trends and Forecast (2019-2024).

“Each year, the legal use of cannabis for medical and recreational purposes is steadily growing, but it varies across countries, based on the possession, distribution, cultivation and medical indications for its consumption,” the statement notes. “Therefore, over the forecast period, the change is expected to be slow, but more legal consumption of cannabis is expected in the developed market, which is expected to largely drive the market studied,” it points out.

North America is reported to hold the major share in the medical cannabis market, “and is expected to show a similar trend over the forecast period, without significant fluctuations.”

A contributing trend is producing edible products with cannabis in selected countries, the press release notes, adding that cannabis is expected to be included in food trends, “as the drug and its ingredients have been gradually making their way into the public market.”

Couple the aforementioned conditions with “an increasing use of marijuana as a functional food, with purported health benefits” and the new generation growing up in the U.S. where cannabis is legal. “New products are found rapidly entering the market, which is expected to grow rapidly over the forecast period,” the statement notes.

Additionally, with increasing medical applications unfolding, “there is a huge opportunity for marijuana for medicinal purposes.” Chronic pain is expected to represent a key market trend moving forward, with the report suggesting this area “will experience the fastest growth during the forecast period.”

North America is reported to hold the major share in the medical cannabis market, “and is expected to show a similar trend over the forecast period, without significant fluctuations,” the press release states.

Among other things, the report covers market dynamics, overview, drivers and restraints; cannabis’ properties and medical applications; and developments and conditions by jurisdiction. Medical cannabis refers to the whole, unprocessed cannabis plant, or its basic extracts, for the treatment of several diseases and other related symptoms.