New York, March 09, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Missouri Legal Cannabis Market Size, Share & Trends Analysis Report By Product, By End-use And Segment Forecasts, 2023 – 2030” – https://www.reportlinker.com/p06428270/?utm_source=GNW
Missouri Legal Cannabis Market Growth & Trends
The Missouri legal cannabis market size is expected to reach USD 2.9 billion by 2030, expanding at a CAGR of 23.0% during the forecast period. The growing research and development activities are expected to drive the demand for the drug over the forecast period. The increasing demand for cannabis in medical and recreational applications is one of the pivotal factors that are expected to propel the demand for medical marijuana in the coming years.
The rapid increase in applications of the product for various indications including inflammation, epilepsy, sleep disorders, pain, anorexia, multiple sclerosis, and schizophrenia is estimated to drive the market. The regulator’s and consumer acceptance of the products is increasing which in turn is positively impacting the growth.
Moreover, there is a shift to prescription drugs from cannabis herbal preparations. Demand for quantified, packed, and processed products is significantly increasing which is driving the growth.
The lockdown imposed, caused a decrease in customers buying from offline or retail shops, however, many key players in this business shifted their focus to selling products on social media and e-commerce platforms. The overall industry has grown due to the increasing number of consumers with the approval of its adult use in the state.
The industry witnessed a downfall due to the shortage of the drug. The primary reason for an overall decrease in revenue was the government-imposed restrictions on international commerce due to the pandemic.
Factors such as the shift of people from opioid drugs to cannabis-based treatments are considered to be major factors in helping the growth. Increasing awareness about the medicinal properties of this product is attributed to be a key growth factor.
Recent research studies confirming the anti-cancer properties of the product and the preference of patients for cannabis treatment of chronic conditions such as Alzheimer’s and Parkinson’s disease over other drug therapies available are key factors attributed to being critical factors, anticipated to contribute to the growth.
Some of the key players are BeLeaf Medical, Show Me Alternatives, Missouri Wild Alchemy, Heya Wellness, Organic Remedies, Holistic Industries, and MOcann Extracts.These players are focusing on strategies such as launching new products, mergers & acquisitions, and regional expansion.
The companies are turning to expand their product portfolios through mergers and acquisitions of small players in the industry. For instance, in 2020, Curaleaf announced two major acquisitions which will help the company in increasing its foothold in the U.S.
Missouri Legal Cannabis Market Report Highlights
• In 2022, the flower product segment accounted for the largest revenue share of over 35% and is anticipated to register a significant CAGR during the forecast period
• The pre-rolls product segment is expected to grow at the fastest CAGR during the forecast period
• In 2022, the medical-use segment accounted for the largest market share. In addition, the use of cannabis for recreational purposes is expected to initiate in 2023 in Missouri
• The recreational end-use segment is expected to register a significant CAGR during the forecast period
Read the full report: https://www.reportlinker.com/p06428270/?utm_source=GNW
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Source: Globenewswire