Global Legal Marijuana Market Size By Type (Medical, Recreational), By Product (Buds, Tinctures, Oil), By Application (Chronic Pain, Mental Disorders, Cancer), By Geographic Scope And Forecast

Legal Marijuana Market Size And Forecast

Legal Marijuana Market size was valued at USD 12.80 Billion in 2021 and is projected to reach USD 96.75 Billion by 2030, growing at a CAGR of 25.20% from 2023 to 2030.

A growing number of legal cannabis countries is a key element that has boosted the growth of the Legal Marijuana Market. As a result of recent legalizations in different nations, the use of medicinal marijuana for a variety of ailments is gaining traction around the world. Furthermore, the increasing number of R&D and clinical trial activities is another factor driving the growth of the Legal Marijuana Market. The Global Legal Marijuana Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Legal Marijuana Market Definition

Marijuana is a psychoactive narcotic drug derived from the leaves and flowering tops of a cannabis plant, particularly Cannabis sativa that is smoked, vaped, or consumed for recreational or medicinal purposes. While marijuana is legal in certain nations, it is still prohibited in many others. Since marijuana became widely prohibited in the late 1930s, it is illegal to possess marijuana in many countries. Legalization of Marijuana means to make legal the consumption, distribution, ownership, and sale of marijuana, particularly for medicinal purposes.

Medical marijuana legalization refers to the legalizing of marijuana plants and related products for the treatment of a variety of diseases and disorders, including chronic pain and nausea. It’s utilized for a variety of medical conditions, including pain management and epilepsy, among others. Medical marijuana is categorized into two kindsCannabis Sativa and Cannabis indica, which are native to the western hemisphere and the central and south Asian regions, respectively.

One of the major factors boosting the rate of cannabis use in therapeutic applications is the rising number of nations that have legalized the use of medicinal marijuana in various areas of the world. The other major objective of marijuana legalization in most countries like Canada includes the protection of public health and safety. According to the Centre for Addiction and Mental Health (Canada), legalization offers a chance to lessen the negative effects of marijuana usage when accompanied by strict health-focused regulations.

Global Legal Marijuana Market Overview

The main drivers of the growth of the Legal Marijuana Market are the emergence of medical marijuana as an alternative to conventional medicine and the rise in social acceptance of marijuana. Due to the established medical benefits of particular marijuana-based formulations, the US Food and Drug Administration has granted numerous medications commercial approval. As a result of an increase in cancer cases, more people are receiving chemotherapy, the majority of whom are experiencing nausea. These are being investigated as potential targets for treatment using THC-based medicines.

Numerous THC- and CBD-based drugs for the treatment of muscle spasms and neuropathic pain have received approval or are now the subject of clinical trials. As medical marijuana is increasingly acknowledged as a viable alternative to more conventional treatments, the market is growing as disease incidence rises. Government policy changes are also anticipated to increase the demand for marijuana that is legal. A number of fresh start-ups are making investments in manufacturing, testing, and R&D for cannabis. The privatization of cannabis retail businesses is something many Canadian provinces are looking forward to.

Many provinces that previously only accepted proposals from one provider are now accepting applications from several suppliers. These factors are anticipated to drive the market during the anticipated timespan. Due to marijuana’s harmful side effects, which could hurt the medicinal marijuana business, some nations have established rigorous restrictions and regulations governing its use. Additionally, it is anticipated that marijuana use for recreational purposes will have a detrimental effect on people’s health, which could hinder the cannabis industry throughout the assessment period. Nevertheless, the Asia Pacific region’s move toward legalizing cannabis could present a significant development opportunity for the industry.

Global Legal Marijuana Market Segmentation Analysis

The Global Legal Marijuana Market is segmented on the basis of Type, Product, Application, and Geography.

Legal Marijuana Market, By Type

• Medical
• Recreational

Based on Type, the market is segmented into Medical and Recreational. During the forecasted period, the recreational segment will hold the largest market share. The recreational category of cannabis dominated the market due to the high demand and recreational use of the drug. Therefore, there is a lot of potential for a significant market to result from the legalization of recreational applications.

Legal Marijuana Market, By Product

• Buds
• Tinctures
• Oil

Based on Product, the market is segmented into Buds, Tinctures, and Oil. The oil segment accounted for the largest revenue share in 2020 and is anticipated to register the highest CAGR as well from 2021 to 2028. Cannabis-derived oils are used to treat nausea and vomiting caused by cancer. The cannabinoids in the oil aid in the treatment of sleep problems as well as the reduction of stress and anxiety. The category is being driven by the legalization of recreational marijuana and the increased use of cannabis or marijuana oil in nations such as the United States, Canada, Colombia, Uruguay, and Chile.

Legal Marijuana Market, By Application

• Chronic Pain
• Mental Disorders
• Cancer
• Others

Based on Application, the market is segmented into Chronic Pain, Mental Disorders, Cancer, and Others. In 2020, the worldwide Legal Marijuana industry was dominated by the chronic pain segment, and this trend is expected to continue for the following seven years. Medical marijuana has been reported to aid in pain relief. The market is anticipated to grow significantly during the forecast period, as more individuals become aware of the advantages of cannabis usage.

Legal Marijuana Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on Geography, the Global Legal Marijuana Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The North American region holds the largest share of the Legal Marijuana Market. The expansion of the regional market has been supported by relaxed government regulations and the legalization of marijuana for medical as well as adult (recreational) use part in the United States and Canada. Other factors driving the regional market include the presence of significant marijuana farmers and manufacturers in the region, the legalization of marijuana for adult use, growing retail sales, and the geographic development of retail shops.

Key Players

The “Global Legal Marijuana Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Aurora Cannabis, Maricann Group, Inc., GW Pharmaceuticals, plc., Aphria, Inc., Tilray, The Cronos Group, ABcann Medicinals, Inc., Canopy Growth Corporation, Lexaria Corp., and Organigram Holding, Inc. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In December 2020, Columbia opened its first medical marijuana dispensary called 3Fifteen Primo Cannabis.
• In August 2019, Aurora Cannabis has completed its acquisition of Hempco Food and Fiber Inc., a firm that provides low-cost hemp raw ingredients for extraction. The firm will be able to increase its position in the hemp food and hemp-derived CBD sectors in the United States as a result of this purchase.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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