Global Legalized Cannabis Market Size By Product Type (Oils, Buds, Tinctures), By Application (Mental Disorders, Chronic Pain, Cancer), By Geographic Scope And Forecast

Legalized Cannabis Market Size And Forecast

Legalized Cannabis Market size was valued at USD 22.40 Billion in 2022 and is projected to reach USD 137.83 Billion by 2030, growing at a CAGR of 22.5% from 2023 to 2030.

The main reasons the market is anticipated to grow are the rising rate of legalization of cannabis and acceptance of its usage in the therapeutic area. Cannabis has been used medicinally for a long time but not as a first resort. Cannabis has been utilized for several indications due to research into its potential therapeutic uses. Cannabis has been discovered to be a highly effective treatment for chronic pain and for relieving chemotherapy-related nausea. The Global Legalized Cannabis 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 playing a substantial role in the market.

Global Legalized Cannabis Market Definition

Cannabis is a medicine made from the hybrids of the Cannabis indica and sativa species. Tetrahydrocannabinol, the psychotropic component of cannabis, and cannabidiol are the two primary cannabinoids that are the most active. Cannabis is a combination of shredded leaves, dried stems, seeds, and flowers from the Cannabis sativa hemp plant that is brown, green, or grey. Cannabis is a psychoactive medication used recreationally to treat a few conditions medically and for spiritual and religious reasons. Hash oil and sinsemilla are more potent varieties of cannabis.

Global Legalized Cannabis Market Overview

As cannabis is already legal in several nations, the use of cannabis for medicinal purposes is gaining momentum globally. Chronic diseases, including cancer, arthritis, and neurological problems such as Parkinson’s, Alzheimer’s, epilepsy, depression, and anxiety, are all treated with medical marijuana. It is anticipated that such a broad range of applications would benefit from expanding the medicinal marijuana sector. Legalizing cannabis has frequently been viewed with skepticism due to potential abuse. Hence it is typically observed with two discernments. Conversely, legalization is supposed to allow people to engage in risk-free substance use while still profiting from it for therapeutic purposes. As a result, an increasing number of countries throughout the world are gradually legalizing the use of cannabis.

The product’s skincare advantages have primarily fueled the Legalized Cannabis Market’s growth. Cannabis has been used for medical purposes for a long time. Cannabis-based cosmetics have proven to be effective in all sorts of beauty products. Anti-wrinkle cosmetic products, including CBD, work effectively after 40 days. Two of the causes of acne, inflammation and oil production, can be controlled by CBD. Based on this, it is evident that the market for cannabis extracts has a promising future because CBD products may be tailored to each individual’s skin type. However, the conflicting perceptions of cannabis use, such as the association with persistent coughing, mucus, and respiratory disorders such as COPD, will serve as barriers to the market’s expansion.

Global Legalized Cannabis Market Segmentation Analysis

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

Legalized Cannabis Market, By Product Type

• Oils
• Buds
• Tinctures

Based on Product Type, The market is segmented into Oils, Buds, and Tinctures. The Buds segment is anticipated to dominate the Global Legalized Cannabis Market. The buds are more affordable than other items, which increases their popularity. Additionally, it is anticipated that the speedy onset of action of smoking buds compared to other types would support the expansion of this market.

Legalized Cannabis Market, By Application

• Mental Disorders
• Chronic Pain
• Cancer
• Others

Based on Application, The market is segmented into Mental Disorders, Chronic Pain, Cancer, and Others. The Chronic Pain segment is anticipated to dominate the Global Legalized Cannabis Market because of the presence of a sizable patient pool.

Legalized Cannabis Market, By Geography

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

On the basis of Regional Analysis, Global Legalized Cannabis Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America will hold the largest Global Legalized Cannabis Market. North America has the most market shareholders since many established corporations exist. The regional market has grown due to rising consumer demand; accelerated legalization might also contribute.

Key Players

The “Global Legalized Cannabis Market” study report will provide valuable insight emphasizing the global market. The major players in the market are Canopy Growth Corporation, GW Pharmaceuticals, plc, Aurora Cannabis, Inc., Aphria, Inc., Cronos Group, Tilray, Sundial Growers Inc., Insys Therapeutics, Inc., The Scotts Company LLC, VIVO Cannabis Inc., Cara Therapeutics Inc., Dixie Elixirs, Abcann Medicinals, and Maricann Group.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Legalized Cannabis Market. We cover the major impacting factors driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Legalized Cannabis Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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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 from 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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