The global Legal Marijuana market was worth US$ 15.5 billion in 2019 and is expected to grow at a CAGR of 17.8% through 2030.
Marijuana is getting legalization in various continents owing to its wide range of applications. Marijuana is widely adopted in pharmaceutical and healthcare industry. Healthcare professional found it an effective drug for the treatment of several chronic conditions, migraine, mental disorders and diseases, arthritis, cancer, and other severe medical conditions.
Moreover, rising popularity of marijuana among younger population in American countries and increasing income per capita is some of the driving factor for global market growth. However, use of marijuana is still illegal in several countries, but some states are legalizing it for recreational and medical purposes. They are sold under the name of Spice, Kronic, and K2.
The professionals are indulged with the research activities to find out the advantages associated with marijuana for medical purposes which might increase the ratio of legalization of its use. This is expected to create growth opportunities for the global market in coming years.
Rather than its wide range of applications there are several conflicting conclusions associated with marijuana consumption such as respiratory infections, prolonged cough, mucus, and so on. Also, stringent government rules and regulations for legalization of marijuana which varies country to country. This might hamper the market growth at some extent.
Among regions, North America is anticipated to be the leading region in global marijuana market. The region is also expected to register highest growth rate during the forecast period. The U.S. is expected to be the largest contributor for the growth of legal marijuana market in North America.
The growth can be attributed to high adoption rate and supportive government regulations across North America. Also, rising number of cancer patients in North America is expected to put a positive impact on the regional growth. Moreover, Europe is expected to witness remarkable growth in coming years. Since last few years it has been observed that European Government is actively participating in research activities. This might help them in approval of marijuana use for specific purposes.
Moreover, Middle East is projected to witness noteworthy growth in the second half of forecast period. Israel has proved itself as the most promising country to support the regional growth. Israel has strong agri-space knowledge and the country is engaged in development of new strains and higher yields. Currently, the country is at the forefront of transferring knowledge and providing technologies to other countries. This is anticipated to positively influence the market growth.
Legal Marijuana Market Value Share Analysis, by Geography (2022)
The report titled “Legal Marijuana Market- Global Market Share, Trends, Analysis and Forecasts, 2023-2032”, wherein 2021 is the historic period, 2022 is the base year, and 2023 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the global legal marijuana market.
Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global legal marijuana market is segmented on the basis of product type, form, and application. Based on product type, the global market can be bifurcated into medical marijuana and recreational marijuana. On the basis of product type, the global market can be segmented into tinctures, oils, and buds. Furthermore, the application segment can be divided into cancer, mental disorder, chronic pain, and others. Based on geography, the global Legal Marijuana Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on legal marijuana. Further, market share of prominent companies in the global legal marijuana market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the marijuana producers. The global Legal Marijuana Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution.
Product portfolio would focus on all the products under the Legal Marijuana business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the global legal marijuana market.
Some of the prominent player involved in global legal marijuana market include VIVO Cannabis Inc., Isodiol International Inc, QC Infusion, Lexaria Corp, Canopy Growth Corporation, GW Pharmaceuticals, plc., Aphria, Inc., ABcann Medicinals, Inc., Aurora Cannabis, Organigram Holding, Inc., Maricann Group, Inc., The Cronos Group, Dr. Hemp Me., Spring Creek Labs, Cavendish Nutrition Fulfillment LLC, and Tilray.
Global Legal Marijuana Market Segmentation:
By Product Type:
By Form:
By Application:
By Geography :
The global Legal Marijuana market was worth US$ 15.5 billion in 2019.
The global Legal Marijuana market is expected to register a CAGR of 17.8% between 2022 and 2032.
Some of the prominent player involved in global legal marijuana market include VIVO Cannabis Inc., Isodiol International Inc are few prominent players active in the market.
North America is anticipated to be the leading region in global marijuana market.
Based on applications, the Legal Marijuana market is segmented into Cancer, Mental Disorder and Chronic Pain.
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