The global Legal Cannabis market size is expected to be worth around US$ 101.5 billion by 2030, according to a new report by Vision Research Reports.
The global Legal Cannabis market size was valued at US$ 22.8 billion in 2020 and is anticipated to grow at a CAGR of 30.3% during forecast period 2021 to 2030.
Owing to recent legalization in several parts of the world, the usage of cannabis is gaining momentum for medical purpose. Medical cannabis is used for the treatment of various chronic conditions, such as Parkinson’s disease, Alzheimer’s disease, arthritis, cancer, depression, anxiety, epilepsy, and other neurological conditions. Thus, a wide application scope has led to an increased product demand for the treatment of various chronic conditions.
In addition, due to cannabis being slowly accepted in various countries, some developed countries, such as Canada, Uruguay, and certain states of the U.S., have gone a step further and legalized the recreational use of cannabis. As recreational cannabis is easily available in the market with an economical price tag, the demand for the same has increased exponentially. This is expected to increase cannabis cultivation to suffice the growing demand. However, the COVID-19 pandemic has adversely affected the market growth owing to the imposition of lockdown, limiting consumers from visiting brick-and-mortar shops.
In 2020, the marijuana segment accounted for the largest revenue share of 70.8% and is anticipated to register the fastest CAGR of more than 36% from 2021 to 2030 Increasing legalization and usage of marijuana for medical as well as adult-use is expected to promote the segment growth. The usage of marijuana for medical purposes is widely accepted in countries, such as the U.S, Canada, Croatia, Italy, Czech Republic, Germany, Austria, Poland, Australia, Colombia, Uruguay, and Israel. Countries, such as Canada, Colombia, Uruguay, and the U.S., have gained a strong foothold in medical marijuana production, while Israel is focusing on developing R&D and supplying technology to other countries.
Consumers are moving towards legal purchasing of marijuana-based products, which has led to decriminalization and legalization of marijuana for medical use in some countries, thereby curbing the black market. This can be viewed as an opportunity for individual countries to improve government earnings through taxation. For instance, in 2018, the total tax collection of Chicago, from was USD 52.7 million. Moreover, a rapid shift has been witnessed among patients, in terms of their preferences for marijuana-based products for medical to recreational use, owing to low cost and easy access post-legalization.
In 2020, the CBD segment accounted for the largest revenue share of more than 77% and will expand further at a steady CAGR from 2021 to 2030. This growth can be attributed to the increasing number of countries sanctioning the use of CBD for medical as well as other purposes. There are ongoing studies that signify the potential benefits of CBD on certain health conditions.
In 2020, the medical-use segment accounted for the largest revenue share of more than 51% and will expand at the second-fastest CAGR from 2021 to 2030. The rising demand, the scope of application in the medical sector, and the legalization of medical cannabis in several countries will drive the segment growth.
The recreational end-use segment is anticipated to register the fastest CAGR during the forecast period. Countries, such as Canada, Uruguay, Colombia, and some states in the U.S., have legalized the product for adult use. Through the legalization of marijuana for adult use, governments are trying to eradicate the black market and gain a substantial amount of tax revenue, which is levied on their sale. Increasing legalization for recreational use is further anticipated to create new job opportunities and offer benefits to the overall economy. This, in turn, is positively contributing to the segment growth.
North America accounted for the largest revenue share of more than 68% in 2020 and will expand at a steady CAGR from 2021 to 2030. The presence of several global companies in North America, such as Aurora Cannabis and Aphria, is the key factor driving the regional market. In addition, growing demand and positive attitude toward these products in this region are responsible for the consumption of raw as well as CBD end products. For instance, according to the latest (2020) list of top 20 producers in the North America region, published by Greenhouse Grower, Copper state Farms is one of the largest greenhouse producers in the U.S. The company has a greenhouse of almost 2 million square feet.
|Market Size||US$ 101.5 billion by 2030|
|Growth Rate||CAGR of 30.3% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Marijuana Type, Product Type, Medical Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Canopy Growth Corporation; Aurora Cannabis; Aphria, Inc.; Tilray; ABcann Medicinals, Inc.; The Cronos Group; Maricann Group, Inc.; Organigram Holding, Inc.; Lexaria Corp.|
Canopy Growth Corp.
GW Pharmaceuticals, plc
Sundial Growers, Inc.
Insys Therapeutics, Inc.
The Scotts Company LLC
Cara Therapeutics, Inc.
Oil and Tinctures
Depression and Anxiety
Amyotrophic Lateral Sclerosis
Post-Traumatic Stress Disorder (PTSD)
Latin America and Caribbean
The Legal Cannabis market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Legal Cannabis market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Legal Cannabis market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Legal Cannabis market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Legal Cannabis market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Legal Cannabis capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Legal Cannabis by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Legal Cannabis market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Legal Cannabis market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Legal Cannabis market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Legal Cannabis industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Legal Cannabis market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Legal Cannabis market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Legal Cannabis market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Legal Cannabis market. These factors have benefited the growth of the global market for Legal Cannabis. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Legal Cannabis. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Legal Cannabis are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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