The global Legal Marijuana market size is expected to be worth around US$ 85.0billion by 2030, according to a new report by Vision Research Reports.
The global Legal Marijuana market size was valued at US$ 24.8 billion in 2020 and is anticipated to grow at a CAGR of 14.6% during forecast period 2021 to 2030.
Increased legalization of marijuana for medical and adult-use and the growing adoption of these products for the treatment of chronic diseases are the key factors driving the market for legal marijuana.
The adult-use segment dominated the market with a revenue share of 60.3% in 2020 and is expected to expand at a significant CAGR over the forecast period owing to the high demand among millennials and patients who do not qualify for medical cannabis.is expected to grow at a stable rate throughout the forecast period owing to the legalization in various markets as compared to the adult use of marijuana.
Based on product type, the flower segment accounted for the largest revenue share in 2020. With its rich medical properties and the increasing patient population, the governments of many countries are either decriminalizing or approving its usage. This is expected to boost the growth of the flower segment.
In 2020, the chronic pain segment accounted for the largest revenue share owing to the increase in awareness and a rise in social acceptance of medical use of cannabis. The mental disorder segment is estimated to witness the fastest growth over the forecast period owing to the rising patient population suffering from stress and anxiety.
North America accounted for the largest revenue share of 91.1% in 2020, owing to the early legalization of medical and recreational cannabis in the region and the large customer pool. However, the COVID-19 pandemic has caused lockdowns all around the world, deflating the supply of raw materials and disrupting the manufacturing, and in turn, the supply chain of cannabis products across the globe.
The adult-use segment dominated the market with a revenue share of 60.3% in 2020 and is expected to witness significant growth from 2021 to 2028. The legalization of cannabis for adult use is one of the major factors driving the demand for legal marijuana. The industry has seen a dynamic change from patients opting to use marijuana for adult use rather than medicinal uses in countries, such as Canada and the U.S., where cannabis for adult use has been legalized. This can be due to its low prices and fast availability. This change in pattern is very evident in nations where reimbursement for medical marijuana is not available.
The medical segment is expected to grow at a steady rate over the forecast period. High awareness about the medical benefits of cannabis, surging demand for plant-based treatments in pain management, and increasing legalization of cannabis for medical purposes are some of the key factors driving the segment. In recent years, several countries have legalized medical marijuana; however, its prescription is dependent on the physician’s choice and the patient’s demand. As the number of countries legalizing medical marijuana is increasing, the market is expected to witness lucrative growth over the forecast period.
The flower segment dominated the market in 2020 with a revenue share of 65.8%. Cannabis flower is the primary plant product and is used in the manufacturing of various marijuana extracts, such as edibles and oils. Thus, the legalization of recreational marijuana and the increasing usage of cannabis in countries like the U.S., Canada, Colombia, Uruguay, and Chile, are driving the segment.
In addition, the perception of cannabis and its derivatives’ benefits is reasonably strong. The drug stores themselves educate individuals in Canada about the benefits and side effects of smoking marijuana and the reasonable limits of the human body. Thus, the rising awareness of the benefits of cannabis would boost the demand for the flower segment.
The oil segment is expected to witness the fastest growth over the forecast period. Oils extracted from cannabis are used for the treatment of cancer-induced nausea and vomiting. The cannabinoids present in the oil help to improve sleep disorders and alleviate stress and anxiety. The demand for cannabis oils is anticipated to increase over the forecast period as there has been a substantial increase in the number of patients preferring oil as compared to flowers. Moreover, children are not allowed to smoke marijuana due to its potential harmful components that give rise to respiratory problems.
The chronic pain segment dominated the market in 2020 with a share of 44.8%. The different types of chronic pain include neurogenic pain, arthritis pain, cancer pain, low back pain, headache, neck pain, and face pain. The use of medical marijuana is reported to alleviate pain. With an increasing number of people becoming aware of the benefits of cannabis consumption, the market is expected to grow rapidly over the forecast period.
The mental disorders segment is expected to emerge as the fastest-growing segment over the forecast period owing to the high number of people suffering from various mental disorders. There has been an increase in the adoption of cannabis and its products among patients suffering from mental disorders, such as anxiety, owing to their antipsychotic effect on the nervous system. Anxiety is expected to be effectively treated by cannabis-based products owing to their high therapeutic benefits. According to the Anxiety and Depression Association of America in 2021, around 18.1% of the total population in the U.S. suffers from anxiety disorders each year, and the number is growing at a significant pace.
North America dominated the market with a revenue share of 91.1% in 2020. The growth of the regional market has been supported by enlightened government regulations and the legalization of marijuana for medical as well as adult (recreational) use, partially in the U.S. and Canada. The presence of key marijuana cultivators and manufacturers in the region, the legalization of marijuana for adult use, increasing retail sales, and geographical expansion of retail stores are some other factors driving the regional market.
Other promising markets for marijuana are Australia, the U.K., Mexico, Germany, Colombia, and Israel. These countries have started indigenous production, and therefore these countries are secondary markets expected to become viable in the coming years. Furthermore, the market demand is expected to surge rapidly due to changes in government policies. Several new startups are venturing in the research & development and manufacturing of cannabis. The number of applications for which marijuana is prescribed is expected to increase, thereby opening up new revenue channels for the players in various countries. This eventually is expected to influence the growth of the market.
Canopy Growth Corporation
ABcann Medicinals, Inc.
The Cronos Group
Maricann Group, Inc.
Organigram Holding, Inc.
Marijuana Type Outlook
Product Type Outlook
Medical Application Outlook
The Legal Marijuana 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 Marijuana 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 Marijuana market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Legal Marijuana 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 Marijuana 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 Marijuana 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 Marijuana 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 Marijuana 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 Marijuana market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Legal Marijuana 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 Marijuana 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.
The Legal Marijuana 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 Marijuana 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 Marijuana 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 Marijuana market. These factors have benefited the growth of the global market for Legal Marijuana. 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 Marijuana. 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 Marijuana 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:
Healthcare Testing, Inspection, And Certification Outsourcing Market (By Services: Testing, Inspection, Certification; By Type) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Pupillometer Market (By Mobility: Table-top, Hand-held; By Type: Video, Digital; By End-use: Hospitals, Eye Clinics; By Application: Ophthalmology, Oncology) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
North America And Europe Preclinical Medical Device Testing Services Market (By Service: Biocompatibility Tests, Chemistry Test, Microbiology & Sterility Testing) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Cell Banking Outsourcing Market (By Type: Master Cell Banking, Working Cell Banking, Viral Cell Banking; By Cell Type; By Phase) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...
Biologics Contract Development Market (By Source: Mammalian, Microbial; By Product Service Type; By Indication: Oncology, Immunological Disorders) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030Read more...