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Legal Cannabis Market

Legal Cannabis Market

Legal Cannabis Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

143

Base Year:

2021

Date

May - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1530

Segments Covered
  • By Application Medical, Adult Use
  • By Product Type Flower, Oil and Tinctures
  • By Species Cannabis Indica, Cannabis Sativa, Cannabis Hybrid
  • By Strain THC-dominant, CBD-dominant, Balanced THC and CBD
  • By Purchase Channel Online, Offline
  • By End User Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centres
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 12.8 Billion
Revenue 2028Revenue 2028: USD 48.3 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 24.80%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Legal Cannabis Market Share

Market Synopsis:

Global Legal Cannabis Market valued at USD 12.8 Billion in 2021 and is projected to reach a value of USD 48.3 Billion by 2028 at a CAGR of 24.80% over the forecast period.

The Legal Cannabis Market is witnessing growth due to the increasing legalization of cannabis and increasing social adoption of marijuana. The increasing awareness among consumers regarding the health benefits and the increase in medical applications are the major factors driving the growth of the Legal Cannabis Market during the forecast period. Furthermore, the legalization of marijuana for adults and medical use, and the increasing acceptance of these products for chronic disease treatment are the other prime factors boosting the growth of the Legal Cannabis Market during the forecast period. Additionally, the rise in research and development and technological innovations are expected to fuel the growth of the Legal Cannabis Market in the coming years. Furthermore, the covid-19 pandemic has severely affected the logistics network for the cannabis and its derivatives owing to the restrictions, the government-approved dispensaries were also facing shortages due to the disturbance of the supply chain network which is expected to fuel the demand for the Legal Cannabis Market during the forecast period. Moreover, the patients are now opting for marijuana derivatives as a substitute for the previously prescription medicines being used which is driving the growth of the Legal Cannabis Market during the forecast period. In addition, product development through research and novel product delivery solutions is expected to provide growth opportunities for the Legal Cannabis market in the coming years. Besides, a complex regulatory structure for the usage of cannabis is predicted to hinder the growth of the market during the forecast period.

Legal Cannabis Market Size, 2021 To 2028 (USD Billion)

Market Segmentation:

The Legal Cannabis market is segmented on the basis of application, product type, species, strain, purchase channel, and end-user. Based on application the market is segmented into Medical and Adult Use. Based on product type the market is segmented as Flower, Oil, and tinctures. Based on species the market is segmented as Cannabis Indica, Cannabis Sativa, and Cannabis Hybrid. Based on the strain the market is segmented as THC-dominant, CBD-dominant, Balanced THC, and CBD. Based on purchase channel the market is segmented as Online and Offline. On the basis of end-user, the market is segmented as Pharmaceutical, Food, Beverages, Tobacco, Personal Care, and Research and Development Centers.

Below tree is interactive. You can click the nodes to get more information.

The THC- Dominant Segment is Expected to Grow at the Highest CAGR

Based on Compound, the THC segment is projected to grow at the highest compound annual growth rate in the Legal Cannabis Market during the forecast period. The THC segment is witnessing the fastest growth owing to the medical benefits provided by THC-dominant products. Moreover, these are considered to be the most active in relieving nausea, insomnia, and appetite loss and thus driving the growth of the THC segment during the forecast period.

Adult-Use Segment is Predicted to Acquire the Largest Share of the Market

Based on application, the adult segment is projected to dominate the Legal Cannabis market during the forecast period. The adult segment is witnessing growth owing to the increased demand and consumption for recreational purposes. Consequently, the legalization of adult applications has a huge potential to translate into a large market.

North America Dominates the Global Legal Cannabis Market

The Legal Cannabis Market is dominated by the North American region owing to the growing legalization of cannabis for the medical and adult applications. Similarly, the medical application is also witnessing growth as consumers are becoming more aware of the medical advantages associated with cannabis. Furthermore, the rapid increase in the growth rate the government is decriminalizing cannabis for medical as well as for adult use is a major factor driving the growth of the regional market during the forecast period. The growth of the market is further carried by the key players present in the Legal Cannabis Market. Additionally, this situation increases the demand for Legal Cannabis in North America and thus drives the growth of the market in the coming years.

The Asia Pacific is projected to grow at the highest rate during the forecast period. The increase in the social adoption of medical cannabis in developing economies is the major factor driving the growth of the market during the forecast period. The increase in the medical application of cannabis is expected to fuel the growth of the market in the coming years.

Competitive Landscape:

The Legal Cannabis market is highly fragmented in nature due to the presence of major key players in the market. Some of the major key players in the market are Canopy Growth Corporation (Canada), Aphria Inc. (Canada), Aurora marijuana Inc. (Canada), Maricann Group Inc. (Canada), Tilray Inc. (Canada), Cronos Group Inc. (Canada), OrganiGram Holding Inc. (Canada), VIVO marijuana Inc. (Canada), Tikun Olam Ltd. (Israel), The Green Organic Dutchman Holdings Ltd. (Canada), Terra Tech Corp. (U.S.), Medical Cannabis Inc. (U.S.), Stenocare A/S (Denmark), Cannabis Science Inc. (U.S.), HEXO Corp. (Canada)..

Segmentation of Legal Cannabis Market:

Parameter Details
Segments Covered
  • Application (Medical, Adult Use)
  • Product Type (Flower, Oil and Tinctures)
  • Species (Cannabis Indica, Cannabis Sativa, Cannabis Hybrid)
  • Strain (THC-dominant, CBD-dominant, Balanced THC and CBD)
  • Purchase Channel (Online, Offline)
  • End User (Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centres)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Canopy Growth Corporation (Canada)
  • Aphria Inc. (Canada)
  • Aurora marijuana Inc. (Canada)
  • Maricann Group Inc. (Canada)
  • Tilray Inc. (Canada)
  • Cronos Group Inc. (Canada)
  • OrganiGram Holding Inc. (Canada)
  • VIVO marijuana Inc. (Canada)
  • Tikun Olam Ltd. (Israel)
  • The Green Organic Dutchman Holdings Ltd. (Canada)
  • Terra Tech Corp. (U.S.)
  • Medical Cannabis Inc. (U.S.)
  • Stenocare A/S (Denmark)
  • Cannabis Science Inc. (U.S.)
  • HEXO Corp. (Canada).
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Legal Cannabis Market to Reach Valuation of USD 48.3 Billion by 2028 - the Increasing Legalization of Cannabis and Increasing Social Adoption of Marijuana is Driving the Market Growth
In terms of revenue, the Global Legal Cannabis Market is probable to reach USD 48.3 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 24.80% from 2022 to 2028. The increasing awareness among consumers regarding the health benefits and the increase in medical applications are the m...
FAQ
Frequently Asked Question
  • The global Legal Cannabis valued at USD 12.8 Billion in 2020 and is expected to reach USD 48.3 Billion in 2028 growing at a CAGR of 24.80%.

  • The prominent players in the market are Canopy Growth Corporation (Canada), Aphria Inc. (Canada), Aurora marijuana Inc. (Canada), Maricann Group Inc. (Canada), Tilray Inc. (Canada), Cronos Group Inc. (Canada), OrganiGram Holding Inc. (Canada), VIVO marijuana Inc. (Canada), Tikun Olam Ltd. (Israel), The Green Organic Dutchman Holdings Ltd. (Canada), Terra Tech Corp. (U.S.), Medical Cannabis Inc. (U.S.), Stenocare A/S (Denmark), Cannabis Science Inc. (U.S.), HEXO Corp. (Canada)..

  • The market is project to grow at a CAGR of 24.80% between 2021 and 2028.

  • The driving factors of the Legal Cannabis include

    • Growing adoption of medical marijuana for the treatment of chronic diseases

  • North America was the leading regional segment of the Legal Cannabis in 2020.