Legal Cannabis Market

Market Synopsis:

Global Legal Cannabis Market valued at USD 14.95 Billion in 2022 and is projected to reach a value of USD 86.83 Billion by 2030 at a CAGR of 24.60% 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.

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.

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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: