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 major factors driving the growth of the Legal Cannabis Market during the forecast period. Additionally, 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.
Key Highlights from the Report:
- The THC- dominant sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). 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.
- The adult-use sub-segment holds a substantial market share in 2021. 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.
- Asia Pacific is the fastest regional segment. 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.
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.
North America is the largest market. The Global Legal Cannabis Market is dominated by the North American region owing to the growing legalization of cannabis for the purpose of 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.