
- Home
- Press Releases
- 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
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 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.
Market Dynamics:
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.
The Legal Cannabis is segmented as follows:
Browse market data Tables and Figures
spread through
143
Pages and in-depth TOC on "Legal Cannabis Market Size, Share & Trends Analysis Report 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) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
View detailed Research Report here - https://www.vantagemarketresearch.com/industry-report/legal-cannabis-market-1530
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
About us
Vantage Market Research is a reputed company committed to providing high quality data and market research services. The company provides quantified B2B high quality research on more than 20,000 emerging markets. The company offers detailed reports on multiple industries including chemical materials and energy, food and beverages, healthcare, technology, etc. The company comprises over 125 analysts and consultants, adding more than 1,100 market research reports to its vast database every year. The company’s clientele base spans across 70% of the Global Fortune 500 companies.
Contact us
Vantage Market Research
6218 Georgia Avenue NW Ste 1 - 564 Washington
DC 20011-5125 United States
Tel: +1 202 380 9727
Email:
[email protected]