Legal Marijuana Market Size, Share & Trends Analysis Report By Product Type, By Application, By Region And Segment Forecasts From 2022 To 2030

Report ID: MN17617099  |  Published: October 2022  |  No of Pages: 100
Format: Electronic (PDF)  |  Industry: Pharmaceuticals

The global legal marijuana market size has been projected to reach USD 102.2 billion by the year 2030, advancing at a substantial CAGR of 25.5% during the forecast period. Marijuana has witnessed a constantly rising demand from consumers globally, in terms of both medical and recreational uses. This has led governments and authorities in various nations, particularly in North America and Europe, to change their stance when it comes to the legalization of the product. However, the bigger picture remains that countries differ in terms of what they find acceptable when it comes to marijuana consumption. In the coming years, it is expected that a clearer roadmap to legalization will aid the growth of the market significantly.

Marijuana is considered a psychoactive narcotic drug, which is derived from parts of the cannabis plant, specifically Cannabis sativa. The parts used to derive the product include flowering tops and leaves, and it is generally consumed for medicinal or recreational purposes through vaping or smoking. Marijuana has been considered to be an illegal substance for a long period of time, owing to its supposed abuse potential; however, various organizations have made several breakthroughs in shattering this belief, thus forcing governments globally to change their minds regarding its legality. For instance, over the past few years, the United States has been steadily witnessing some of its states making the use of recreational marijuana legal. These include Washington, Oregon, Virginia, California, Washington, Montana, New York, New Jersey, and Michigan, among others.

Marijuana legalization involves making the marijuana plant and its related products legalized for sale and use, in the treatment of various disorders and conditions such as nausea and chronic pain. Marijuana has been considered to be a capable alternative to traditional medicines and drugs, which has aided in improving its social acceptance. The US FDA has approved a number of medicines for commercial sale on account of the various medical advantages that have been proven to be offered by certain marijuana-based formulations. As per a survey by Gallup, the percentage of adults in the United States who have used marijuana at some point stood at 49% in 2021, which is a steady rise from 40% in 2014. The growing demand has compelled several companies, specifically start-ups, to invest in the R&D of new products that comply with government regulations and offer alternate uses.

The growth of the medical marijuana industry depends largely on how forward-moving the government policies are. A good number of countries that have legalized marijuana usage have gone ahead to allow for cannabis cultivation in order to gain revenue from taxes and cut down on imports, with the added advantage of improving employment generation in these economies.

The advent of the COVID-19 pandemic led to a decline in the global market revenue, brought on by the numerous supply chain disruptions as well as the widespread impact on the import-export business due to lockdowns, as well as regulatory changes in the context of marijuana transportation. The silver lining has been that online sales of marijuana have improved, which has aided in companies' establishment of multi-channel strategies.

Legal Marijuana Market Report Key Takeaways

  • There has been a significant growth in the number of countries that have legalized marijuana in recent years, aided in part by positive research findings and continuous efforts by organizations that support its legalization. This has been one of the primary factors that can explain the industry's growth
  • With regards to product type, the oil and tinctures segment held the dominant revenue share of more than 50.0% in the legal marijuana market, on account of the various research studies being conducted globally to test its efficacy for a number of indications
  • In terms of application, the demand for legalized marijuana for adult use is expected to witness robust growth in the coming years; countries such as the United States and Canada are seeing an increase in people who prefer adult-use marijuana, as there is a lack of reimbursements when it comes to its medical counterpart
  • The market for medical marijuana has remained the strongest in North America, accounting for more than 80.0% of revenue share in 2021; this has been made possible by the rapid rate of decriminalization of marijuana in the United States and Canada. Another factor is the presence of many notable names in the regional cannabis space, which has strengthened the industry
  • Companies in the legal marijuana space have made note of several growth opportunities, taking into account the growing tendency of the adult population to recognize the importance of marijuana in both medical and recreational sense. They are engaging in frequent product launches, expansion into new markets, and collaborations in order to drive growth
  • In May 2022, Aurora Cannabis announced the acquisition of TerraFarma, Inc., which is the parent company of Thrive Cannabis. Thrive is based in Ontario and is widely known for its flagship brand Greybeard Cannabis Co. and the wellness-oriented ‘Being’ brand, both intended for adult use. The acquisition is expected to help Aurora strengthen its position in the Canadian market


Legal Marijuana Market Segments

  • Legal Marijuana Product Type Outlook (Revenue, USD Million, 2016 - 2030)
    • Flower
    • Oil and Tinctures
  • Legal Marijuana Application Outlook (Revenue, USD Million, 2016 - 2030)
    • Medical
      • Cancer
      • Chronic Pain
      • Depression and Anxiety
      • Arthritis
      • Diabetes
      • Glaucoma
      • Migraines
      • Epilepsy
      • Multiple Sclerosis
      • AIDS
      • Amyotrophic Lateral Sclerosis
      • Alzheimer’s
      • Post-traumatic Stress Disorder (PTSD)
      • Parkinson's
      • Tourette’s
      • Others
    • Adult Use
  • Legal Marijuana Regional Outlook (Revenue, USD Million, 2016 - 2030)
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • Italy
      • Netherlands
      • Croatia
      • Poland
      • Czech Republic
      • Switzerland
      • Spain
    • Asia Pacific
      • Japan
      • China
      • India
      • Thailand
      • Australia
      • New Zealand
    • Latin America
      • Uruguay
      • Colombia
      • Mexico
      • Brazil
    • Africa
  • List of Key Players in the Legal Marijuana Market
    • Aurora Cannabis
    • Canopy Growth Corporation
    • Maricann Group, Inc.
    • Aphria, Inc.
    • Tilray
    • The Cronos Group
    • ABcann Medicinals, Inc.
    • Lexaria Corp.
    • Organigram Holding, Inc.
    • GW Pharmaceuticals
    • United Cannabis Corporation
    • Tikun Olam, Ltd.
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